January 2020 Vancouver Real Estate Market Update
Average Home Prices Increase For Fourth Month In A Row
The average home price in Vancouver increased for a fourth month in a row with the median sales price at $1,008,700. This represents a $18,100 increase since the September 2019 low of $990,600.
Home sales in the region totalled 1,571 in January 2020, a 42.4% increase from the 1,103 sales recorded in January 2019, and a 22.1% decrease from the 2,016 homes sold in December 2019.
Last month’s sales were 7.3 per cent below the 10-year January sales average.
For all property types, the sales-to-active listings ratio for January 2020 is 18.2%. By property type, the ratio is 11.6% for detached homes, 22.6% for townhomes, and 23.9% for apartments.
Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
Focusing in on the Vancouver West area (from Downtown to Marpole, and everything West of Ontario St.)
Sales of detached properties in January 2020 reached 35, an 2.9% increase from January 2019. The benchmark price for detached properties is $2,929,600. This represents a 3.8% decrease from January 2019.
Sales of Townhomes in January 2020 reached 24, a 71.4% increase from January 2019. The benchmark price for Townhome is $1,147,200. This represents a 2.3% increase from January 2019.
Sales of Condos in January 2020 reached 211, a 58.6% increase from January 2019. The benchmark price for condo properties is $775,700. This represents a 1.0% decease from January 2019.