Vancouver Real Estate Update: What’s Happening in April 2024?

Hey everyone! Let’s take a quick dive into Vancouver’s real estate market for April 2024. It’s been an interesting month with lots of activity, so here’s the scoop on what’s going on!

A Lot More Homes to Choose From!

First off, there’s a ton more homes on the market now. Listings have hit over 12,000 for the first time since the summer of 2020—that’s a whopping 42% increase from last year! Whether you’re buying or selling, this means more options and opportunities.

Sales Are Up, But Not Like Before

We saw about 2,831 homes sold in April. That’s a slight increase (3.3%) from last April’s sales, but still about 12% lower than what we usually see around this time of year. The market’s active but not crazy busy.

Prices Keep Climbing… Mostly

The overall price for homes keeps creeping up, with the average price across all home types now at $1,205,800. That’s up by 2.8% compared to last year. Detached homes are really leading this trend with significant price jumps. However, apartment prices dipped a tiny bit by 0.1% from last month, so there’s a bit of a mixed bag depending on what you’re looking at.

What’s Next?

The big question is how things will shape up in the coming months. Will the listings keep increasing? How will prices react? If you’re thinking of jumping into the market, it’s a good time to watch these trends closely.
To give you a better visual of what’s happening, let’s look at some key numbers in a simple graph:

The “sales to active listings ratio” is a measure used in real estate to gauge the balance between supply and demand in the market. Here’s a simple breakdown of what it means and what it shows:

What is the Sales to Active Listings Ratio?

This ratio is calculated by dividing the number of home sales in a given month by the number of active listings at the end of the month. The result is then multiplied by 100 to express it as a percentage.

What Does It Show?

High Ratio (>20%): A high ratio indicates a seller’s market. This means there are more buyers than there are homes available, leading to higher prices and often quicker sales. It can also lead to bidding wars where multiple buyers compete for the same property.
Balanced Ratio (12% to 20%): This range suggests a balanced market. The supply of homes meets demand reasonably well, leading to stable prices and a healthy turnover of properties.
Low Ratio (<12%): A low ratio signifies a buyer’s market. There are more homes for sale than there are buyers, which can lead to lower prices and homes staying on the market for longer periods.

Understanding this ratio helps buyers and sellers make informed decisions. For sellers, a high ratio might mean it’s a good time to sell to maximize their return. For buyers, a low ratio might indicate an opportunity to negotiate a better deal.