April 2024 - Real Estate Market Monthly Report
Inventory reaches highest level since the pandemic summer of 2020 😱😱😱😱😱
Greater Vancouver REALTORS® reports that residential sales
In April 2024, the number of homes actively listed for sale in Metro Vancouver rose by 42% year-over-year, exceeding 12,000, a level not seen since 2020. Despite this increase, residential sales in the region grew by 3.3% compared to April 2023, totaling 2,831 sales, but still 12.2% below the 10-year average. The market has been stable, with inventory steadily increasing rather than experiencing a sudden surge predicted with the Bank of Canada’s rate hikes. Demand remains strong, and few homeowners are selling despite higher borrowing costs.
New listings surged by 64.7% in April 2024, with 7,092 properties listed compared to 4,307 in April 2023, exceeding the 10-year average by 25.8%. The total number of properties listed for sale in Metro Vancouver is now 12,491, a 42.1% increase from April 2023, and 16.7% above the 10-year average.
The sales-to-active listings ratio for April 2024 is 23.5%, indicating a balanced market. Detached home sales have a ratio of 17.6%, attached homes 31.0%, and apartments 26.0%.
Historically, home prices experience downward pressure below a ratio of 12% and upward pressure above 20% over several months.
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Mimi Do REALTOR®
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eXp Realty
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