Vancouver Real Estate Stats Jan.2020 – Housing Market
Homes Sales go up and Supply Down – Housing Market Jan.2020
Vancouver Real Estate Stats Jan.2020 – Housing Market: According to Real Estate Board of Vancouver, home sales remain steady but MLS listings decline in Jan.
REBGV reports that residential home sales in Greater Vancouver totalled 1,517 in Jan.2020; compared to 1,103 Jan.2019, there are 42.1% sales increase.
Last month’s sales were 7.3 per cent 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. As we approach the traditionally more active spring market, we’ll keep a close eye on supply to see if the number of homes being listed is keeping pace with demand.”
Why less home supply? My comment is that the BC assessment plays a very important role. At the beginning of 2020, BC assessment adjusts all properties valuation price down 8-15%. Don’t think sellers are stupid, they might know the market more than realtors. Listing agent can promise them to sell at a high price; however, after 1-2 months, if the sellers do not get any offers, sellers still need to decrease the price.
In Jan, the new listings were 17.4% below January’s 10-year average.
The sales-to-active ratio:
- Detached home: 11.6%
- Condo: 23.9%
- Townhouse: 22.6%
Total Sales in Detached homes, condo, and Townhouses:
- Detached home: 439 houses sold
- Condo: 814 apartment sold
- Townhouse: 318 townhomes sold
You can simply download the Vancouver Real Estate Report Jan.2020 Here.