As we progress through 2024, the Greater Vancouver real estate market has shown some notable trends that could impact your selling strategy.
June saw a continuation of slower market activity with 2,418 properties sold, down from 2,733 in May. This trend is reminiscent of the first half of 2019, which experienced a more active second half. We might see a similar increase in market activity this fall.
Sales were 24% below the 10-year average, with varying trends across different areas and property types. North Vancouver, Burnaby North, New Westminster, and Port Moody are showing signs of a balanced market with four months of supply, while Pitt Meadows remains competitive with only three months of supply.
June brought 5,821 new listings, a decrease from May’s 6,484, yet still higher than the 5,468 in June 2023. This rise in listings is driven by several factors, including changes in capital gains, tenancy regulations, short-term rental adjustments, and higher interest rates, prompting more homeowners to sell.
Active listings increased to 14,180, a 42% rise from June 2023, marking the highest number since the fall of 2019. The surge in listings for detached homes, townhouses, and condos can influence pricing and competition among sellers.
Despite a balanced market overall with six months of supply, certain areas and property types remain competitive. For instance, detached home sales in Port Moody saw a significant drop, indicating a potential shift in buyer demand.
With interest rates expected to decline, more buyers may be encouraged to enter the market. Sellers who prepare their properties well now could benefit from the anticipated increase in buyer activity this fall.
Here’s a quick overview 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)
As we move into the latter half of the year, understanding these market dynamics and preparing your property accordingly will be crucial. If you need help with pricing, staging, or marketing your home, I’m here to assist you.
June saw a continuation of slower market activity with 2,418 properties sold, down from 2,733 in May. This trend is reminiscent of the first half of 2019, which experienced a more active second half. We might see a similar increase in market activity this fall.
Sales were 24% below the 10-year average, with varying trends across different areas and property types. North Vancouver, Burnaby North, New Westminster, and Port Moody are showing signs of a balanced market with four months of supply, while Pitt Meadows remains competitive with only three months of supply.
June brought 5,821 new listings, a decrease from May’s 6,484, yet still higher than the 5,468 in June 2023. This rise in listings is driven by several factors, including changes in capital gains, tenancy regulations, short-term rental adjustments, and higher interest rates, prompting more homeowners to sell.
Active listings increased to 14,180, a 42% rise from June 2023, marking the highest number since the fall of 2019. The surge in listings for detached homes, townhouses, and condos can influence pricing and competition among sellers.
Despite a balanced market overall with six months of supply, certain areas and property types remain competitive. For instance, detached home sales in Port Moody saw a significant drop, indicating a potential shift in buyer demand.
With interest rates expected to decline, more buyers may be encouraged to enter the market. Sellers who prepare their properties well now could benefit from the anticipated increase in buyer activity this fall.
Here’s a quick overview 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)
As we move into the latter half of the year, understanding these market dynamics and preparing your property accordingly will be crucial. If you need help with pricing, staging, or marketing your home, I’m here to assist you.
