An unusual year ended up being capped by an unusual December.
The month of December 2020 saw an unusually high level of sales. The 872 sales that took place was 46% over the 10 year average for the month (+0.1% month-to-month) …and the highest amount ever recorded.
There were 672 new listings in the month which was also well above normal for the month. In fact, it was 37.5% higher than the 10 year average. While total active listings of 2704 was just 5.2% over the 10 year average for the month.
In the grand scheme, this meant we had elevated demand with lower levels of supply. This was especially true for East Vancouver where all housing types were well within a seller’s market. On the Westside, houses and townhouses were both in balanced territory with only apartments in a seller’s market.
What this means is that as a buyer, you will likely be facing strong competition as you move forward. You will need to act quickly and decisively in order to secure the best possible property.
As a seller, you will have options. There is less competition for you and more buyers looking. With the right positioning and marketing, your property can likely be sold faster and for more money now than a year ago.
While it appears as though we are seeing the light at the end of the tunnel, the pandemic is not yet over. I foresee demand remaining high, supply low and interest rates low as well. This means that current conditions will likely continue and that prices are likely to continue to get pushed higher through 2021.