In March 2024, the Metro Vancouver real estate market witnessed a surge in available homes for sale, presenting a wealth of options for buyers looking to find their dream home this spring! While residential sales dipped slightly by 4.7% compared to last year, there’s still plenty of activity in the market.
Exciting news for buyers, a 15.9% increase in newly listed properties was recorded, giving them more to choose from. Currently, there are 10,552 properties listed on the MLS, marking a substantial 22.5% jump from the same period last year.
The sales-to-active listings ratio indicates a balanced market, setting the stage for fair deals for both buyers and sellers alike. There are still positive signs with modest month-over-month price gains across the board.
In fact, the MLS® Home Price Index shows a 4.5% increase in the composite benchmark price for all residential properties compared to March 2023. While there were slight fluctuations in sales of detached homes, apartments, and attached properties, benchmark prices are on the rise.
Looking forward, there’s a hint of optimism with potential cuts to the Bank of Canada’s policy rate, which could inject more confidence into the market and encourage buyers sitting on the sidelines to re-enter the market. So, while challenges like borrowing power constraints persist, the overall outlook remains positive as we head towards the summer months.
South Surrey & White Rock Spotlight:
In South Surrey & White Rock, Detached Homes are in balanced market conditions, at an 19% sales ratio (1.9 in 10 homes selling). The most active price band is the $1,500,000 – $1,750,000 range. Average sale price sits at $1,743,000. In the luxury segment, there are currently 24 properties listed above $5 million.
Attached homes in South Surrey & White Rock continue to sit in Sellers Market territory, with 3.6 in 10 homes selling. The most active price band is the $900,000 – $1,000,000 range. Average sale price has increased quite dramatically from $788,000 to $887,000.
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As we navigate these dynamic market conditions together, we remain committed to providing you with expert guidance and support. Whether you’re considering buying, selling, or simply seeking insights into market trends, please don’t hesitate to reach out.
Thank you for entrusting us with your real estate needs. We look forward to assisting you in achieving your goals!
– Alex and Parm
LEARN ABOUT OUR LUXURY MARKETING EXPERTISE
Alex K. Liang: 604-817-5179 | Parm Pooni: 604-657-1742
