October was a remarkable month for Greater Vancouver’s real estate market, with both sales and listings up by significant percentages. With growing buyer interest and competitive listings, it’s a great time to consider how these shifts impact you as a seller.
Key Market Highlights from October
Sales on the Rise: October recorded 2,632 sales, up 32% from October 2023, showing the highest increase for the month in 30 years. This marks the first month in five where year-over-year sales increased, indicating that buyers are re-entering the market.
Absorption Rates Up: Listings are being absorbed faster, with townhomes and condos experiencing significant activity. Townhomes now have a 4-month supply (down from 6), signalling a possible seller’s market, and condos are at 4.5 months (down from 7).
Inventory Tightening: October’s new listings were 20% above the 10-year average, but active listings still only reached 14,477 by month-end, down from September. Buyers are actively competing, especially in the multi-family segment.
How This Impacts You
With additional rate cuts potentially coming in December and new mortgage rules favouring buyers, market activity is likely to keep growing. Listing now could allow you to capitalize on current demand before more sellers come to market in the new year.
If you’re considering selling or want to explore your options in today’s market, reach out. I’m here to provide the insights and support to make your listing stand out!
Warm regards,
Anthony Riglietti
Key Market Highlights from October
Sales on the Rise: October recorded 2,632 sales, up 32% from October 2023, showing the highest increase for the month in 30 years. This marks the first month in five where year-over-year sales increased, indicating that buyers are re-entering the market.
Absorption Rates Up: Listings are being absorbed faster, with townhomes and condos experiencing significant activity. Townhomes now have a 4-month supply (down from 6), signalling a possible seller’s market, and condos are at 4.5 months (down from 7).
Inventory Tightening: October’s new listings were 20% above the 10-year average, but active listings still only reached 14,477 by month-end, down from September. Buyers are actively competing, especially in the multi-family segment.
How This Impacts You
With additional rate cuts potentially coming in December and new mortgage rules favouring buyers, market activity is likely to keep growing. Listing now could allow you to capitalize on current demand before more sellers come to market in the new year.
If you’re considering selling or want to explore your options in today’s market, reach out. I’m here to provide the insights and support to make your listing stand out!
Warm regards,
Anthony Riglietti
