Hi Everyone I’m Gary Paul here with your February 2021 Real Estate Market update for Greater Vancouver.
Sales activity for January 2021 has now been released and we saw an increase in the number of homes sold compared to this time last year by 52%.
The Real Estate Board reports that the housing market continued the pattern set at the end of last year with home sales activity outpacing the supply of homes listed for sale.
Last month we saw 4,400 single family homes, town homes and apartments listed for sale and that brought the total inventory to 8,300 units, this is a in a slight decrease of 3.6% compared to the same period in 2020.
With a total of 2,400 properties having been sold, this represents an absorption of 29% of the inventory. With home sale activity well above the January average, the supply of homes for sale isn’t able to keep pace. Shifting housing needs during the pandemic and historically low interest rates have been key drivers of demand in our market over the last 6 months.
As for prices, the benchmark composite price for a single family home increased 11% to $1,576,000 from a year ago.
Apartment condo sale prices increased 2.2%% year over year to $680,000 and attached home prices saw an increase of 4.3% from January of 2020 with the benchmark price last month reaching $815,000.
Many home owners that entered the market a few years ago have seen their home values increase, and are now looking to move up in the market to accommodate their changing needs.
I cover the Greater Vancouver area, to find out what is happening in your local market feel free to contact me by phone or email.