Real Estate Board of Greater Vancouver Reports Month over Month Gains
Real Estate Board of Greater Vancouver
The detached market is up approximately $266,000 since the January lows. After such a short period of time, it is a bit surprising as buyers are back in full force.
- Bowen Island up 54.9% – not sustainable but plays into the average sale prices
- Pitt meadows increase over $300,000 month over month ( not sustainable)
Only 6% off the market peak from April 2022, the detached market is coming back. Certainly a rebound is what we are seeing but will it be a long term trend. Of the 20 markets in the Greater Vancouver area, 12 increased month over month and large surge occurred in a few places
Inventory – still a limited supply, great time for Sellers to list.
List to Sell Ratio- 23% – Sellers Market
Source – Eitel Insights
Overall inventory is doing better than detached market. Out of the 19 areas sales increased in all 19 from March from February. The overall list to sell ratio is 36%. According to the REBGV when the list to sell ratio is above 20% it is considered a sellers market.
Demand is there as buyer continue to try and get into the market. Investors have also started to come into play purchasing properties with good ‘return on investment (ROI). It is a bit of a mystery with higher interest rates we continue to see demand rising.
Biggest Winners month over month?
Following the trend of the detached market, we see the list to sell ratio at 41%. As we see a lack of inventory for the ‘missing middle’, buyers are competing for what little inventory there is.
Biggest winners since January
- Ladner – up 13.4%
- Tsaswassen – up 11.5%
- North Vancouver up 6.5%
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