Homes listed for sale in Vancouver East and Vancouver West’s MLS® rose year-over-year and also month-over-month as per previous report, providing more opportunity for buyers looking for a home this spring. Despiste the increase in inventory, according to Andrew Lis, GVR’s director of economics and data analytics, “the overall market balance continues itching deeper into seller’s market territory, which suggests demand remains strong for well-priced and well-located properties.”
Let’s analyse the latest statistics concerning Vancouver offering insights into price movements, listing, and sales activities in Vancouver East and Vancouver West.
Vancouver East – Healthy increase in sales ratio and prices
Price Analysis:
House/Detached:
The benchmark price for a house in Vancouver East reached $1,852,200, reflecting a modest increase of 1.1% from February 2024. Year-over-year, there was a steady 5.3% increase, indicating sustained growth in the segment.
You can browse Vancouver East single family homes under $1,850,000 here, and priced over $1,850,000 here.
Townhouse/Attached:
Townhouses experienced a notable price surge, with a 3.7% increase from the previous month, reaching a benchmark price of $1,148,700. On an annual basis, there was also a 5.3% increase, highlighting sustained demand.
Take a look at townhouses for under $1,150,000 in Vancouver East here or over $1,150,000 here.
Condo/Apartments:
Condos witnessed a marginal increase of 0.7% in prices from February 2024, with a benchmark price of $714,000. Year-over-year, there was a 4.0% increase, showcasing stability in the condo market.
You can find Vancouver East condos under $715,000 here or priced over $715,000 here.
New Listings and Sales:
March 2024 saw an uptick in new listings across all property types compared to the same period last year, indicating increased market activity. Particularly, condos in Van East experienced a notable increase of 18.2% year-over-year. New listings for houses surged in March 2024, increasing by 21.9% compared to the same month last year. Similarly, townhouse listings saw a substantial increase of 30.5% year over year.
While sales ratios for March 2024 show healthy figures across all property types, there’s a significant relative decrease compared to the same month last year. Despite a relative decrease in the sales ratio by 34.6% compared to March 2023, house sales rebounded from February 2024, with a sales ratio of 43.3%. Sales for townhouses showed resilience, with a sales ratio of 48.5% in March 2024, albeit experiencing a relative decline of 32.2% compared to the same month last year. Condo sales remained robust, with a sales ratio of 51.0%, though showing a relative decrease of 7.2% compared to March 2023.
Vancouver West – Steady increase sales ratio and prices
Price Analysis:
House/Detached:
Vancouver West experienced a marginal increase of 0.5% in house prices, with a benchmark price of $3,452,200 in March 2024. Year-over-year, there was a steady 5.2% increase, reflecting the region’s stability.
Discover Vancouver West homes under $3,450,000 here or priced over $3,450,000 here.
Townhouse/Attached:
Townhouses, however, saw a slight decrease of -2.8% in prices from the previous month, reaching a benchmark price of $1,483,800. On an annual basis, there was a modest 4.2% increase.
You can browse Vancouver West townhomes under $1,480,000 here, and priced over $1,480,000 here.
Condo/Apartments:
Condos witnessed a minimal increase of 0.3% in prices from February 2024, with a benchmark price of $856,700. Year-over-year, there was a respectable 4.6% increase, indicating sustained demand in the segment.
Take a look at condos for under $855,000 in Vancouver West here or over $855,000 here.
New Listings and Sales:
March 2024 saw a mixed trend in new listings compared to the same period last year, with houses experiencing a slight decrease. However, townhouses and condos witnessed increases in new listings, showcasing market activity.House: Despite a slight decrease of -4.7% compared to March 2023, new house listings remained relatively stable. Townhouse listings saw a significant increase of 26.0% year over year. Condo listings in Vancouver West experienced a moderate 4.0% increase compared to March 2023.
Sales ratios for March 2024 reflect healthy market activity, though there’s a noticeable decrease compared to the same month last year. Sales activity for houses decreased, with a sales ratio of 37.9% in March 2024, representing a relative decline of 28.7% compared to March 2023. Townhouse sales, however, showed resilience, with a sales ratio of 45.7%, only experiencing a marginal relative decline of 0.2% compared to March 2023. Condo sales remained stable, with a sales ratio of 44.7%, showing a relative decrease of 7.1% compared to March 2023.
Conclusion
March 2024 portrayed a dynamic real estate market in both Vancouver East and Vancouver West, with varying trends in prices, new listings, and sales. Despite minor fluctuations, the overall market remained stable, indicating continued interest from buyers and sellers alike. As the market continues to evolve, prospective buyers and sellers must navigate these diverse trends with careful consideration and expert guidance.
