It was a busy market for Vancouver real estate in September 2020.
September 2020 Vancouver Real Estate Has Record Amount of Sales
A total of 3,643 residential homes sold in Vancouver. The Real Estate Board of Greater Vancouver reported a 56.2% increase in sales for September 2020 compared to September 2019. By comparison to last year, September 2019 had a total of 2,333 sales recorded.
Similarly September 2020 also had more sales than August 2020. The previous month had 3,047 sales.
In addition September 2020 real estate sales beat the 10-year average for Vancouver for the month of September. September 2020 had the highest sales for the month average.
Number of Listings Increased for September
There was also an increase in listings for the month. September 2020 had 6,402 newly listed residential properties for the month. In comparison to September 2019 this was a 31.6% increase. September 2019 had 4,866 homes newly listed on MLS®.
Compared to August 2020 this is a 10.1% increase. August had 5,813 homes listed.
Inventory is Growing
September 2020 had 13,096 active homes listed. This is a 2.3% increase compared to August 2020. August’s total was 12,803.
However this is smaller compared to September of last year. In comparison September 2019 had 13,439 active listings.
September 2020 Vancouver Real Estate was a Seller’s Market
A seller’s market as defined by the real estate board is when the sales-to-active ratio is above 20%. The detached market had a ratio of 28.3%. Similarly condos had a ratio of 24.8%. Finally townhomes had a ratio of 36.1%. Altogether the ratio for all properties was 27.8%.
September 2020 had a total of 1,317 sales. A 76.8% increase compared to September 2019. The benchmark price for a home in September 2020 was $1,507,500.
The number of sales increased by 1.1% compared to August 2020.
Condo and Apartment Sales
In comparison there were 1,596 sales for apartments. September 2020 surpassed September 2019 by 36.9%. The benchmark price for a condo was $683,500.
Sales decreased by 0.3% compared to August 2020.
Attached Home Sales
Attached properties also surpassed September 2019. Townhouses and Duplexes are some examples of attached homes. September 2020 had 730 attached sales. A 73% increase compared to September 2019. The benchmark price was $809,900.
Sales increased by 0.4% compared to August 2020.