Vancouver Real Estate Statistics – April 2024

Real estate market statistics April 2024

April 2024 Real Estate Statistics, Increased MLS Housing Inventory

The month of April continued the trend of increased inventory on Greater Vancouver’s MLS, reaching a level not seen before since summer 2020. The number of homes on MLS reached 12,000. If we look at seasonal average real estate statistics, it’s about a 17% increase. There were 7,092 homes added to MLS in April, about a 65% increase over the same period last year. It should be said, we experienced very limited supply of new properties for sale throughout 2023. Nonetheless, 65% is a dramatic increase.

What’s also surprising is the fact, more sales were registered by Realtors for April 2024, over same period last year. There were 2831 sales, which was an increase of 3% over the same time last year. It’s not a huge increase, but it’s wasn’t expected considering the higher borrowing costs homebuyers are facing.

Vancouver Home Prices Continue to Climb Higher

Although we’ve seen an increase in the number of homes for sale, the balance of supply and demand still favours home sellers. Based on the sales-to-active-listings ratio, the market could could be described as a seller market. If the ratio is at or above 20% for a sustained period of time, prices will increase. Detached homes remain at 18%, attached homes (townhouses & duplexes) 31% and 26% for regular condos.

The MLS benchmark price home a home in Greater Vancouver currently sits at $1,205,800. This is a 2.8% price increase over the same time last year. The whole story isn’t told by looking at the average. If we breakdown the benchmark price by property type, regular condos actually decreased in value slightly since last year. 

Greater Vancouver benchmark price, by property type

 

As a Vancouver Realtor, i’m expecting to see the continued trend of increased property inventory. It’s a good thing, the real estate market will become more balanced between homebuyers and sellers. Buyers will have more choice and increased inventory will prevent further price increased throughout the year. 

If you have any questions about the latest real estate statistics 2024 or considering selling your home in the coming months, feel to reach out to us for advice!

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Jacob & Jacky
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