January home sales were up more than 42 per cent year-over-year in Metro Vancouver, but prices were still lower than they were a year ago, according to the Real Estate Board of Greater Vancouver.
Despite a boost in sales and tightening in supply, prices remained lower than at this point last year, though showed signs of growth over the last several months.
The benchmark price for a detached home across the region was just over $1.43 million, down 1.7 percent from January 2019, but up one percent over the last six months and up 0.5 per cent from December.
Focusing on the Downtown Vancouver condo market in January 2020, the number of sales are up and the inventory is down compared to January 2019 and the median price remains steady.
In most of 2019, the under $1,250,000 million market was selling very steadily. However, in January 2020 the $900,000 to $1,250,000 market seemed to have slip with much fewer sales.
The under $900,000 market is selling at a rate of 44% or 72 out of 162 homes are selling.
The $900,000 to $1,000,000 range is selling at a rate of 6% or 2 out of 31 homes are selling.
The $1,000,000 to $1,250,000 range is selling at a rate of 18% or 9 out of 50 homes are selling.
After seeing a great surge in the $1,250,000 to $2,000,000 range in November, this segment remains slow selling at a rate of 13% or 16 out of 126 homes are selling.
The $2,000,000 to $2,500,000 range is selling at a rate of 5% or 2 out of 44 homes are selling.
The $2,500,000 to $5,000,000 range is slightly improving, selling at a rate of 4% or 3 out of 68 homes are selling.
And there were no sales in the above $5,000,000 as 0 out of 46 homes have sold.
Total unit sales in Downtown Vancouver were down 25% from last month and up 22% from January 2019.
Those who are priced correctly for this market are selling on average in 16 days down from 22 days last month.
The median price increased less than 1% from last month, and the median price is up 5% from January 2019.
The average price per square foot slightly decreased from $1,024 in December to $1,011 in January.
And inventory has increased 20% with 527 active listings (typical for January) and down 25% from January 2019.
As always, the sellers’ best bets are studios and 1 bedroom condos in the Downtown area. And the buyers’ best bets are units between $1.75 and $2.0 million and above $5 million.
I hope you find this helpful, but should you have any questions please don’t hesitate to ask.
PS You might find this article interesting.