Sales 🔼 : 342.6% increase compared from April 2020, and a 14% decrease from March 2021. Last month’s sales were 56.2% above the 10-year April sales average and is the highest total on record for the month.
Inventories🔼 : 243.2% increase compared to April 2020 (2313) and a 4.2% decrease compared to March 2021 (8,306). This is 11.2% below the April 10-year average for new listings.
Price 🔼: Benchmark price for all residential properties in Metro Vancouver is currently $1,152,600. This represents a 12% increase over April 2020 and a 2.6% increase compared to March 2021.
Quick facts: For all property types, the sales-to-active listings ratio for April 2021 is 47%. By property type, the ratio is 37.4% for detached homes, 70% for townhomes, and 51.5% for apartments.
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.
My comments: Technology in the Real Estate industry has come a long way since I became a Realtor 10 years ago. I love to explore different ways to make my listing more attractive. While staging a property with real furniture is still popular, virtual staging has gained a lot of popularity during the pandemic. Virtual staging does not require stagers to move furniture to the property and generally costs less. It is ideal for vacant properties or properties still under construction. The buyers are able to envision what the property will look like with furniture placed in rooms. Plus it’s relatively cost effective comparing with a full staging. Can you tell they are virtually staged?
Stay safe!
Sheron
