The Greater Vancouver real estate market in September 2024 continued to display a dynamic balance of activity, influenced by seasonal trends, borrowing rates, and shifting buyer preferences. This month, a noteworthy 12.8% increase in new listings compared to September 2023 provided greater choice for buyers, while sales figures remained relatively steady.
Key Highlights:
Sales Activity
Residential sales totaled 1,852 in September, down 3.8% year-over-year, but still tracking to outperform 2023’s total by year-end.
Sales were 26% below the 10-year seasonal average, reflecting caution among buyers navigating the current market conditions.
Inventory Growth
There were 6,144 new listings across all property types, with total active listings reaching 14,932—a 31.2% increase compared to last year.
This growth in supply, while positive for buyers, contributed to modest price declines due to slower absorption.
Price Trends
The MLS® Home Price Index composite benchmark price dipped to $1,179,700, a 1.8% decline year-over-year.
Detached homes: Slight price increase of 0.5% YoY, reaching $2,022,200.
Apartments and attached homes experienced minor declines.
Sales-to-Active Listings Ratio
The ratio stood at 12.8%, flirting with buyers’ market territory. A breakdown by property type showed:
Detached: 9.1%
Attached: 16.9%
Apartments: 14.6%
Insights from Our Focus Areas:
Burnaby:
Burnaby East led with a modest decline in benchmark prices (-0.8%).
Burnaby North and South showed softer activity, with detached homes in Burnaby South experiencing a 4.5% year-over-year price decrease.
New Westminster:
New listings increased, providing more opportunities for buyers.
Prices remained relatively stable, with attached homes performing well.
Tri-Cities:
Coquitlam, Port Moody, and Port Coquitlam maintained solid activity.
Port Moody stood out with a 2.3% year-over-year price increase for detached homes.
Vancouver:
Vancouver West’s detached home prices remained the highest in the region at $3,471,900.
Vancouver East showcased stronger affordability but saw moderate price decreases.
What This Means for Buyers and Sellers:
For Buyers: The increased inventory presents a unique window of opportunity to find your ideal home with more selection.
For Sellers: Sellers should adjust their strategies to align with evolving market dynamics, emphasizing competitive pricing and strong property marketing to attract buyers.
Looking Ahead:
With two more policy rate decisions expected this year, market watchers anticipate further reductions that could spur demand.
As borrowing costs ease, the potential for buyers to re-enter the market and stabilize activity remains promising.
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