December records most sales on record!
57% over the 10-year average.
The not so Short, yet Easy summary
SALES
The need for shelter and desire to shift to new domiciles did not slow down in what is traditionally our slowest month in real estate. December catapulted real estate records selling 53% more than Dec'19 and decimated the 10-year sales average.
SALES - How does last months sales break down?
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1) Sales of detached homes in Dec'20 reached 1,026, nearly the same from the 1,061 sales recorded in Nov'20 and a 71.3% increase from Dec'19 (599).
2) Attached(townhouse) totalled 593, a 6% decrease compared to the 632
sales in Nov'20. Dec'20 sales saw a 63% improvement from Dec'19(364).
3) Sales of condos homes reached 1,474 in Dec'20, a 7.6% increase compared to the 1,371 sales last month (Nov'20). Dec'20 surpassed '19 totals(1,053) by 40%.
INVENTORY - Properties for Sale
The total number of residential homes for sale(8,538) is a 30% decrease compared to Nov'20(11,118). This inventory total is just 1% lower compared to Dec'19(8,603). .
New listings continues to be a bright spot to keep up to sale volumes. Homes brought to market in all categories decreased by 40.8% compared to new listings in Nov'20. Compared to Dec'19, new listings increased by 51.7%.
Unexpected seasonal interest of sellers was a surprise to MATCH the unexpected demand.
Arguably the MOST important stat at this time is the listing-to-sales ratio. Our benchmarks are 12 and 20. When the ratio goes below 12, for continuous months, we are generally in a Buyer's market where prices can come down. When the ratio rises above 20 for continuous months, we are in a Seller's market where prices can rise.
The ratio for the property types are:
36.2 % (all properties combined) compared to: Nov (29.7), Oct (29.7), Sept (27.8)
35.2 % (detached homes) compared to: Nov (27.9), Oct (30.9), Sept (28.3)
50.4 % (townhouses) compared to: Nov (40.1), Oct (43.5), Sept (36.1)
33.1 % (condos) compared to: Nov (23.9), Oct (24.9)Sept (24.8)
What does this mean?
We are DEEPLY engaged in a Seller's market and we have been officially in a Seller's market since June. Townhouses continue to run rampant in this stat breaching the 50% mark! Condos showed increased presence increasing by 10%.
Prices
The MLS Home Price Index composite benchmark price for all residential property is Metro Vancouver is 6% higher than Oct'19, and a mere 0.4 increase from Sept'20.
1-year Change
Detached HPI up 10.2%
Townhouse HPI up 4.9%
Condo HPI up 2.6%
Now that we are entering 2nd Wave COVID-19 conditions... what is to be expected?
Real Estate Council of B.C. asking that Realtors NOT hold in-person open houses until case numbers come down to manageable levels. Here is link to our protocol and safety considerations we as Realtors are taking to keep our clients safe.
- REBGV Sourced Summary
If you are thinking of selling in 2020, reach out to me, and lets talk about TECHNOLOGY, INVENTORY and TIMING!
Fraser Valley Real Estate Update
December sales volumes 81% above normal conditions
The Fraser Valley Real Estate Board (FVREB) processed a total of 2,086 sales on its Multiple Listing Service® (MLS®) in Dec'20, an decrease of 4.1% compared to sales in Nov'20 and also an increase of 67.3% compared to Dec'19.
Sales
Detached homes had a 10% decrease in total in sales volumes (881) compared to Nov'20 (978) and a 90.3% increase from Dec'19(463).
Attached Townhouses saw a 5.8% decrease in sales (501) compared to Nov'20 (532) and a 75.2% increase from Dec'19(286).
Condos saw a sales increase of 6.3% (457) compared to Nov'20 (430) and a 46% increase from Dec'19(313).
Detached and townhouses continue to light up the sales environment in the the Fraser Valley.
Inventory
New listings decreased by 32.2% compared to Nov'20 intake. Good news is that the new listings is 58.4% higher than Dec'19.
Total Inventory saw an decrease of 32.5% compared to Nov'20 inventory and a decrease of 15.7% from Dec'19.
Prices
Average HPI Price Index for ALL property types stayed the same from Nov '20 and a whopping 20.7% increase in 1-year. This gain is weighted due to the high sales volumes of single detached homes and townhouses.
- FVREB sourced summary
Considering COVID - 19 What does this mean?
As a Seller - Do you want the public in your home? Leverage digital marketing efforts such as 3D virtual tours. Accept Subject to Viewing offers. Consider lockbox options allowing flexibility in showing times. Open Houses are still being discouraged by local real estate boards.
As a Buyer - will Sellers be allowing Buyers and the public into their homes? Traditional Open houses are NOT an option during the state of emergency in BC. Only private showings are permitted. Virtual open houses & tours are happening! Sellers & Buyer agents may require masks, gloves in order to create a safe environment for all.
Real estate has been deemed an essential service. Realtors are ready to find safe solutions to make transactions for our clients (Buyers and Sellers) happen.
Here is my
Blog on COVID-19 and how we can respond in the real estate sector in Vancouver.
