For the last couple of months of 2023, Vancouver’s real estate market has been increasing in sales despite the property listings declining. In November 2023, home prices have been steadily going down since the summer months with an average of 1.37% from the previous month. From October 2023 to November 2023, West Vancouver saw the most decrease in price with around -3.7% and it also has the most growth in sales (17.3%).
North Vancouver – Listing and prices are down but sells are up!
North Vancouver property listings experienced declines in an average of -29.4%. Listings for detached homes significant decrease, possibly indicating a limited supply. However, the sales market painted a different picture, indicating a vibrant real estate scene. The average sales growth for North Vancouver reached 12.4%.
- Single family homes in North Vancouver: -37.6%% decline in new listings and modest decrease of -1.2% in sales.
- Townhomes in North Vancouver: -34.7% decrease in new listing and an impressive increase of 27.2% in sales.
- Condos in North Vancouver: -15.9% reduce in new listing and 11.2% growth in sales.
North Vancouver’s home types prices showcases a decrease of an -4.9% average. Residential/composite prices have experienced a modest decline, with a more pronounced drop in single-family detached homes. On the flip side, townhouses have seen a slight increase in prices, showcasing a diverse market response.
- Residencial/Composite prices in North Vancouver: -1.6%
- Single Family detached prices in North Vancouver: -2.7%
- Townhomes prices in North Vancouver: 0.6%
- Condo prices in North Vancouver: -1.2%
Vancouver East – reduced listing, increase in sells and decrease in prices!
Vancouver East showcases a balanced market with reduced listings across all housing types (average of -26.1%). Noteworthy is the surge in sales for detached homes, suggesting a preference for this housing category. The sales in Vancouver East showcases average increase of 12.57%
- Detached homes in Vancouver East: -32% decrease in new listings and 19.2% growth in sales
- Townhomes in Vancouver East: -8.4% reduce in new listing and increase of 14.7% in sales
- Condos in Vancouver East: -37.9% decline in new listing and a modest improve of 3.8% in sales
With marginal decreases in composite and detached home prices, Vancouver East reflects a relatively stable market with an average of -0.88%. The townhouse and apartment segments have also seen moderate declines, suggesting a balanced adjustment across housing types.
- Residencial/Composite prices in Vancouver East: -0.8%
- Single Family detached prices in Vancouver East:: -0.5%
- Townhomes prices in Vancouver East: -0.8%
- Condo prices in Vancouver East: -1.4%
Vancouver West – following the same trends as North Van and Van East
Vancouver West is witnessing a substantial reduction in listings for detached and attached homes too. The attached homes segment stands out with a remarkable increase in sales, potentially reflecting a shift in demand. Vancouver West listing showcases a fall down average of -37.9 while the sales average growth of 12.67%.
- Detached homes in Vancouver West: -40.1% reduce in new listings and a marginal improve of 0.6% in sales.
- Attached in Vancouver West: -45.5% decrease in new listing and notable increase of 34.7% in sales..
- Condos in Vancouver West: -28.1% decline in new listing and a modest growth of 2.7% in sales.
Regarding the prices, Vancouver West’s market is characterized by subtle shifts, with a slight decrease in composite prices and a modest increase in single-family detached homes. The townhouse and condos categories, however, show a decline, indicating nuanced preferences within the market. The average sale price for Vancouver West exhibits decrease of -0.48%.
- Residencial/Composite prices in Vancouver West: -0.4%
- Single Family detached prices in Vancouver West: 0.9%
- Townhomes prices in Vancouver West: -1.4%
- Condo prices in Vancouver West: -1.0%
West Vancouver – Listing trends down but highest increase on selling and decrease on prices!
West Vancouver’s real estate market is thriving, with an average decrease of -23.17% in listings and a 17.3% increase sales across all housing types. The surge in apartment sales is particularly notable, suggesting a growing interest in this category.
- Single family homes in West Vancouver: -14.2% decline in new listings and substantial increase of 33.3% in sales.
- Attached in West Vancouver: -30% reduce in new listing and notable decrease of -27.3% in sales.
- Condos in West Vancouver: -25% decrease in new listing and a remarkable growth of 45.9% in sales.
West Vancouver has experienced more significant price adjustments, with notable decreases in both composite and detached home prices. The lack of data for townhouses suggests a potential focus on other housing types, while apartments also witness a substantial decline. The average sale price for Vancouver West displays a decrease of -3.7%
- Residencial/Composite prices in Vancouver West: -3.7%
- Single Family detached prices in Vancouver West: -3.6%
- Condo prices in Vancouver West: -3.8%
Conclusion
In summary, the statistics reveal a nuanced picture of Vancouver’s real estate market from October to November 2023. All areas experience a decline in all types of home listings, while most of them witness a surge in sales. Analyzing the recent price movements in Vancouver’s real estate market unveils similar trends. While some areas experience modest declines, West Vancouver showcases the most decrease in price with an average of -3.7%. These trends may be influenced by various factors, including market demand, supply, and economic conditions.
