Quick 30-second summary of December 2020 stats:
Sales 🔼 : 53.4% increase compared from December 2019, and a 0.9% decrease from November 2020. Last month’s sales were 57.7% above the 10-year December sales average.
Inventories 🔽: 0.8% decrease compared to December 2019 (8,603) and a 23.2% decrease compared to November 2020 (11,118).
Prices 🔼: Benchmark price for all residential properties in Metro Vancouver is currently $1,047,400. This represents a 5.4% increase over December 2019.
My comments:
My observation for the real estate market in the past 10 years is that the pricing trend does not go hand in hand in terms of property types. For example, when detached homes are going up, it is not necessarily the same for attached properties or strata properties and vice versa. The demand for detached properties (single houses) keeps on going up since last year. One reason is the price for detached properties dropped quite a bit over the past few years while the condos and townhouses kept on going up. Now that the gap between the two are closing up, it makes most sense for people to do the switch. Hence, we see a trend of houses being sold right away and we are seeing multiple offers everywhere including Fraser Valley area. It’s hard to imagine the Vancouver housing market can be so hot in the middle of the pandemic eh! Stay safe!