VANCOUVER WEST DECEMBER APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release reflects on how successful the 2020 Real Estate market was despite a raging pandemic. Although moribund for a short period in spring, the Real Estate industry quickly adapted to safely meet the needs of Buyers and Sellers for the rest of the year. Total annual sales and listings did dip slightly below the region’s 10 year average, but a strong push at year’s end brought activity in line with the region’s long term average.
December 2020 records the highest sales average ever for that month. Compared to December 2019, residential detached, attached and apartment sales increase 53.4 percent. Last month the annual composite value of all properties is up 5.4 percent. New listings year to year are up 51.7 percent. However the total inventory of listed properties is actually down 0.8 percent December to December.
The graph reveals a 1.2 percent rise from November to December for the average Metro Vancouver condominium sale price. December 2020 compared to the previous December the overall benchmark price for an apartment is 2.6 percent higher. Year to year condo sales volume is up by 40 percent.
Last month compared to December 2019, the benchmark price for west side apartments is 0.2 percent lower. Vancouver west condo sales are way up by 40 percent December to December. Year to year west side apartment inventory increases 45.8 percent.
From November to December Vancouver west apartment sales jump 15.6 percent. Month to month west side condo inventory is 46.9 percent lower.