Here Are The Latest Stats for Metro Vancouver's Real Estate Market Update!
November saw a continued slow down in both the number of sales and the average price of a property. Every property type saw a decline in the average price with Detached Homes & Condos leading the way at almost a 1% month over month decline. If you were a Seller in November it took on average between 20-33% longer to sell your property and Sellers no longer have the edge as the listing to sales ratio has dropped into a Balanced Market for all types (Detached Homes are 1% away from entering into a Buyers Market)
Unless we see some meaningful drops in mortgage interest rates in the coming months, I predict that we will see more and more home owners being forced to sell as their mortgages come up for renewal in 2024. This will lead to even greater inventory levels, and we all know that more supply and selection for Buyer's means a great ability to negotiate prices down. If you are a Buyer sitting on the sidelines, I truly believe that the next 3-6months will bring the best opportunity to purchase a property that we have seen in a long time. I also believe that if the rates do drop quickly in 2024 the market may rebound quick and prices may reverse and start to climb back up as the Buyer's rush in.
Whether you are a homeowner looking to Sell in the near future, or a Buyer looking to pick up a property to live in or as an investment, there has never been a more critical time than now to pay attention to the trends & monthly stats. Having a real estate expert on your side can save you tens of thousands of dollars by helping you buy and or sell at the ideal time.
For more information on your neighborhood or area of interest feel free to message or call me anytime!