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It’s looking like a fresh start for the year of 2024 with the housing market picking up in favour of sellers. The balance has shifted to a greater number of buyers and a higher demand for listed properties.
The Real Estate Board of Greater Vancouver (REBGV) has reported that residential sales in
the region have totalled 1,427 in January 2024, which is 38.5 per cent increase from 2023.
The Statistics:
3,788 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in January 2024. (14.5 per cent increase from January 2023)
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 8,633, ( 9.8 per cent increase from January 2023)
The sales-to-active listings ratio for January 2024 is 17.2 per cent. By property type, the ratio is 11.9 per cent for detached homes, 22.9 per cent for attached, and 19.9 per cent for apartments.
Based on previous historical trends; when the ratio surpasses 20 per cent over several months home prices often experience an upward trend. Driven by current demand, we can expect two to three per cent increase in prices by the end of the year. Good news for all those who are looking to make a profit on their properties!
If you are a potential seller looking to enter the selling market early this year, take a look at the composite benchmark prices by the Real Estate Board of Vancouver:
Detached Homes Sales in January 2024: 379 Detached Homes Sold. The benchmark price for a detached home is $1,942,400. This represents a 7.3 per cent increase from January 2023.
Apartment Homes Sales: 746 Apartment Homes Sold. The benchmark price of an apartment home is $751,900. This represents a 4.4 per cent increase from January 2023.
Attached Home Sales in January 2024: 285 Attached Homes Sold. The benchmark price of a townhouse is $1,066,700. This represents a 4.3 per cent increase from January 2023.
Looks like it's time to take another glance at your financial goals this new year and see whether you want to enter a burgeoning Vancouver housing market.
Article sourced from the Real Estate Board of Greater Vancouver: Monthly Market Report
All efforts have been made to prepare this information but all details are subject to verification and is not guaranteed. Neither RE/MAX CITY, Pinpoint Listings Marketing Group and all team members, does not guarantee the accuracy of the info provided. This article is not professional advice.
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