Home sale and price activity remained steady in Metro Vancouver to start 2020 while home listing activity declined in January.
Sales in January were up 42.4% in 2020 over 2019. Listings in January 20.1% decreased over last year.
Looking at the supply we are seeing fewer homes for sale than is typical for this time of year. As we approach the busiest time of the year, the spring market, we will be keeping a close eye on supply to see if the numbers of homes listed is keeping up with the pace of demand. These are determining factors in a Sellers vs. Buyers markets.
Analysts say downward pressure on home prices occurs when the sales to listings ratio dips below 12% for a sustained period of time. Home prices will experience upward pressure when it surpasses 20% over several months.
Currently we're sitting at 18.2% for the number of sales to number of listings over Metro Vancouver. Here are some micro markets to keep an eye on:
Detached - 18%
Townhouse - 22%
Detached - 15%