Vancouver housing market sales up nearly 54% in mid-October as recovery continues
Vancouver home sales up nearly 54% in mid-October as recovery continues
Sean MacKay
Livabl
As of the middle of October, 1,741 homes have changed hands in the Vancouver region, up nearly 54 percent from the first half of the month last year.
It’s a strong signal that the region’s housing market will deliver more remarkable figures by month end for October.
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The mid-month sales and new listings figures were published late last week by Dexter Realty Managing Broker Kevin Skipworth, who projected that over 3,000 homes are likely to be sold across the region by the end of the month if the current pace continues.
Skipworth noted that sales momentum picked up in the second half of September, suggesting the same dynamic could play out this month too.
There are, however, likely to be some changes to the headline numbers when comparing the exceptional September figures to October’s eventual home sales tally.
For one, there were more home sales in October 2019 than September 2019, meaning the percentage increase for October 2020 is likely to come down slightly from the previous month’s record-breaking results.
“Typically, October would have more sales than September – but of course in the year of COVID, there is no usual,” Skipworth said in his monthly data round-up email.
“We may not quite see the same level of sales to finish the month but buyers are still engaging and with the number of new listings less so far in October than we saw in September, competition continues to be strong – especially for detached homes,” he continued.
On the listings side, Skipworth said 3,060 new listings had hit the market as of October 15th, down from 3,385 new listings from the same point in September. This has caused the supply of total active listings to come down to 13,670 from 13,790 at the end of last month.
“While it was a September to remember, the real estate market could still be Mr. October after we finish the month,” Skipworth said.
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