Vancouver Real Estate Statistics – March 2024
More Inventory In Latest Real Estate Statistics March 2024
Here’s the latest real estate statistics 2024. We’re now well into April and the spring Vancouver real estate market is starting to heat up. The Greater Vancouver Realtor housing statistics were recently released, showing data from the previous month of March 2024. The number of homes for sale on the MLS is up significantly, over Market last year.
So let’s breakdown the numbers. There were 2,415 home sales in Vancouver in the month of March, about 5% less than last year. When it comes to observing the statistics for total homes listed for sale on MLS, there were 5,002, a 16% increase over the same times last year. If this trend continues, we will start experiencing more availability of housing and condos for buyers. This would be wonderful news for homebuyers.
The latest real estate statistics does have positive news about slightly more inventory available, there’s still a shortage of homes for sale. If we take a hard look at availability, it’s still a sellers real estate market throughout Greater Vancouver region.
It’s Still A Sellers Market
The standard measurement of looking at sales-to-active-listings ratio suggests our real estate market is definitely in a seller market at 24% (20% or above for a sustained period of times indicates prices & demand will increase). If we analyse based on property type, detached homes are at 18%, attached 31% and condos 26%. So basically, the townhouse, duplex and condo market are currently very active.
It’s interesting, when we consider the higher interest rates and fact more buyers are having difficulty achieving the financing they desire, our real estate market continues to move forward. As of March 2024, the benchmark price for real estate in Greater Vancouver is $1,196,800. This benchmark price is up by 4.5% within a year.
Thoughts About Latest Real Estate Statistics
As a Vancouver Realtor, my conclusion would be that we could experience continued price increases as interest rates are reduced in the near future. Typically, a real estate market will become more active as interest rates are lowered. I know it’s hard to believe but this could actually be a good time to buy, considering where prices could be in a couple years.
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. We also have created a detailed explanation on how we price homes and do property evaluations for sellers.
