{"id":15580,"date":"2020-05-04T09:55:00","date_gmt":"2020-05-04T16:55:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=15580"},"modified":"2020-05-04T09:38:44","modified_gmt":"2020-05-04T16:38:44","slug":"rebgv-the-number-of-home-sales-listings-declined-in-april-home-prices-have-held-steady","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/05\/rebgv-the-number-of-home-sales-listings-declined-in-april-home-prices-have-held-steady\/","title":{"rendered":"REBGV The Number of Home Sales &#038; Listings Declined in April, Home Prices Have Held Steady"},"content":{"rendered":"<p style=\"text-align: justify;\">While Metro Vancouver home sale and listing activity remains limited by the COVID-19 situation, REALTORS\u00ae across the region are fast adopting new tools and practices to help advise and serve their clients in a responsible way.<\/p>\n<p>The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,109 in April 2020, a 39.4% decrease from the 1,829 sales recorded in April 2019, and a 56.1% decrease from the 2,524 homes sold in March 2020.<\/p>\n<p>Last month\u2019s sales were 62.7% below the 10-year April sales average and was the lowest total for the month since 1982.<\/p>\n<p>\u201cPredictably, the number of home sales and listings declined in April given the physical distancing measures in place,\u201d Colette Gerber, REBGV\u2019s president-elect said. \u201cPeople are, however, adapting. They\u2019re working with their Realtors to get information, advice and to explore their options so that they\u2019re best positioned in the market during and after this pandemic.\u201d<\/p>\n<p>Realtors have been named an essential service by the provincial government to help the home buying and selling community meet their housing needs during the pandemic.<\/p>\n<p>\u201cWe\u2019re seeing more innovation in today\u2019s market, with Realtors using different technology to showcase homes virtually, assess neighbourhood amenities with their clients and handle paperwork electronically,\u201d Gerber said.<\/p>\n<p>There were 2,313 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service\u00ae (MLS\u00ae) in Metro Vancouver in April. This represents a 59.7% decrease compared to the 5,742 homes listed in April 2019 and a 47.9% decrease compared to March 2020 when 4,436 homes were listed.<\/p>\n<p>The total number of homes currently listed for sale on the MLS\u00ae system in Metro Vancouver is 9,389, a 34.6% decrease compared to April 2019 (14,357) and a 2.3% decrease compared to March 2020 (9,606).<\/p>\n<p>For all property types, the sales-to-active listings ratio for April 2020 is 11.8%. By property type, the ratio is 10% for detached homes, 14.7% for townhomes, and 12.4% for apartments.<\/p>\n<p>Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.<\/p>\n<p>The MLS\u00ae Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,036,000. This represents a 2.5% increase over April 2019 and a 0.2% increase compared to March 2020.<\/p>\n<p>\u201cHome prices have held relatively steady in our region since the COVID-19 situation worsened in March,\u201d Gerber said.<\/p>\n<p>Sales of detached homes in April 2020 reached 388, a 33.8% decrease from the 586 detached sales recorded in April 2019. The benchmark price for detached properties is $1,462,100. This represents a 2.3% increase from April 2019 and a 0.8% increase compared to March 2020.<\/p>\n<p>Sales of apartment homes reached 503 in April 2020, a 43.2% decrease compared to the 885 sales in April 2019. The benchmark price of an apartment property is $685,500. This represents a 2.7% increase from April 2019 and a 0.2% decrease compared to March 2020.<\/p>\n<p>Attached home sales in April 2020 totalled 218, a 39.1% decrease compared to the 358 sales in April 2019. The benchmark price of an attached home is $796,800. This represents a 2.8% increase from April 2019 and a 0.6% increase compared to March 2020.<\/p>\n<p><a href=\"http:\/\/members.rebgv.org\/news\/REBGV-Stats-Pkg-April-2020.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Click here<\/a> to view the April 2020 stats package.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.rebgv.org\/market-watch\/monthly-market-report\/april-2020.html\">Home Sales and Listings Down Amid COVID-19, New Tools and Practices Emerge to Help Buyers and Sellers Adapt<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>While Metro Vancouver home sale and listing activity remains limited by the COVID-19 situation, REALTORS\u00ae across the region are fast adopting new tools and practices to help advise and serve &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2020\/05\/rebgv-the-number-of-home-sales-listings-declined-in-april-home-prices-have-held-steady\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-15580","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>REBGV The Number of Home Sales &amp; 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