Recent Real Estate Market in Great Vancouver

The median sales price for all properties listed on the MLS® system have increased steadily from Jan 2021 to April 2021, from $810,000 in Jan 2021, $875,000 in Feb 2021, $900,000 in Mar 2021 and $921,000 in Apr 2021. Although the rate of increase of the median sales prices has slowed, it continues to rise at a steady rate. 

In recent months,  the median amount of time that homes spend on the market has significantly decreased, from 22 days listed in January 2021, to 10 days in February 2021, and only 8 days in March and April 2021. Homes are selling much quicker compared to earlier this year. Notably, both newly constructed properties and resale properties experienced a significant reduction in the time spent on the market from January to February 2021, with New Constructions dropping from 30 days to 12 days, and Resale properties dropping from 21 days to 10 days. 

Although the median sales price continues to rise, and time spent on the market has remained relatively low, the number of property sales in April 2021 has decreased from March 2021. From January 2021 through March 2021, the number of property sales for all property types has sharply increased, rising from as low as 2,396 in January to 5,719 in March.  Only recently has a slight downturn in property sales been observed, as sales numbers in April 2021 indicated 4,917 properties sold. 

In April 2021 alone, sales of New Constructions accounted for 378 sales, and Resale properties accounted for 4,539.

Meanwhile, the number of new listings of all property types has slightly stagnated, although still several times higher than the number of new listings in December 2020. The number of new listings has increased from December 2020 (2,449) to March 2021 (8,265), until finally experiencing a slight decrease very recently in April 2021 (7,944). 

The median of the percent of original price sales offers remains unchanged from Mar 2021 to Apr 2021, staying at a favorable 101.7% for all property types overall. 

Feel free to contact me if you have any questions or concerns. 
Frank Chen 
Sutton Group West Coast Realty Inc  
Commercial & Residential Real Estate Specialist 
WeChat ID: frankchen128
No comments

Post Your Comment:

Posts By Date
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.