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Real Estate Market Update for March 2024

Spring Market is Officially Here... 🌼

Latest stats are in for the Metro Vancouver Real Estate Market & March's numbers are telling a very one sided story....
For the first time in a long time the average price for a detached home in Metro Vancouver is back above the 2 million dollar mark. 💹

Up nearly 2% from last month Detached properties have really bounced back both in the number of transaction (nearly 700) and in the number of days it takes to sell the average home (12 days shorter than last month). Yes there was more active listings this past month which is great news for buyers but clearly not enough as the sales to active listing jumped back up to 18% from 12% the previous month. The higher this % number is, the less inventory there is, which then leads to increased competition amongst buyers and higher prices.

Both Condos and Townhomes also saw meaningful gains this past month mirroring the increased average price and sales that detached properties saw. The time it took to sell a townhome last month dropped by almost 40%! And the sales to active ratio is sitting at 31%! If you own a townhome now would be a great time to sell as demand is strong but inventory is not where it needs to be.

If you are looking to gain a more in depth perspective about how your particular home & or neighborhood is doing in today's market, or you are looking to purchase a property in the coming months, please feel free to reach out. I can help put together a customized strategy based on these numbers to ensure you are successful in your real estate journey.

Happy Spring and Happy Hunting 🏡