{"id":3150,"date":"2024-12-04T13:36:55","date_gmt":"2024-12-04T21:36:55","guid":{"rendered":"https:\/\/www.nestpresales.com\/blog\/?p=3150"},"modified":"2024-12-12T15:56:19","modified_gmt":"2024-12-12T23:56:19","slug":"vancouver-real-estate-shifts-market-update-november-2024","status":"publish","type":"post","link":"https:\/\/www.nestpresales.com\/blog\/vancouver-real-estate-shifts-market-update-november-2024\/","title":{"rendered":"Vancouver Real Estate Shifts: Market Update November 2024"},"content":{"rendered":"

November 2024 brought continued adjustments to the Vancouver real estate market, with price fluctuations and changing demand patterns across Vancouver East and Vancouver West.<\/p>\n

\"Vancouver<\/p>\n

Vancouver East – Modest Price Increases Across Property Types, New Listings Drop From Previous Month, and Strong Sales Ratios<\/h3>\n

Price Analysis:<\/h4>\n

House\/Detached:<\/h6>\n

The benchmark price for detached homes in Vancouver East declined by 1.5% month-over-month to $1,862,700, but slightly below the Metro Vancouver benchmark of $1,997,400. Over the past year, prices have remained stable, with a slight 0.1% increase.<\/p>\n

Discover Vancouver East single family homes priced under $1,860,000 here<\/a>, or priced over $1,860,000 here<\/a>.<\/p>\n

Townhouse\/Attached:<\/h6>\n

Prices dropped to $118,200, reflecting a -3.3% month-over-month decline but a 1.0% increase compared to November 2023. Townhouses in Vancouver East are priced slightly above the Metro Vancouver benchmark of $1,117,600.<\/p>\n

See Vancouver East townhouses priced below $1,120,000 here<\/a>, or find those above $1,120,000 here<\/a>.<\/p>\n

Condo\/Apartment:<\/h6>\n

Condo prices in Vancouver East edged up by 1.0% month-over-month, reaching $692,500, below the Metro benchmark of $752,800. Despite this monthly gain, prices are down 0.9% year-over-year.<\/p>\n

Find Vancouver East condos priced below $690,000 here<\/a>, or those above $690,000 here<\/a>.<\/p>\n

New Listings and Sales:<\/h4>\n

In November, new listings saw a notable decrease across various property types. House listings in Vancouver East<\/a>\u00a0dropped to 126 from 180 in October, although they were still up 8.7% compared to the previous year. Vancouver East’s Townhouse listings<\/a> experienced a slight year-over-year increase of 1.4%, reaching 144, but fell from October’s 176. Similarly, condo listings in Vancouver East <\/a>dropped significantly to 205 from 250 in October, although they marked a 26.3% rise year-over-year.<\/p>\n

Sales activity in Vancouver East remained strong across all property types. Detached homes led the way with 76 sales and a remarkable sales ratio of 60.3%, a 17.6% increase year-over-year, outpacing the regional average of 12.7%. Townhouses saw a significant boost, with 75 sales and a sales ratio of 52.1%, reflecting a 94.6% year-over-year increase. This was well above Metro Vancouver\u2019s average of 23.1%. Condos also saw a healthy uptick in sales, with 117 units sold and a sales ratio of 57.1%, marking an 11.9% increase year-over-year. This ratio far exceeded the region’s 18.7%, indicating strong buyer demand in Vancouver East.<\/p>\n

Take a look at all the houses in East Vancouver with an open house coming up here.<\/a><\/p>\n

\"Vancouver<\/p>\n

Vancouver West – Year-Over-Year Price Gains for Townhomes, Declines for Other Types, Listings Fall, and Sales Ratios Strengthen<\/h3>\n

Price Analysis:<\/h4>\n

House\/Detached:<\/h6>\n

The benchmark price for houses in Vancouver West increased by 0.5% month-over-month, reaching $3,384,400, though it remains 2.4% lower compared to the previous year. At $3,384,400, it remains significantly higher than Metro Vancouver’s benchmark price of $1,997,400.<\/p>\n

