We've got the latest real estate market update for Metro Vancouver. Here's a quick summary of what's happening in May 2024. 📅
Key Highlights
- Transactions on the MLS® declined in May, leading to a continued accumulation of home inventory.
- Over 13,000 homes are now actively listed on the MLS® in Metro Vancouver.
- Residential sales totaled 2,733 in May 2024.
- This is a 19.9% decrease from May 2023 (3,411 sales).
- 19.6% lower than the 10-year seasonal average for May (3,398 sales).
Expert Insights 🗣️
Andrew Lis, GVR’s director of economics and data analytics, commented:
- Sales have been softer than usual for this time of year.
- The number of newly listed homes is maintaining momentum from April.
- Influencing factors include higher borrowing costs, economic concerns, and government policy interventions.
New Listings 📈
- 6,374 new listings for detached, attached, and apartment properties in May 2024.
- 12.6% increase compared to May 2023 (5,661 listings).
- 7% increase compared to the 10-year seasonal average (5,958 listings).
Total Active Listings 🏘️
- 13,600 properties currently listed for sale.
- 46.3% increase compared to May 2023 (9,293 listings).
- 19.9% above the 10-year seasonal average (11,344 listings).
Sales-to-Active Listings Ratio 📏
- Overall ratio for May 2024: 20.8%
- Detached homes: 16.8%
- Attached homes: 25.1%
- Apartments: 22.5%
Historical data indicates:
- Downward pressure on prices when the ratio is below 12%.
- Upward pressure on prices when the ratio exceeds 20%.
Market Trends 🔍
- The market is tilting towards more balanced conditions.
- Expect slower price growth over the coming months.
- Rising inventory levels and softening demand provide more opportunities for buyers.
Price Trends 💲
- MLS® Home Price Index (HPI) Composite Benchmark Price: $1,212,000
- 2.3% increase over May 2023.
- 0.5% increase compared to April 2024.
Property Type Breakdown 🏠🏢
Detached Homes
- Sales: 846 (18.9% decrease from May 2023)
- Benchmark Price: $2,062,600 (5.9% increase from May 2023, 1.3% increase from April 2024)
- Active Listings: 5,026
- Avg. Days on Market: 26
Attached Homes
- Sales: 523 (14% decrease from May 2023)
- Benchmark Price: $1,145,500 (5.2% increase from May 2023, 0.9% increase from April 2024)
- Active Listings: 2,080
- Avg. Days on Market: 23
Apartment Homes
- Sales: 1,338 (22.7% decrease from May 2023)
- Benchmark Price: $776,200 (2.2% increase from May 2023, 0.3% decrease from April 2024)
- Active Listings: 5,936
- Avg. Days on Market: 24
The Metro Vancouver real estate market is seeing a shift towards more balanced conditions. With increased inventory and slower sales, buyers might find more opportunities in the coming months. Stay tuned for more updates and happy house hunting! 🏡🔍
#MetroVancouverRealEstate #HousingMarketUpdate #RealEstateTrends 🏡📊