FROM JOSEPH
Hi everyone, hope you are all enjoying the long-awaited sunshine and warmth. Have you been holding your breath and waiting for the latest stats from me? Let's pretend you have been!
There were a total of 2,070 transactions in Metro Vancouver last month. By month end, the inventory was 9,634. This gives us a Sales-to-Listing ratio of ~22%. That's right, we are down to less than 5 months of inventory and officially crossing the border to a seller's market.
To break the numbers down a bit, the townhouse and the apartment markets are firmly planted in a seller's market. The market for single family homes, however, is still at 16% and in a balanced market. With this said, I would argue this number is due to the homes in the luxury market. Homes at average prices have been selling fairly quickly. Here is a quick example for the Vancouver West market. Homes that traded at $4,000,000 or less had a median "Day on Market" of only 15 days.
Now the prices. The latest MLS® Home Price Index composite benchmark price is $1,183,300. Compared to the same month last year, home prices increased by 4.5%. Compared to January, home prices came up by 1.9%. If you are curious about how much prices have gone up for your property type, please refer to the pictures above.
If you want to know how much your neighbours sold their homes for, you can look up sold prices in your neighbourhood on my website at https://www.josephliang.com/listing-search.
The market is picking up steam. The Metro Vancouver market will likely outsell 2023. Let's all get ready for a busy summer.
Talk to you again in a month.
Your Favourite Realtor
Joseph Liang
3/16/2024
Hi everyone, hope you are all enjoying the long-awaited sunshine and warmth. Have you been holding your breath and waiting for the latest stats from me? Let's pretend you have been!
There were a total of 2,070 transactions in Metro Vancouver last month. By month end, the inventory was 9,634. This gives us a Sales-to-Listing ratio of ~22%. That's right, we are down to less than 5 months of inventory and officially crossing the border to a seller's market.
To break the numbers down a bit, the townhouse and the apartment markets are firmly planted in a seller's market. The market for single family homes, however, is still at 16% and in a balanced market. With this said, I would argue this number is due to the homes in the luxury market. Homes at average prices have been selling fairly quickly. Here is a quick example for the Vancouver West market. Homes that traded at $4,000,000 or less had a median "Day on Market" of only 15 days.
Now the prices. The latest MLS® Home Price Index composite benchmark price is $1,183,300. Compared to the same month last year, home prices increased by 4.5%. Compared to January, home prices came up by 1.9%. If you are curious about how much prices have gone up for your property type, please refer to the pictures above.
If you want to know how much your neighbours sold their homes for, you can look up sold prices in your neighbourhood on my website at https://www.josephliang.com/listing-search.
The market is picking up steam. The Metro Vancouver market will likely outsell 2023. Let's all get ready for a busy summer.
Talk to you again in a month.
Your Favourite Realtor
Joseph Liang
3/16/2024