🏠✨ **Metro Vancouver Housing Market Update: December 2023** ✨🏠
📈 **Market Overview:**
- 🌲🍁 With one month left in 2023, Metro Vancouver's housing market is experiencing a balanced and steady increase in inventory.
- 🏠 Residential sales in November 2023: 1,702, a 4.7% increase from November 2022.
- 📉 Sales were 33% below the 10-year seasonal average.
📊 **Supply and Demand:**
- 🏡 3,369 new properties listed in November 2023, a 9.8% increase from November 2022.
- 📈 Total active listings: 10,931, a 13.5% increase from November 2022.
- ⚖️ Sales-to-active listings ratio for November 2023 is 16.3%, indicating balanced market conditions.
💰 **Price Trends:**
- 📉 MLS® Home Price Index benchmark price: $1,185,100 (4.9% increase from November 2022).
- 📉 1% decrease compared to October 2023.
- 🏡 Detached homes benchmark price: $1,982,600 (6.8% increase from November 2022).
- 🏢 Apartment homes benchmark price: $762,700 (6.2% increase from November 2022).
- 🏘️ Attached homes benchmark price (townhouses): $1,092,600 (6.9% increase from November 2022).
📉📈 **Price Trends Analysis:**
- 🔄 Balanced market conditions result in flatter price trends.
- 📉 Prices have edged lower by a few percent since the summer.
- 📉 One per cent decrease in the MLS® Home Price Index benchmark price compared to October 2023.
- 📈 Analysts anticipate favorable market conditions for buyers with expected modest falls in mortgage rates in 2024.
🔍📊 **Sales Breakdown by Property Type (November 2023):**
- 🏡 Detached homes: 523 sales (7% increase from November 2022).
- 🏢 Apartment homes: 850 sales (0.4% increase from November 2022).
- 🏘️ Attached homes (townhouses): 316 sales (12.5% increase from November 2022).
📆🎁 **Holiday Takeaway:**
- 🎉 Buyers enjoy a wide selection with increased inventory.
- 📉 Flatter price trends create a favorable market for buyers.
- 📈 Analysts foresee potential mortgage rate drops in 2024.
🔗 *Source: Real Estate Board of Greater Vancouver (REBGV)* 🔗
Thinking of moving to Vancouver in 2023? Give us a call or sign up to get new listings.
#MetroVancouverRealEstate #HousingMarketUpdate #RealEstateTrends 🏡📊