FROM JOSEPH
Hi everyone, hope your 2024 has been off to a strong start. Also, happy lunar new year to all the asian clients!
Here are the latest stats: In January, there were 1,427 transactions in Metro Vancouver. With a total inventory of only 8,633. This gives us an Sales-to-Listing ratio of ~17%. Yes, we are still technically in a balanced market, but the pendulum is swinging towards the seller's market.
As I had observed in my last email, our market is still experiencing an inventory shortage problem. With the mortgage interest rate anticipated to further come down in the Spring and Summer, we will start to see demand outpace supply. Multiple offers are likely to take place again.
As for home prices, the latest MLS® Home Price Index composite benchmark price is $1,161,300. This also means that home prices have increased 4.2% over the last 12-month period.
For those of you that are analytical and love to read the finer details, I have included a link above for you to download the full stats report. For those of you that are not, here is my one-sentence summary: We are gearing up to a much busier year than 2023 for Vancouver real estate.
Questions or need assistance? Reach out anytime! Until next time.
Your Favourite Realtor
Joseph Liang
2/12/2024