Explore Vancouver West homes under $3,380,000 right here<\/a>, or uncover options priced over $3,380,000 here<\/a>.<\/p>\n

Townhouse\/Attached:<\/h6>\n

Townhouses in Vancouver West saw the strongest price growth, rising 4.3% from October and 6.7% year-over-year to a benchmark price of $1,519,600. This price is notably higher than Metro Vancouver’s benchmark of $1,117,600.<\/p>\n

Discover townhomes in Vancouver West under $1,520,000 here<\/a>, or browse those priced over $1,520,000 here<\/a>.<\/p>\n

Condo\/Apartment:<\/h6>\n

Condo prices dipped slightly by 0.5% month-over-month to $825,900, reflecting a 1.2% decrease year-over-year. The benchmark price of $825,900 remains higher than Metro Vancouver’s benchmark of $752,800.<\/p>\n

See condos Vancouver West for under $825,000 in Vancouver West here<\/a> and discover options priced over $825,000 here<\/a>.<\/p>\n

New Listings and Sales Trends of Vancouver Westside:<\/h4>\n

In November, the housing market experienced a shift in listings. New house listings in Vancouver Westside<\/a> totalled 125, down from October\u2019s 170, but up 24.8% from the same month last year. Vancouver West’s Townhouse listings<\/a> saw a similar trend, with 109 new listings, a decrease from October\u2019s 171 but a significant 38.5% increase year-over-year. Condo listings in Vancouver West<\/a>, however, fell to 471, down from 790 in October, reflecting a 9.6% decline compared to November 2023.<\/p>\n

Sales activity remained strong across Vancouver West’s property segments. Detached homes saw 65 sales, with a sales ratio of 52.0%, marking an 11.1% decrease year-over-year, yet still significantly outperforming the regional ratio of 12.7%. Townhouses experienced robust demand, with 69 sales and an impressive sales ratio of 63.3%, reflecting a 14.6% year-over-year increase. This ratio far surpassed Metro Vancouver\u2019s 23.1%. Condo sales also showed solid performance, reaching 250 units sold and a sales ratio of 53.1%, a notable 22.8% increase from last year. Vancouver West condos outperformed the regional average of 18.7%.<\/p>\n

Take a look at all the townhomes in Vancouver West with an open house coming up here.<\/a><\/p>\n

Home buyer demand continues to strengthen in November, inventorying decreased but sales ratios rose.<\/h3>\n

Residential sales in Metro Vancouver surged by 28% year-over-year, continuing the strong momentum seen in October. Despite the increased activity, the benchmark price for all residential properties in the region saw a slight dip compared to last year.<\/p>\n

Currently, sales ratios in Metro Vancouver average 12.7% for detached homes, 23.1% for townhomes, and 18.7% for condos<\/a>. Vancouver East and Vancouver West followed the trend, with rising sales ratios for townhomes and condos. Vancouver East also posted gains in detached home sales ratios, while Vancouver West saw a slight drop in that category, reflecting a mixed performance across the market.<\/p>\n","protected":false},"excerpt":{"rendered":"

Vancouver’s real estate market in November 2024 saw price changes and shifting demand. Discover how Vancouver East and West are performing with rising sales and declining listings.<\/p>\n","protected":false},"author":3,"featured_media":3151,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[773,772,78,771,137,769,136,293,112,770,28,673,49,212],"class_list":["post-3150","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-vancouver-real-estate-statistics","tag-773","tag-attached","tag-condos","tag-detached","tag-east-vancouver","tag-houses","tag-listings","tag-sales","tag-townhomes","tag-townhouses","tag-vancouver","tag-vancouver-east","tag-vancouver-west","tag-vancouver-westside"],"yoast_head":"\nVancouver Real Estate Shifts: Market Update November 2024<\/title>\n<meta name=\"description\" content=\"November 2024 saw price fluctuations and shifting demand in Vancouver East and West, with strong sales ratios despite lower listings.\" 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