January sales are hot... listing inventory levels are not
The Short, the Quick, the Easy summary
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,571 in January 2020, a 42.4% increase from the 1,103 sales recorded in January 2019, and a 22.1% decline from the 2,016 homes sold the previous month, December 2019.
Last month’s sales were 7.3% below the 10-year January sales average.
“We've begun 2020 with steady home buyer demand that tracks close to the region's long-term average,” Ashley Smith, REBGV president said. “Looking at supply, we’re seeing fewer homes listed for sale than is typical for this time of year",
says REBGV President Ashley Smith.
Last month’s new listings were 17.4% below January’s 10-year average.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,617, a 20.3% decrease compared to January 2019 (10,808); 13.7% below the 10-year January average.
What does this mean?
New inventory is not keeping up to sales volumes.
Very strange to see such low sales volumes in January compared to December. Sales are strong but options are not. This is a recipe for home Sellers.... but preparation for that next step (Buying) is imperative.
If you are thinking of selling in 2020, reach out to me, and lets talk about competition/inventory and timing!
How does last months sales break down?
Sales of detached homes in January 2020 reached 439, 29.5% increase from the 339 detached sales recorded in January 2019.
Attached(townhouse) totalled 318, a 55.1% increase compared to the 205
sales in January 2019.
Sales of condos homes reached 814 in January 2020, a 45.6% increase compared to the 559 sales in January 2019
All product: 1.4% decrease from the same period last year. 1.2% increase over the last 6 months.
- REBGV Sourced Summary
January’s property sales in the Fraser Valley came in 6 per cent above the 10-year average for the month, while new listings finished 11 per cent below historical norms. Similar story to Greater Vancouver.
“Considering our record-shattering snow and cold, the pace of home sales remained surprisingly balanced in January,” said Darin Germyn, President of the Board. “Sales in our region have steadily improved since July of last year and January’s numbers remained consistent with that trend.”
There were 5,143 active listings available in the Fraser Valley at the end of January, a decrease of 14.2% compared to January of last year. The Board received 2,216
new listings in January, a 15.1% decrease compared to January 2019’s intake of new listings.
Detached homes have seen a 45.2% increase in sales volumes compared to last January '19 and a 21% decrease in sales from December '19. VERY STRANGE!
Attached Townhouses have seen a 26.8% increase in sales compared to last year January '19 and 15.7% decrease in from the red hot December '19.
Condos have were stable with a 3.5% decrease in sales compared to January '19 and a 20.8% decrease in sales from December '19.
- FVREB sourced summary
ATTENTION FUTURE SELLERS
Fraser Valley - Detached home prices are up 9.2% in January 2020 compared to same period in 2019.
Greater Vancouver - The sales-to-active-listing ratio for attached townhouses and condos are on pace for higher prices!
This tells us that detached house prices are rising in the Valley, and condos and townhouses in Greater Vancouver are poised for price appreciation!