August 2024 Real Estate Market Stats

“Sellers Await Buyer’s Return After Quieter Summer Market”

“From a seasonal perspective, August is typically a slower month for sales than June or July. In this respect, this August has been no different. With that said, sales remain in a holding pattern, trending roughly 20 % below their 10-year seasonal average, which suggests buyers are still feeling the pinch of higher borrowing costs, despite two recent quarter percentage point reductions to the policy rate this summer.”

There were 4,109 detached, attached and apartment properties newly listed for sale on MLS  in Metro Vancouver in August 2024. This represents a 4.2 % increase compared to the 3,943 properties listed in August 2023. This total was 1.7 % below the 10-year seasonal average (4,179)

“Buyers’ hesitancy to enter the market, paired with new listing activity on the part of sellers that is in line with historical averages, has allowed inventory to accumulate for a number of months and has moved the market firmly into balanced conditions,” Lis said. “With the Bank of Canada’s decision to reduce the policy rate by another quarter percentage point, and with September being a month that typically sees an increase in sales from a seasonal perspective, the fall market is set up to bring more buyers off the sidelines. We will watch the upcoming September data to see whether they decide to show up.”

We often find the statistics can be broad, and you might wonder “How does this relate to my home?” We have broken down the sales activity for Downtown Vancouver, East Van and the Westside in the hopes that you can better understand what’s really going on in your neighbourhood.

Downtown Vancouver: 

• Market Type: Buyers Market at 11% Sales Ratio average (1.1 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 3% below list price
• Most Active Price Band: Homes between $700,000 – $800,000 with average 22% Sales Ratio (Sellers market)
• Opportunity for Buyers: Homes minimum $5 mil, Coal Harbour and up to 2 to 3 bedroom properties
• Opportunity for Sellers: Selling homes in West End and up to 1 bedroom properties

Vancouver Westside: 

Detached Housing

• Market Type: Balanced Market at 7% Sales Ratio average (7 in 100 homes selling rate)
• Housing Prices: Homes are selling on average 2% below list price
• Most Active Price Band: Homes between $2.25 mil – $2.5 mil with average 24% Sales Ratio (Sellers market)
• Opportunity for Buyers: Homes minimum $7.5 mil, South Granville and up to 2 bedroom properties
• Opportunity for Sellers: Selling homes SW Marine and 3 to 4 bedroom properties

Attached Housing

• Market Type: Balanced Market at 17% Sales Ratio average (1.7 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 2% below list price
• Most Active Price Band: Homes between $800,000 – $900,000 with average 40% Sales Ratio (Sellers market)
• Opportunity for Buyers: Homes between $1.75 mil – $2 mil Marpole, South Cambie and minimum 4 bedroom properties
• Opportunity for Sellers: Selling homes in Fairview, Kitsilano, Point Grey, SW Marine and up to 2 bedroom properties

Vancouver Eastside: 

Detached Housing

• Market Type: Balanced Market at 8% Sales Ratio average (8 in 100 homes selling rate)
• Housing Prices: Homes are selling on average 100% of list price
• Most Active Price Band: Homes between $1.25 mil – $1.5 mil with average 57% Sales Ratio (Sellers Market)
• Opportunity for Buyers: Homes between $2.75 mil – $3 mil, Collingwood and up to 2 bedroom properties
• Opportunity for Sellers: Selling homes Hasting Sunrise and 3 to 4 bedroom properties

Attached Housing

• Market Type: Sellers Market at 19% Sales Ratio average (1.9 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 4% below list price
• Most Active Price Band: Homes between $500,000 – $600,000 with average 32% Sales Ratio (Sellers Market)
• Opportunity for Buyers: Homes between $1.5 mil – $1.75 mil, Downtown, Main, South Vancouver and minimum 4 bedroom properties
• Opportunity for Sellers: Selling homes in Fraser, Hastings, Knight and 3 bedroom properties

Get in touch with us today to better understand your unique situation and get honest advice on how your home fits within the overall picture. It’s important to ensure you’re getting the right advice with your best interests at heart.

Let’s chat over a complimentary coffee and see how we can help with any questions you may have!

This report data was captured on September 3, 2024  from the Real Estate Board of Greater Vancouver MLS®. Refer to our YTD reports for sustained periods of the Sales Ratio %. The accuracy and completeness of the information is not guaranteed. In providing this information SnapStats® or Resident Experts do not assume any responsibility or liability.