{"id":470,"date":"2021-12-02T09:40:59","date_gmt":"2021-12-02T17:40:59","guid":{"rendered":"https:\/\/www.ownre.ca\/\/blog\/?p=470"},"modified":"2022-10-27T16:35:40","modified_gmt":"2022-10-27T23:35:40","slug":"home-sale-remains-up-inventory-remain-way-down","status":"publish","type":"post","link":"https:\/\/www.ownre.ca\/blog\/home-sale-remains-up-inventory-remain-way-down\/","title":{"rendered":"HOME SALE REMAINS UP, INVENTORY REMAIN WAY DOWN!"},"content":{"rendered":"
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As we near the end of 2021, home Buyer demand remains well in excess of long-term averages and the supply of homes for sale continues to decline across Metro Vancouver\u2019s housing market.<\/p>\n

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,428 in November 2021, an 11.9% increase from the 3,064 sales recorded in November 2020, and a 1.9 % decrease from the 3,494 homes sold in October 2021.<\/p>\n

Last month\u2019s sales were 33.6% above the 10-year November sales average.<\/p>\n

We expect home sale totals to end the year at or near an all-time record in our region. We\u2019ve had elevated home sale activity throughout 2021 despite persistently low levels of homes available for sale. With a new year around the corner, it\u2019s critical that this supply crunch remains the focus for addressing the housing affordability challenges in our region.<\/p>\n

There were 3,964 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service\u00ae (MLS\u00ae) in Metro Vancouver in November 2021. This represents a 2.6% decrease compared to the 4,068 homes listed in November 2020 and a 2.1% \u00a0decrease compared to October 2021 when 4,049 homes were listed.<\/p>\n

The total number of homes currently listed for sale on the MLS\u00ae system in Metro Vancouver is 7,144, a 35.7% decrease compared to November 2020 (11,118) and an 11.1% decrease compared to October 2021 (8,034).<\/p>\n

For all property types, the sales-to-active listings ratio for November 2021 is 48%. By property type, the ratio is 33.8% cent for detached homes, 74.3% for townhomes, and 53.7% for apartments.<\/p>\n

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.<\/p>\n

The imbalance between supply and demand, coupled with some buyers wanting to use rate holds on lower rate fixed-term mortgages, is keeping upward pressure on home prices in this traditionally quieter time of year for the market.<\/p>\n

The MLS\u00ae Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,211,200. This represents a 16% increase over November 2020 and a 1% increase compared to October 2021.<\/p>\n

Sales of detached homes in November 2021 reached 987, a 7% decrease from the 1,061 detached sales recorded in November 2020. The benchmark price for a detached home is $1,870,000. This represents a 20.8% increase from November 2020 and a 1.1 %increase compared to October 2021.<\/p>\n

Sales of apartment homes reached 1,828 in November 2021, a 33.3% increase compared to the 1,371 sales in November 2020. The benchmark price of an apartment home is $752,800. This represents an 11.4% increase from November 2020 and a 0.9% increase compared to October 2021.<\/p>\n

Attached home sales in November 2021 totalled 613, a 3% decrease compared to the 632 sales in November 2020. The benchmark price of an attached home is $990,300. This represents a 20.2% increase from November 2020 and a 1.6% increase compared to October 2021.<\/p>\n<\/div>\n<\/article>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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As we near the end of 2021, home Buyer demand remains well in excess of long-term averages and the supply of homes for sale continues to …<\/p>\n","protected":false},"author":2,"featured_media":471,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-470","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-update"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t