New Layout and Design
I have decided to create a new layout for the monthly real estate summary. Understanding that sales and market fluctuations can change and your interest may lie only in certain asset types: detached, townhouse and condos. I am going to focus on the asset classes as a primary function of the 'new' layout of the summary report. ** Any feedback is always appreciated :)
Sales plateau, inventory arrives as Sales-to-Active ratios trend toward stabilizing.
The not so Short, yet Easy summary
The storm has begun to calm from the erratic craziness seen in the past 60+ days. Fatigued Buyers are backing down and away from multiple offer scenarios. This is giving rise once again to demand for pre-sale properties where Buyers can shop in a more relaxed and price guaranteed environment. New listings in April'21 were the MOST ever recorded for April. Sales continue to be strong and annual price increases range from 6-20% depending on asset class.
DETACHED SINGLE FAMILY - Greater Vancouver
1) Sales of detached homes in May'21 reached 1,430, a 15.7% decrease from the 1,655 sales recorded in Apr'21 and a 166% increase from May'20 (537 - COVID Lockdown).
2) Inventory - Decreased 20.7% from Apr'21. Inc 216% from May'20 (COVID Lockdown).
3) Sales-to-Active ratio - 29.8% (detached homes) compared to: Apr (37.4%), Mar (52.9%), Feb(41.8%). 20%+ is a Sellers Market.
4) Pricing - HPI up 1.7% from previous month; 1-year change: up 22.8%.
TOWNHOUSES - Greater Vancouver
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1) Sales totaled 963, a 8% decrease compared to the 1,046
sales in Apr'21. May'21 sales saw a 442% improvement from May'20(218 COVID lockdown).
2) Inventory - totaled 1,324 decrease of 5.2% from previous month. Increase of 294% from May'20 (COVID shutdown).
3) Sales-to-Active ratio 53.8% compared to: Apr(70%),Mar(79.9%), Feb(61.8%). 20% is a Sellers Market.
4) Pricing - Increase 1.8% from previous month. 1-year change: HPI up 16.3%. .
CONDOS - Greater Vancouver
1) Sales of condo homes reached 2,289 in May'21, a 16.2% decrease compared to the 2,697 sales last month (Apr'21). May'21 surpassed May'20 totals(503) by 455%(COVID shutdown).
2) Inventory - 3,449 down 1.9% from Apr'21.
3) Sales-to-Active ratio 43.5% (condos) compared to: Apr(51.5%) Mar(65.4%), Feb(41.7%). 20% + is a Sellers Market.
4) Pricing - increase of 1.2% from previous month. 1-year Change - HPI up 7.9%
OVERALL
- May'21 sales were 27.7% higher than the May10-year average. (April'21 sales were 56% higher than the 10-year avg)
- 7,125 newly listed homes for sale is 10% less than the highest ever recorded for the region in April'21
- Total Active listings is 10,970; 7% higher than Apr'21.
- Sales-to-Active ratio for the property types: 38.9% (all properties combined) compared to: Apr(47.9%), Mar(62.4%), Feb(44.6%)
- The MLS Home Price Index rose 14% from May'20 and 1.2% from Apr'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 operating in a 3rd Wave COVID-19 conditions... what is to be expected?
Realtors are able to conduct in-person, scheduled, by-appointment ONLY open houses safely. Approx 15 min independent viewings. Here is link to our protocol and safety considerations we as Realtors are taking to keep our clients safe.
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
9-months of record breaking sales records as the pressure on Buyers continues. Inventory reaches historic highs to feed the insatiable demand.
The Fraser Valley Real Estate Board (FVREB) processed a total of 2,951 residential and commercial sales on its Multiple Listing Service® (MLS®) in Apr'21, an decrease of 2.5% compared to sales in Apr'21 (3,016) and also an increase of 267% compared to May'20 (COVID Lockdown).
DETACHED - Single Family
1) Sales had a 5.6% decrease in total in sales volumes (1,193) compared to Apr'21 and a 311% increase from Apr'20 (COVID Lockdown).
2) Active Listings- dec 3.9% from Apr'21 and Inc by 10.8% compared to May'20.
3) MLS HPI Benchmark Price - $1.323M. From Apr'21 inc 2.3%.1-year change inc 33% .
TOWNHOUSE
1) Sales saw a 6.6% decrease in sales (753) compared to Apr'21 and a 215% increase from Apr'20(COVID Lockdown).
2) Active Listings- dec by 2.6% compared to Apr'21 and decreased by 18.5% from May'20 (COVID Lockdown).
3) MLS HPI Benchmark Price - $670k. From Mar'21 inc 2.7%. 1-year change inc 20.7%.
CONDOS
1) Sales - increased by 21.6% compared to Feb'21 and a 145% increase from 1 year ago; Mar'20.
2) Active Listings - Inc by 12.5% compared to Apr'21 and decreased by 12.5% from May'20 (COVID Lockdown).
3) MLS HPI Benchmark Price - $488k. From Apr'21 inc 2.0%.1-year change inc 12.6%.
- 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. Soon to change? Does this have to? Your health and health concerns as a Seller are a priority; Realtors have solutions.
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.
