September 2024 Real Estate Statistics

Oct 07, 2024

“Buyers remain cautious to begin the fall market”

“Real estate watchers have been monitoring the data for signs of renewed strength in demand in response to recent mortgage rate reductions, but the September figures don’t offer the signal that many are watching for,” Andrew Lis, GVR’s director of economics and data analytics said. “Sales continue trending roughly 25 % below the ten-year seasonal average in the region, which, believe it or not, is a trend that has been in place for a few years now. With the September data, sales are now tracking slightly below our forecast however, but we remain optimistic sales will still end 2024 higher than 2023.

“With some buyers choosing to stay on the sidelines, inventory levels have sustained the healthy gains achieved over the course of this year, providing much more selection to anyone searching for a home,” Lis said. With all this choice available, prices have trended sideways for the past few months. The September figures, however, are now showing modest declines across all segments on a month over month basis. This downward pressure on prices is a result of sales not keeping pace with the number of newly listed properties coming to market, which has now put the overall market on the cusp of a buyers’ market. With two more policy rate decisions to go this year, and all signs pointing to further reductions, it’s not inconceivable that demand may still pick up later this fall should buyers step off the sidelines.”

Across all detached, attached and apartment property types, the sales-to-active listings ratio for September 2024 is 12.8 %. By property type, the ratio is 9.1 % for detached homes, 16.9 % for attached, and 14.6 % for apartments.

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 9% Sales Ratio average (9 in 100 homes selling rate)
  • Housing Prices: Homes are selling on average 1% above list price
  • Most Active Price Band: Homes between $400,000 – $500,000 with average 25% Sales Ratio (Sellers market)
  • Opportunity for Buyers: Homes between $1.75 mil to $2 mil, Coal Harbour and 3 bedroom properties
  • Opportunity for Sellers: Selling homes in Downtown and up to 1 bedroom properties

Vancouver Westside: 

Detached Housing

  • Market Type: Balanced Market at 8% Sales Ratio average (8 in 100 homes selling rate)
  • Housing Prices: Homes are selling on average 4% below list price
  • Most Active Price Band: Homes between $2.5 mil – $2.75 mil with average 29% Sales Ratio (Sellers market)
  • Opportunity for Buyers: Homes minimum $7.5 mil, Arbutus, Cambie, Marpole, SW Marine and South Granville
  • Opportunity for Sellers: Selling homes in Kerrisdale, Kitsilano, Mackenzie Heights and 3 to 4 bedroom properties

Attached Housing

  • Market Type: Balanced Market at 12% Sales Ratio average (1.2 in 10 homes selling rate)
  • Housing Prices: Homes are selling on average 2% above list price
  • Most Active Price Band: Homes between $500,000 – $600,000 with average 23% Sales Ratio (Sellers market)
  • Opportunity for Buyers: Homes between $1.75 mil – $2 mil Marpole, Oakridge, South Cambie, South Granville and minimum 4 bedrooms
  • Opportunity for Sellers: Selling homes in Kitsilano, Point Grey and up to 1 bedrooms

Vancouver Eastside: 

Detached Housing

  • Market Type: Balanced Market at 10% Sales Ratio average (1 in 10 homes selling rate)
  • Housing Prices: Homes are selling on average 3% below list price
  • Most Active Price Band: Homes between $2.5 mil – $2.75 mil with average 22% Sales Ratio (Sellers Market)
  • Opportunity for Buyers: Homes between $2.75 mil – $4 mil, Collingwood, South Granville and up to 2 bedroom properties
  • Opportunity for Sellers: Selling homes in Fraser, Main and 5 to 6 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 1% below list price
  • Most Active Price Band: Homes between $600,000 – $700,000 with average 30% Sales Ratio (Sellers Market)
  • Opportunity for Buyers: Homes between $1.5 mil – $1.75 mil, Downtown, Knight, Strathcona and 3 bedroom properties
  • Opportunity for Sellers: Selling homes in Fraser, Hastings, Killarney, Renfrew and 2 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 October 1, 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.

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