Hi everyone!
Hope you are enjoying the longer days and getting lots of things done. April has been a busy month for real estate. Let me share with you the latest scoop!
Market Stats
The housing market has really been picking up! In April, a total of 2,831 homes were sold. Overall, we still seem to be experiencing an issue of inventory shortage. Both the townhouse and apartment markets are still in a seller's market, meaning there's more buyers out there than homes available for them to purchase!
We currently have an inventory of 12,491 homes for sale on the market. The Sales-To-Active Ratio is 23.5%. Almost one of every four homes are picked up by a buyer within the past 30-days.
Property values are climbing slowly and surely. The current Benchmark Price for Greater Vancouver is $1,205,800. This is a 2.8% increase over the last 12 months.
We are still early into the year and the market is just beginning to build up steam. As we move into the late Spring and Summer months, be ready to see even more activities on the market. With the anticipated interest rate drop by mid and late 2024, we are likely to finish the year with well over 40,000 transactions.
Sincerely,
Your Favourite Joseph
Joseph
5/05/2024