Hi, it's Cari Mai and this is your Vancouver Real Estate Market Update for June 2024!Ā
š” Market Overview
May has seen a noticeable dip in home sales with transactions declining from the usual pace for this time of year. With over 13,000 homes active on the MLS, inventory has clearly piled up.
š Sales Volume Analysis
Compared to May last year, sales volume is down by 20%, and it's a similar story when we compare it to the typical May sales average.
š Listing Trends
Despite softer sales, we've seen a significant uptick in new listings. There's a 12.6% increase from last May and a 7% rise from the ten-year seasonal average.
š Total Listings Insight
The total number of properties listed has surged by 46% from May 2023, and it's up 20% from the ten-year average.
šµ Price
The Home Price Index (HPI) benchmark price now stands at $1,212,000, marking a 2.3% increase from last year and a modest 0.5% rise from April 2024.
š Market Conditions
We're experiencing balanced market conditions, as the number of listings outpaces sales. This suggests we might see slower price growth in the months ahead.
š Opportunities for Buyers
For buyers who've been on the fence, this could be your moment! Despite high borrowing costs, the increased inventory provides a better chance to find that perfect home.
š Specific Sales Dynamics
Breaking it down by property type, townhouse and condo sales have declined by 6% and 5%, respectively, while detached homes have actually seen an 8% increase.
š Historical Context
This is only the third time in eleven years that May sales have dropped below the 4,200 mark. It's also the highest inventory level we've seen for May since 2019.
