Greater Vancouver Real Estate Market Summary – May 2024

Welcome to the Greater Vancouver Real Estate Market Summary for May 2024. This month has brought some significant changes and insights into the housing market across various regions in Greater Vancouver. Here’s a detailed look at the key statistics and trends.

Market Overview

Inventory: Increased by 7% from April to May.

Sales: Decreased by 12% compared to the previous month.

Average Sale Price: Increased by 7% to $2,198,999.

Sale to List Price Ratio: Slightly decreased to 96%.

Days on Market: Decreased significantly by 39% to an average of 11 days.

 Greater Vancouver Highlights

In Greater Vancouver, the most active price band was $1.25M to $1.5M, with a 50% sales ratio. Sellers in Steveston South and Steveston Village saw the best results.

Vancouver Westside Highlights

The Vancouver Westside market was balanced with a 16% sales ratio. The average sale price was $3,557,500. Kerrisdale and Kitsilano, especially homes with 3 to 4 bedrooms, were the top-selling areas.

North Vancouver Highlights

North Vancouver experienced a seller’s market with a 36% sales ratio. The average sale price was $2,016,500. Canyon Heights and Lynn Valley were the best areas for sellers. 

Richmond Highlights

Richmond maintained a balanced market with a 16% sales ratio. The average sale price increased by 7% to $2,198,999. Steveston South and Steveston Village were the best areas for sellers, particularly for 3-to-4-bedroom homes.

Buyer and Seller Tips

Buyers: The best deals can be found in homes priced between $2.25M to $2.5M in Richmond, and above $7.5M in Vancouver Westside.

Sellers: Focusing on homes in active areas like Steveston Village and Canyon Heights will yield the best results.

Conclusion

The May 2024 real estate market in Greater Vancouver has shown some dynamic shifts. Whether you’re buying or selling, staying informed about the latest trends and statistics is crucial for making the best decisions. For more detailed information, contact Arman at Century 21 In Town Realty.

Watch the video summary on YouTube: Greater Vancouver Real Estate Market Summary – May 2024

Contact Information:

Arman Zeinali

Century 21 In Town Realty

Email: Arman@ArmanZeinali.ca

Phone: (604) 783-3367

 

Stay tuned for next month’s update on the Greater Vancouver real estate market!