the rennie advance A BRIEF UPDATE ON THE LATEST SALES, LISTINGS, AND MEDIAN SALE PRICES ACTIVITY
published August 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 DATA ANALYST 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 • Total MLS sales in the Vancouver Region (which covers the combined Greater Vancouver and Fraser Valley board areas) reached 5,150 in July. This was 27% above June’s sales count and 31% more than in July 2019. • Notably, this was the first-time sales eclipsed the 5,000 mark in any month since June 2017. Similarly, there were more than 3,000 sales in Greater Vancouver and more than 2,000 sales in the Fraser Valley, each for the first time in 37 months. • On a year-over-year basis, detached home sales were up 43%, townhomes were up 39%, and condos were up 16% in July, marking the second consecutive month where sales counts increased for all home types compared to last year.
THE RENNIE ADVANCE
sales
JULY
1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500
July
vs Jul 2019 43%
10yr Jul Avg 1,866 vs 10yr Jul avg 14%
2,128
DETACHED sales
0 500
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
1,000 1,200 1,400
vs Jul 2019 39%
July
vs 10yr Jul Avg 43%
1,089
10yr Jul Avg 763
0 200 400 600 800
TOWNHOME sales
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
3,000
July
vs Jul 2019 16%
2,500
vs 10yr Jul Avg 18%
2,000
1,834
10yr Jul Avg 1,560
1,500
1,000
CONDO sales
500
0
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
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 August 3, 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 • Inventory (total listings) in the Vancouver Region reached 18,364 in July; this was 4% higher than June but still 19% below July 2019. • July 2020 was the 10th consecutive month where inventory declined on a year-over-year basis, with detached listings down 29%, townhomes down 24%, and condos down 4% versus July 2019. • The overall sales-to-listings (S-L) ratio for the Vancouver Region reflected conditions favourable to sellers (where the S-L ratio is greater than 21%) for a second straight month. This was also true for each home type, with the July 2020 S-L ratios at 27% for detached, 39% for townhomes, and 25% for condos.
total listings THE RENNIE ADVANCE
JULY
10,000 12,000 14,000 16,000
vs Jul 2019 29%
10yr Jul Avg 11,408
7,756
0 2,000 4,000 6,000 8,000
vs 10yr Jul Avg 32%
DETACHED listings
July
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500
vs Jul 2019 24%
10yr Jul Avg 3,139
2,814
vs 10yr Jul Avg 10%
TOWNHOME listings
July
0 500
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
12,000
vs Jul 2019 4%
10,000
8,000
10yr Jul Avg 7,595
7,360
6,000
vs 10yr Jul Avg 3%
4,000
CONDO listings
July
2,000
0
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
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 August 3, 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 • Median sales prices in July 2020 were up versus July 2019 within each of the Greater Vancouver and Fraser Valley board areas. • Compared to one year ago, the median sold price in the Greater Vancouver board area was up by 9% for both detached homes and townhomes, and up by 1.6% for condos. In the Fraser Valley board area July’s median price was up 10% for detached homes, 4% for townhomes, and 7% for condos compared to July 2019. • On a month-over-month basis, median prices were higher in July for all home types in the Fraser Valley board area and for detached homes and condos in the Greater Vancouver board area (the townhome median price dipped by 0.6%).
THE RENNIE ADVANCE median prices
JULY
$2,000,000
vs Jul 2019 9%
July
$1,600,000
$1.37 M
Greater Vancouver Fraser Valley
$1,200,000
$1.00 M
$800,000
DETACHED median sales price
vs Jul 2019 10%
$400,000
$0
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
$1,200,000
vs Jul 2019 9%
July Greater Vancouver Fraser Valley
$1,000,000
$785,000
$800,000
$600,000
$585,000
$400,000
TOWNHOME median sales price
vs Jul 2019 4%
$200,000
$0
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
$1,000,000
vs Jul 2019 1.6%
July
$800,000
Greater Vancouver Fraser Valley
$589,500
$600,000
$400,000
$399,900
CONDO median sales price
$200,000
vs Jul 2019 7%
$0
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
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 August 3, 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 RENNIE ADVANCE
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.
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REPRODUCTION OF THIS REPORT IN WHOLE OR IN PART WITHOUT PERMISSION OF RENNIE IS PROHIBITED. BRIEF EXTRACTS FOR REVIEW PURPOSES MAY BE MADE WITH DUE ACKNOWLEDGMENT OF THE SOURCE. THE INFORMATION CONTAINED IN THIS REPORT HAS BEEN COMPILED FROM SOURCES BELIEVED TO BE RELIABLE BUT THE ACCURACY OF THE INFORMATION IS NOT GUARANTEED. E&OE
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