{"id":17500,"date":"2021-03-08T10:10:00","date_gmt":"2021-03-08T18:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=17500"},"modified":"2021-03-02T13:43:55","modified_gmt":"2021-03-02T21:43:55","slug":"strong-home-sales-strong-sellers-market-push-prices-up-6-8-year-over-year","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2021\/03\/strong-home-sales-strong-sellers-market-push-prices-up-6-8-year-over-year\/","title":{"rendered":"Strong Home Sales \u2022 Strong Seller&#8217;s Market Push Prices Up 6.8% Year-Over-Year"},"content":{"rendered":"<p style=\"text-align: justify;\">Strong sales in the Greater Vancouver region helped push the sales-to-active-listings ratio for all residential property types to 44.6%, which is far higher than the 28.8% percentage seen in January.<\/p>\n<p style=\"text-align: justify;\">Industry wisdom is that when this metric is above 12% for a period of time, the market is considered a sellers&#8217; market because sellers are thought to have the upper hand in negotiating sales. When that metric is below 12% for a period of time, the market is considered to be a buyers&#8217; market, as buyers are thought to have more sway when negotiating sales.<\/p>\n<p style=\"text-align: justify;\">\u201cMetro Vancouver\u2019s housing market is experiencing seller\u2019s market conditions,&#8221; said Colette Gerber, chair of the Real Estate Board of Greater Vancouver. &#8220;The supply of listings for sale isn\u2019t keeping up with the demand we\u2019re seeing.&#8221;<\/p>\n<p style=\"text-align: justify;\">REBGV data shows that residential home sales in the region totalled 3,727 in February, a 73.3% increase from the 2,150 sales recorded in February 2020, and a 56% increase from the 2,389 homes sold in January.<\/p>\n<p style=\"text-align: justify;\">That increase in sales came in the last full month before the COVID-19 pandemic descended, disrupting home sales in the region.<\/p>\n<p style=\"text-align: justify;\">Sales in February were 42.8% above the 10-year February sales average, according to the REBGV.<\/p>\n<p style=\"text-align: justify;\">New listings are helping drive sales There were 5,048 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service (MLS) in Metro Vancouver in February. This represents a 26.1% increase compared to the 4,002 homes listed in February 2020, and a 12.7% increase compared to January, when 4,480 homes were listed.<\/p>\n<p style=\"text-align: justify;\">The total number of homes currently listed for sale on the MLS system in Metro Vancouver is 8,358, a 9.1% decrease compared to February, 2020, when there were 9,195, and a 0.6% increase compared to January, when there were 8,306.<\/p>\n<p style=\"text-align: justify;\">To break down the sales by property class :<\/p>\n<p style=\"text-align: justify;\">\u2022 sales of detached homes in the region hit 1,231 in February, up 79.7% from the 685 detached sales recorded in February 2020;<br \/>\u2022 sales of apartments reached 1,759 in February, up 65.8% compared to the 1,061 sales in February 2020; and<br \/>\u2022 sales of attached rose to 737 in February, up 82.4% compared to the 404 sales in February 2020.<\/p>\n<p style=\"text-align: justify;\">The benchmark price for all residential properties in Greater Vancouver is $1,084,000, up 6.8% from February 2020, and up 2.6% from January, according to the REBGV.<\/p>\n<p style=\"text-align: justify;\">Year-over-year price increases were particularly pronounced on Bowen Island (up 34.4%), the Sunshine Coast (up 32.7%), West Vancouver (up 16.1%), Maple Ridge (up 14.8%) and Ladner (up 13.7%).<\/p>\n<p style=\"text-align: justify;\">Here is how the benchmark prices increased in the three main residential real estate property classes :<\/p>\n<p style=\"text-align: justify;\">\u2022 the benchmark price for a detached home is $1,621,200 \u2013 up 13.7% from February, 2020, and up 2.8% compared to January ;<br \/>\u2022 the benchmark price of an apartment is $697,500 \u2013 up 2.5% from February, 2020, and up 2.5% compared to January; and<br \/>\u2022 the benchmark price of an attached home is $839,800 \u2013 up 7.2% from February, 2020, and up 2.9% compared to January.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/biv.com\/article\/2021\/03\/strong-sales-put-greater-vancouver-real-estate-strong-sellers-market\" target=\"_blank\" rel=\"noopener\">Strong Sales Put Greater Vancouver Real Estate in Strong Sellers&#8217; Market<\/a> by Glen Korstrom | BIV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Strong sales in the Greater Vancouver region helped push the sales-to-active-listings ratio for all residential property types to 44.6%, which is far higher than the 28.8% percentage seen in January. &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2021\/03\/strong-home-sales-strong-sellers-market-push-prices-up-6-8-year-over-year\/\">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-17500","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Strong Home Sales \u2022 Strong Seller&#039;s Market Push Prices Up 6.8% Year-Over-Year &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2021\/03\/strong-home-sales-strong-sellers-market-push-prices-up-6-8-year-over-year\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Strong Home Sales \u2022 Strong Seller&#039;s Market Push Prices Up 6.8% Year-Over-Year &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Strong sales in the Greater Vancouver region helped push the sales-to-active-listings ratio for all residential property types to 44.6%, which is far higher than the 28.8% percentage seen in January. &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/03\\\/strong-home-sales-strong-sellers-market-push-prices-up-6-8-year-over-year\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/03\\\/strong-home-sales-strong-sellers-market-push-prices-up-6-8-year-over-year\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Strong Home Sales \u2022 Strong Seller&#8217;s Market Push Prices Up 6.8% Year-Over-Year\",\"datePublished\":\"2021-03-08T18:10:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/03\\\/strong-home-sales-strong-sellers-market-push-prices-up-6-8-year-over-year\\\/\"},\"wordCount\":467,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Market Updates\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/03\\\/strong-home-sales-strong-sellers-market-push-prices-up-6-8-year-over-year\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/03\\\/strong-home-sales-strong-sellers-market-push-prices-up-6-8-year-over-year\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/03\\\/strong-home-sales-strong-sellers-market-push-prices-up-6-8-year-over-year\\\/\",\"name\":\"Strong Home Sales \u2022 Strong Seller's Market Push Prices Up 6.8% Year-Over-Year &#8226; 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