The Metro Vancouver housing market, which concluded 2023 in balanced territory, saw a surprising shift in January 2024. While the market favored buyers at the end of the previous year, conditions quickly turned in favor of sellers as newly listed properties struggled to keep up with the surging demand.

January 2024: Seller's Market Resurgence 🔄🏠

The Real Estate Board of Greater Vancouver (REBGV) reported a significant uptick in residential sales in January 2024, totaling 1,427 – a remarkable 38.5% increase from January 2023. Andrew Lis, REBGV’s director of economics, expressed astonishment at the strong sales figures, especially after a quieter December where major decisions were delayed by both buyers and sellers.

“If sellers don’t step off the sidelines soon, the competition among buyers could tilt the market back into sellers’ territory as the available inventory struggles to keep pace with demand,” warned Lis.

Listings and Inventory Dynamics 📊🏡

In January 2024, 3,788 properties were newly listed for sale, marking a 14.5% increase from the previous year. However, this figure was still 9.1% below the 10-year seasonal average, emphasizing the challenges in matching supply with the growing demand.

The total number of properties currently listed for sale in Metro Vancouver is 8,633, reflecting a 9.8% increase compared to January 2023. The sales-to-active listings ratio for January 2024 is 17.2%, indicating a market that's leaning towards sellers. The ratio by property type varies, with detached homes at 11.9%, attached at 22.9%, and apartments at 19.9%.

Market Outlook and Forecast 📈🔮

Looking ahead, the REBGV's 2024 forecast predicts a 2-3% increase in prices by the year-end, driven by demand confronting limited inventory. Lis commented, “If the January figures are indicative of what the spring market has in store, our forecast may already be off to an overly conservative start.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,161,300 – a 4.2% increase over January 2023. The market experienced a 0.6% decrease compared to December 2023, showcasing the dynamic nature of the real estate landscape.

Property Type Performance 🏠💼

In January 2024, detached home sales reached 379, marking a 28% increase from the previous year. Apartment sales increased by 30.6%, totaling 746, while attached home sales saw a staggering 82.7% increase, reaching 285.

The benchmark prices for detached, apartment, and attached homes demonstrate varying trends, with detached homes showing a 7.3% increase, apartments at 4.4%, and townhouses at 4.3%.

As Metro Vancouver experiences an unexpected surge in seller advantage, the real estate landscape is poised for an exciting and potentially robust year. 🌆🏠💼

 

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