As we navigate through 2024, the Greater Vancouver real estate market continues to evolve, offering potential opportunities for buyers like you.
June brought a slower pace with 2,418 properties sold, down from 2,733 in May. This reduction in sales suggests a buildup of buyer interest that might be released in the fall, similar to the pattern we saw in the latter half of 2019 when the market picked up significantly.
Sales were 24% below the 10-year average, highlighting a market with mixed activity across different areas and property types. While North Vancouver, Burnaby North, New Westminster, and Port Moody are edging towards a balanced market with four months of supply, Pitt Meadows stands out with just three months of supply, indicating more competitive conditions there.
With 14,180 active listings, up 42% from June 2023, the market offers more choices for buyers. This is the highest number of active listings since the fall of 2019, and detached homes, townhouses, and condos all saw significant increases in listings, providing a wide array of options.
Despite the balanced market with six months of supply overall, specific areas and property types remain competitive. For example, detached homes in Port Moody saw a drop in sales from 16 in May to just six in June, potentially signaling good opportunities for buyers in that segment.
Interest rates are expected to decrease, which, while not as quickly as some might hope, should still encourage more buyers to enter the market. The current balanced conditions present a unique window for buyers to find great deals before a possible increase in demand this fall.
Here’s a quick snapshot of June’s market:
Total Units Sold: 2,418 (down 12% from May)
Active Listings: 14,180 (up 42% year-over-year)
New Listings: 5,821 (down 10% from May)
Months of Supply: 6 (balanced market conditions)
For those ready to take advantage of the current market conditions, now is a great time to find your perfect home. If you have any questions or need assistance, feel free to reach out.
June brought a slower pace with 2,418 properties sold, down from 2,733 in May. This reduction in sales suggests a buildup of buyer interest that might be released in the fall, similar to the pattern we saw in the latter half of 2019 when the market picked up significantly.
Sales were 24% below the 10-year average, highlighting a market with mixed activity across different areas and property types. While North Vancouver, Burnaby North, New Westminster, and Port Moody are edging towards a balanced market with four months of supply, Pitt Meadows stands out with just three months of supply, indicating more competitive conditions there.
With 14,180 active listings, up 42% from June 2023, the market offers more choices for buyers. This is the highest number of active listings since the fall of 2019, and detached homes, townhouses, and condos all saw significant increases in listings, providing a wide array of options.
Despite the balanced market with six months of supply overall, specific areas and property types remain competitive. For example, detached homes in Port Moody saw a drop in sales from 16 in May to just six in June, potentially signaling good opportunities for buyers in that segment.
Interest rates are expected to decrease, which, while not as quickly as some might hope, should still encourage more buyers to enter the market. The current balanced conditions present a unique window for buyers to find great deals before a possible increase in demand this fall.
Here’s a quick snapshot of June’s market:
Total Units Sold: 2,418 (down 12% from May)
Active Listings: 14,180 (up 42% year-over-year)
New Listings: 5,821 (down 10% from May)
Months of Supply: 6 (balanced market conditions)
For those ready to take advantage of the current market conditions, now is a great time to find your perfect home. If you have any questions or need assistance, feel free to reach out.
