February 2024 Real Estate Market Update: Signs of a Strong Spring Market

February 2024 saw the Greater Vancouver real estate market gaining momentum, with increased sales activity and a significant rise in new listings. As inventory levels rise, both buyers and sellers are presented with unique opportunities to navigate this dynamic market.

Highlights from February 2024:

• Sales Activity:
  Residential sales totaled 2,070, up 13.5% from February 2023. However, sales remain 23.3% below the 10-year seasonal average.

• New Listings:
  A total of 4,560 properties were newly listed, marking a 31.1% increase compared to February 2023.

Sales-to-Active Listings Ratio:

• Overall ratio: 22.4%, indicating a seller’s market, particularly in attached and apartment homes.

  • Detached homes: 16.0%

  • Attached homes: 27.9%

  • Apartments: 25.9%

Regional Highlights:

• Burnaby:
  Burnaby North saw steady demand for apartments, with a benchmark price of $765,800, up 5.3% year-over-year. Townhomes in Burnaby South performed well, reflecting a balanced ratio of demand and supply. Detached homes across Burnaby recorded modest price growth, with a benchmark of $2,111,200, up 4.8% year-over-year.

• New Westminster:
  Apartments remained a strong segment with a benchmark price of $648,000, a 6.1% increase year-over-year, continuing to attract first-time buyers.

• Tri-Cities:
  Port Moody and Coquitlam saw heightened activity in the townhome market, with Coquitlam recording a benchmark price of $1,112,400, up 4.4% annually. Apartments in Port Moody also gained momentum, reflecting its appeal as a hub for young professionals and downsizers.

• Vancouver East:
  Detached homes saw steady demand with a benchmark price of $1,906,000, up 7.5% year-over-year, while apartments and attached homes maintained strong price growth.

• Vancouver West:
  Luxury apartments and detached homes continued to drive market activity, with the benchmark price for apartments reaching $846,500, up 6.2% year-over-year.

What This Means for Buyers and Sellers:

• For Buyers:
  The increase in inventory offers more choices, but the competitive sales-to-active listings ratio means acting decisively is essential. Apartments and townhomes remain particularly strong value propositions for buyers.

• For Sellers:
  The seller’s market conditions in key segments, such as townhomes and apartments, provide an excellent opportunity to list and maximize your home’s value. Strategic pricing and marketing will be key to standing out as inventory grows.

Your Local Market Experts:

Whether you’re buying, selling, or investing in Burnaby, New Westminster, Vancouver, or the Tri-Cities, staying ahead of market trends is critical. Contact me to create a tailored strategy for your unique real estate goals.