Calm waters. Buyers have time to breathe and have options for purchase. Sellers; expect weeks to sell a home, not days.
The not so Short, yet Easy summary
June saw the townhouse FIRE SALE finally turn with a 25% decrease in sales. Sales-to-active ratio fell for the 4th straight month for ALL property types; meaning a shift towards a balanced market.
DETACHED SINGLE FAMILY - Greater Vancouver
1) Sales of detached homes in June'21 reached 1,262, a 13% decrease from the 1,430 sales recorded in May'21 and a 45% increase from June'20 (866 - end of COVID Lockdown).
2) Inventory - Decreased 20.7% from May'21. Inc 216% from June'20 (COVID Lockdown).
3) Sales-to-Active ratio - 27.5% (detached homes) compared to: May(29.8%), Apr(37.4%), Feb(52.9%). 20%+ is a Sellers Market.
4) Pricing - HPI ($1.8M) 1-year change: up 22%. up 0% from previous month.
TOWNHOUSES - Greater Vancouver
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1) Sales totaled 726, a 25% decrease compared to the 963
sales in May'21. June'21 sales saw a 53.8% improvement from June'20(472 end of COVID lockdown).
2) Inventory - totaled 1,324 decrease of 5.2% from previous month. Increase of 294% from June'20 (COVID shutdown).
3) Sales-to-Active ratio 49.2% compared to: May(53.8%),Apr(70%), Mar(79.9%). 20% is a Sellers Market.
4) Pricing - 1-year change: HPI up 17.4%. Increase of 1.8% from previous month.
CONDOS - Greater Vancouver
1) Sales of condo homes reached 1,774 in June'21, a 22.5% decrease compared to the 2,289 sales last month (May'21). June'21 surpassed June'20 totals(1,105) by 60.5%(end of COVID shutdown).
2) Inventory - 3,449 down 1.9% from June'21.
3) Sales-to-Active ratio 37.1% (condos) compared to: May(43.5%) Apr(51.5%), Mar(65.4%). 20% + is a Sellers Market.
4) Pricing - 1-year Change - HPI up 8.9%. increase of 0.1% from previous month.
OVERALL
- June'21 sales were 18.4% higher than the June 10-year average. (May'21 sales were 27.7% higher than the 10-year avg)
- 5,849 newly listed homes for sale is 17.9% less than May'21.
- Total Active listings is 10,839; 1.2% lower than May'21.
- Sales-to-Active ratio for the property types: 34.7% (all properties combined) compared to: May(38.9%), Apr(47.9%), Mar(62.4%). 20%+ is Sellers Market.
- The MLS Home Price Index ($1.175M) rose 14.5% from June'20 and 0.2% from May'21.
- REBGV Sourced Summary
REFERENCE explanation: listing-to-sales ratio.
Arguably the MOST important stat considering Inventory & Sales combined 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.
Now that we are past many restrictions and travel ready, what does this mean for real estate?
Realtors are able to conduct in-person open houses again. Sellers: expect less showings. Real estate may finally take a backseat to those who are ready to fulfill other parts of their lives. Happy travels!
If you are thinking of selling in 2021, reach out to me, and lets talk about TECHNOLOGY, INVENTORY and TIMING!
Fraser Valley Real Estate Update
1st time since September '20 monthly sales did not break historical records. Calmer waters are here.
The Fraser Valley Real Estate Board (FVREB) processed a total of 2,247 residential and commercial sales on its Multiple Listing Service® (MLS®) in June'21, a decrease of 24% compared to sales in May'21 (2,951) and also an increase of 31% compared to June'20 (end of COVID Lockdown).
DETACHED - Single Family
1) Sales had a 26.3% decrease in sales volumes (879) compared to May'21 and a 33% increase from June'20 (COVID Lockdown).
2) Active Listings- decreased 11.6% from May'21 and decreased by 11.9% compared to June'20.
3) MLS HPI Benchmark Price - $1.324M. From May'21 inc 0.1%.1-year change inc 33% .
TOWNHOUSE
1) Sales saw a 19.5% decrease in sales (566) compared to May'21 and a 25.5% increase from June'20( end of COVID Lockdown).
2) Active Listings- dec by 7.9% compared to May'21 and decreased by 35.3% from June'20 (end of COVID Lockdown).
3) MLS HPI Benchmark Price - $678k. From May'21 inc 1.3%. 1-year change inc 21.2%.
CONDOS
1) Sales - decreased by 21.3% compared to May'21 and a 51% increase from 1 year ago; June'20. (end of COVID Lockdown)
2) Active Listings - Down by 2.7% compared to May'21 and decreased by 22.7% from June'20 (end of COVID Lockdown).
3) MLS HPI Benchmark Price - $493k. From May'21 inc 1%.1-year change inc 13.4%.
- FVREB sourced summary
