September 2020 was historically the best month in Vancouver.
Here are Sales from January to September. The best month so far was in September with 3643 Sales, which is up by 20% compared to August. The inventory is up a little bit. But if you look at that you say we are up 19% in Sales and only 2,3% in inventory. What’s happening to our Months of Inventory? It’s dropping. And we have the lowest month of Inventory in September with 3.6 months. So we are starting to see some price appreciation. This is very good news.
I want to compare September this year over September last year. 2333 Sales in September 2019, and 3643 sales this September, up by 56%. What about prices? $991,000 last year and $1,041,000 this year, up by 5%. These are very good numbers and we could not project that in March and April, as Covid impacted the market a lot.
Now let’s look into 3 quarters of the year. Almost every year the second quarter, which is April, May and June are the busiest months in real estate. But this year those months were the slowest due to Covid. So in the first quarter we did 6245 sales, second-quarter – 5037, but in the third-quarter 9818, which is 95% increase. That is a huge number. If you can see the prices are slightly going up, not dramatically because for the most of the year we were in the balanced market and now we are moving in the Seller’s market.
What about Year over Year? If we look from January to September last year we did 17979 sales, this year 21.100 up by 17.4%. These are very crazy numbers.
What is going to happen over the next little while? First of all we are moving into the second wave of Covid. Would it have the same impact as it had back in March and April? Of cause not as we are used to it, and now we can safely help people buy and sell their homes, which is very very important. The market might slow down a bit, but overall everything will be just fine. But here is the trend we are starting to see. The average days on the market for condos is started to increase, so it takes longer time to sell. And the inventory of condos is going up. If we go back awhile ago the condo market was on fire, and we are starting to see that trend change. I think that will continue. Why? With Covid lots of people want to get out from the condo market, they do not want to be in the smaller places with lots of neighbours around. So they started to think how they can get into the detached market, with additional space and personal backyard. Many buyers are ready to move outside their neighbourhood in more affordable areas as they can work from home virtually. And this trend will probably is going to continue.