November‘s Market Insights
Let’s dive straight in—there’s so much to cover, but I’ll try to keep it concise!
To start, historical trends were up 39% year over year, putting us in a fairly deep buyer’s market. Inventory is currently at its highest since 2012. We transitioned from a decade-low in inventory, crossed a 6-month span, and are now at a decade-high. Vancouver sales experienced a 13% decline in September and October. November is trending down another 7%, resulting in a 19% decrease over the last 3 months. New listings are flat and unchanged but up 16% compared to this time last year. Sales are declining, and with new listings on the rise, buyers have the advantage in our marketplace. Counter-seasonally, inventory has climbed for the first time in 20 years. Sales to new listings are currently hovering at 40% sales ratio.
Regarding market dynamics, the average days on the market remain at 19, indicating a quick turnover for well-priced properties. Despite the overall slowdown, high-demand properties still attract significant interest, leading to multiple offer situations(2-4 offers). While attractively priced, well-maintained properties in sought-after neighborhoods are consistently selling, a few listings are experiencing a slightly prolonged time on the market.
CONDOS/TOWNHOUSES:
The condo and townhouse markets predominantly remain in a seller’s market, except for Maple Ridge, Surrey, and East Vancouver, which have shifted to a balanced market. Conversely, Mission has transitioned to a buyer’s market. In November, most areas across Greater Vancouver and the Fraser Valley experienced a decrease in inventory levels. However, a few, including New Westminster and Mission, saw an increase in inventory. Interestingly, more areas saw an uptick in the average sale price, while some, like Port Moody, Surrey, North Delta, Langley, Mission, East Vancouver, and North Vancouver, witnessed a price decrease. Most areas did not observe a significant change in the average sale price over the month. The number of sales in the condo and townhouse markets experienced several small decreases, with Mission and Pitt Meadows showing no change in sales from October to November. Conversely, Coquitlam, Port Coquitlam, Surrey, and White Rock/South Surrey saw an increase in the number of sales.
DETACHED HOUSES:
Shifting our focus to the detached housing market in the Greater Vancouver area and the Fraser Valley, most areas are now in a balanced market. Exceptions include Pitt Meadows and North Vancouver, which remain in a seller’s market, while Cloverdale, Mission, and Surrey are in a buyer’s market, attracting buyers looking to upsize, especially in those three regions. The number of homes sold in November decreased in most areas, with the exception of Maple Ridge, North Delta, and Ladner, which saw increases in sales. Surprisingly, Tsawwassen and Pitt Meadows saw no change in the number of homes sold in November. As for the average sale price, most areas experienced very few changes. The majority saw slight increases, except for New Westminster, Port Coquitlam, Maple Ridge, Cloverdale, Abbotsford, Mission, and Tsawwassen.
As we approach the end of 2023 and set our sights on 2024, if you have realestate goals for the coming year, please don’t hesitate to reach out. We can create a customized plan to help you achieve your goals in 2024. Curious about your market value? Send me a quick note, and I can run some numbers based on the current market and pricing forecasts. Don’t hesitate to contact me for a detailed property analysis or an in-depth discussion about a specific area. I am always happy to help. The full market report is linked below.
Happy Holidays!
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