Through the first eleven months of 2021, the Vancouver Region has surpassed its previous whole-year record for MLS sales. Currently on pace to exceed 70,000 sales this year - an all time record.
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In November, the distribution of sales has returned to a typical product mix. 46% Condos; 20% Townhomes, 34% Detached. As folks make their way back into places like Vancouver, Richmond and New Westminister.
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Inventory levels continuing to sag to new record lows with only 9530 homes on market. November 2021 was the first time inventory ever dipped below 10,000 in any month other December. As of December 18th inventory is sitting at 8203 listings.
Sellers’ market conditions are deepening. For all property types, the sales-to-active listings ratio for November 2021 is 48%. This is the 19th month Vancouver has been in a Sellers Market. Broken down - Detached homes sales to listing ratio is 33.8%, Townhomes a whopping 74.3%, and Condos 53.7%.
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Between November 2020 and 2021 prices increased 13% in Condos; 27% in Townhomes; 25% in Detached. Fraser Valley prices 28% in Condo; 35% Townhomes; and 41% in Detached.
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The first few months of 2022 are expected to look similar with regards to low inventory. Sellers are hesitant to list their homes when there is limited opportunity to buy something new.
