Although these market statistics are about last month, this information can give you some insight into overall market health. Listing inventory, days on market, absorption rates and percentage of sale price to list price, etc., can help you predict future trends. Ask me how!
BOTH REAL ESTATE AND RESIDENTS SHOWED RESILIANCE IN 2020!
VANCOUVER, B.C. – January 5, 2021
Sales in the last month of 2020 were up 53.4% compared to the same month for the previous year. Shifting housing needs and low interest rates were key drivers of the activity throuout the year. Thinking of a move in 2021? Planning and preparation are critical and you need to get honest, well informed, expert advice. Call or text me anytime at 604-657-1480 and let's start planning for your successful sale and/or purchase. For the full stats you can click the report below:
The MLS® HPI is a more stable price indicator than average prices, because it tracks changes of "middle-of-the-range" or "typical" homes and excludes the extreme high-end and low-end properties.Typical homes are defined by the various quantitative property attributes. These features together become the "benchmark" house, townhouse or apartment in a given area. A benchmark property is designed to represent a typical residential property in a particular MLS® HPI housing market, such as Richmond or North Vancouver. The breakdown of each month’s real estate sales in a given area are estimates of current prices paid for bedrooms, bathrooms, fireplaces, etc. Prices for these qualitative and quantitative features are then applied to the typical house model and an index price is estimated for that month. This type of pricing model involves estimating the price of a property’s features rather than the property itself.
Note: The MLS® HPI offers only a benchmark in which to track price trends and consumers should be careful not to misinterpret index figures as actual prices. Benchmark properties are considered average properties in a given community and do not reflect any one particular property.