Monthly Market Trends - March 2024

Monthly Market Trends - March 2024

In February, real estate markets across Greater Vancouver, the Fraser Valley, and Victoria exhibited signs of recovery, marked by consecutive months of sales growth. Sellers began to actively participate, leading to a shift towards seller's markets and increased sales-to-listings ratios. Despite varied price trends, all three regions demonstrated positive momentum, hinting at a more optimistic outlook as they enter the Spring market.

Greater Vancouver 

In Greater Vancouver, the housing market continued to recover, with sales momentum from January to February. This resulted in a second month of increased sales activity, with 2,070 properties sold. However, this is still 23.3% lower than the 10-year February average of 2,699 sales.

February saw an average level of new listings, indicating more sellers are entering the market. There was a significant 34.6% increase in new listings from the previous month, totalling 4,560. By the end of February, there were 9,634 active listings available.

Despite more listings being added, the market has shifted from balanced to favouring sellers, driven by demand keeping up with the growing supply. The overall sales-to-listings ratio was 22.4%. 

When looking at specific types of homes, townhomes had a ratio of 31.3%, and condominiums were at 25.9%, highlighting the stronger demand in these segments.

The average price for all types of residential properties in the area is now $1,183,000. This is a 1.9% increase from the previous month but still 6.3% below the peak prices seen in April 2022.

Fraser Valley Market

In February, the Fraser Valley's resale housing market saw an increase in sales, though it still lagged behind the long-term averages. This uptick comes as inflation data improves, and there's anticipation for interest rate cuts, encouraging some hesitant buyers to re-enter the market. 

The region recorded 1,235 property sales in February, a 32% increase from January but still 21% below the 10-year average. This rise in sales is partly due to the seasonal upturn as we enter the spring market. Active listings in February rose to 5,561, a 14% increase from January and a 26% rise from the same time last year. 

The market has shifted from the balanced conditions usually seen in the winter to a seller's market, as evidenced by a sales-to-listings ratio of 22% in February. 

Additionally, the average time it takes to sell a home decreased significantly from 28 days in January to just 13 days in February, indicating a growing optimism and faster-paced transactions.

The average price for homes, as measured by the MLS® HPI benchmark, increased by 0.9% month-over-month to $994,600. This ends a six-month trend of declining prices. Year-over-year, home values have increased by 4.8%, although they are still 16.9% below the peak market values observed in March 2022.

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