the rennie advance A BRIEF UPDATE ON THE LATEST SALES, LISTINGS, AND MEDIAN SALE PRICES ACTIVITY
published December 2020
table of contents
The rennie advance is a summary of the latest sales, listings, and price trends in the Vancouver Region. It is produced at the beginning of each month and it reflects the very latest market data. On behalf of the rennie intelligence team, we hope you find it useful and informative.
2 I N T R O
3 S A L E S
4 T O T A L L I S T I N G S
Ryan Berlin DIRECTOR OF INTELLIGENCE & SENIOR ECONOMIST rberlin@rennie.com
Bowen Behan Pausey BUSINESS DATA ANALYST, HOUSING bbehan@rennie.com
5 P R I C E S
6 R E N N I E I N T E L L I G E N C E
highlights • November 2020 marked the 3 rd consecutive month that the Vancouver Region’s total MLS sales count exceeded 5,000—the first time that has happened since 2017. • The 5,128 sales in November were 34% higher than one year ago, with detached sales up 51%, townhomes up 42%, and condos up 13%. Compared to the past-decade November average, sales were 43% higher overall (up 43% for detached homes, 66% for townhomes, and 31% for condos). • After tallying a record-setting sales count in October, total sales were 13% lower in November, a steeper drop than the typical October-to-November decline of 8%.
THE RENNIE ADVANCE
sales
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CONDO sales
Copyright © 2020 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of December 2, 2020. All data from Real Estate Board of Greater Vancouver and Fraser Valley & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E.
highlights • Total resale inventory in the Vancouver Region was lower on a year-over-year basis for the 14 th consecutive month in November (by 9%). For detached homes and townhomes, inventory was lower by 27% and 19% respectively, while condo inventory grew by 23% versus November 2019. • On a month-over-month basis, inventory fell in November across all home types: by 17% for detached homes, by 18% for townhomes, and by 12% for condos. • The overall sales-to-listings (S-L) ratio for the Vancouver Region increased to 32% in November, reflecting seller’s market conditions (where the S-L ratio is greater than 21%). All market segments were in seller’s market territory, with an S-L ratio of 34% for detached homes, 48% for townhomes, and 25% for condos.
total listings THE RENNIE ADVANCE
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Copyright © 2020 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of December 2, 2020. All data from Real Estate Board of Greater Vancouver and Fraser Valley & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E.
highlights • The median home sales price continued to trend upwards in November both on a year-over- year and month-over-month basis in the Greater Vancouver and Fraser Valley board areas. • Compared to last year, the median sales price for detached homes in the Greater Vancouver board area was 11% higher in November, followed by 4% for townhomes and 0.2% for condos. For the Fraser Valley board area, median sales prices increased by 16%, 8%, and 8%, respectively, compared to November 2019. • Increases in the median sales price were also seen on a month-over-month basis, with detached homes rising 4% in the Greater Vancouver board area and condos rising 0.3%. The median sales price for townhomes fell 3% compared to October. In the Fraser Valley board area, the median sales price for detached homes rose 4% month-over-month, followed by 1.1% for townhomes and 1.2% for condos.
THE RENNIE ADVANCE median prices
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TOWNHOME median sales price
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CONDO median sales price
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Copyright © 2020 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of December 2, 2020. All data from Real Estate Board of Greater Vancouver and Fraser Valley & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E.
the data behind rennie .
The rennie intelligence team is composed of our in-house demographer, senior economist, and market analysts. Together, they empower our developer clients, rennie advisors, institutional advisory clients, and the entire rennie team with comprehensive data and a trusted market perspective. With data as the backbone to our thoughtful real estate practice, we help our clients form and execute sound, well-considered plans to achieve their goals.
Reach out to your rennie representative to learn more and to receive these publications on a regular basis, or visit us at intelligence.rennie.com
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