New Layout and Design
I have decided to create a new layout for the monthly real estate summary. Understanding that sales and market fluctuations can change and your interest may lie only in certain asset types: detached, townhouse and condos. I am going to focus on the asset classes as a primary function of the 'new' layout of the summary report. ** Any feedback is always appreciated :)
Sales plateau, inventory arrives as Sales-to-Active ratios trend toward stabilizing.
The not so Short, yet Easy summary
The storm has begun to calm from the erratic craziness seen in the past 60+ days. Fatigued Buyers are backing down and away from multiple offer scenarios. This is giving rise once again to demand for pre-sale properties where Buyers can shop in a more relaxed and price guaranteed environment. New listings in April'21 were the MOST ever recorded for April. Sales continue to be strong and annual price increases range from 6-20% depending on asset class.
DETACHED SINGLE FAMILY - Greater Vancouver
1) Sales of detached homes in Apr'21 reached 1,655, a 3.2% increase from the 1,965 sales recorded in Mar'21 and a 326% increase from Apr'20 (388 - COVID Lockdown).
2) Inventory - Decreased 6.3% from Mar'21. Inc 432% from Apr'20 (COVID Lockdown).
3) Sales-to-Active ratio - 37.4 % (detached homes) compared to: Mar (52.9), Feb (41.8), Jan (26.3). 20%+ is a Sellers Market.
4) Pricing - HPI up 3.2% from previous month; 1-year change: up 20.9%.
TOWNHOUSES - Greater Vancouver
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1) Sales totaled 963, a 8% decrease compared to the 1,046
sales in Mar'21. Apr'21 sales saw a 442% improvement from Apr'20(218 COVID lockdown).
2) Inventory - totaled 1,324 decrease of 5.2% from previous month. Increase of 294% from Apr'20 (COVID shutdown).
3) Sales-to-Active ratio 70% compared to: Mar (79.9%),Feb (61.8), Jan (37.6%). 20% is a Sellers Market.
4) Pricing - Increase 3.3% from previous month. 1-year change: HPI up 13.9%. .
CONDOS - Greater Vancouver
1) Sales of condo homes reached 2,289 in Apr'21, a 16.2% decrease compared to the 2,697 sales last month (Mar'21). Apr'21 surpassed Apr'20 totals(503) by 455%(COVID shutdown).
2) Inventory - 3,449 down 1.9% from Mar'21.
3) Sales-to-Active ratio 51.5% (condos) compared to: Mar (65.4%) Feb (41.7%), Jan (27.8). 20% + is a Sellers Market.
4) Pricing - increase of 1.9% from previous month. 1-year Change - HPI up 5.9%
OVERALL
- Apr'21 sales were 56.2% higher than the April 10-year average.
- 7,938 newly listed homes for sale is the highest ever recorded for the region in April
- Total Active listings is 11.2% below the 10-year average.
- Sales-to-Active ratio for the property types: 47.9% (all properties combined) compared to: Mar (62.4), Feb (44.6), Jan (28.8)
- The MLS Home Price Index rose 12% from Apr'20 and 2.6% from Mar'21.
- REBGV Sourced Summary
REFERENCE explanation: listing-to-sales ratio.
Arguably the MOST important stat considering Inventory & Sales combined is the listing-to-sales ratio. Our benchmarks are 12 and 20. When the ratio goes below 12, for continuous months, we are generally in a Buyer's market where prices can come down. When the ratio rises above 20 for continuous months, we are in a Seller's market where prices can rise.
Now that we are operating in a 3rd Wave COVID-19 conditions... what is to be expected?
Realtors are able to conduct in-person, scheduled, by-appointment ONLY open houses safely. Approx 15 min independent viewings. Here is link to our protocol and safety considerations we as Realtors are taking to keep our clients safe.
If you are thinking of selling in 2021, reach out to me, and lets talk about TECHNOLOGY, INVENTORY and TIMING!
Fraser Valley Real Estate Update
More records being broken; officially surpassed 2016 sales volumes with 7 consecutive record-breaking months!
The Fraser Valley Real Estate Board (FVREB) processed a total of 3,016 residential and commercial sales on its Multiple Listing Service® (MLS®) in Apr'21, an decrease of 9% compared to sales in Mar'21 (3,329) and also an increase of 338% compared to Apr'20 (COVID Lockdown).
DETACHED - Single Family
1) Sales had a 10.7% decrease in total in sales volumes compared to Mar'21 and a 375% increase from Apr'20 (COVID Lockdown).
2) Inventory - Inc 20.3% from Mar'21 and Inc by 0.6% compared to Apr'20.
3) MLS HPI Benchmark Price - $1.293M. From Mar'21 inc 4.5%.1-year change inc 30% .
TOWNHOUSE
1) Sales saw a 2.6% decrease in sales (733) compared to Mar'21 (788) and a 276% increase from Apr'20(200).
2) Inventory - Inc by 33.6% compared to Mar'21 and decreased by 8.8% from Apr'20.
3) MLS HPI Benchmark Price - $652k. From Mar'21 inc 4.5%. 1-year change inc 18%.
CONDOS
1) Sales - increased by 21.6% compared to Feb'21 and a 145% increase from 1 year ago; Mar'20.
2) Inventory - Inc by 14.4% compared to Mar'21 and decreased by 1.5% from Apr'20.
3) MLS HPI Benchmark Price - $478k. From Mar'21 inc 2.9%.1-year change inc 9.3%.
- FVREB sourced summary
Considering COVID - 19 What does this mean?
As a Seller - Do you want the public in your home? Leverage digital marketing efforts such as 3D virtual tours. Accept Subject to Viewing offers. Consider lockbox options allowing flexibility in showing times. Open Houses are still being discouraged by local real estate boards.
As a Buyer - will Sellers be allowing Buyers and the public into their homes? Traditional Open houses are NOT an option during the state of emergency in BC. Only private showings are permitted. Virtual open houses & tours are happening! Sellers & Buyer agents may require masks, gloves in order to create a safe environment for all.
Real estate has been deemed an essential service. Realtors are ready to find safe solutions to make transactions for our clients (Buyers and Sellers) happen.
Here is my
Blog on COVID-19 and how we can respond in the real estate sector in Vancouver.
