Vancouver May 2024 Real Estate Market Update

 

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 🏡📊