{"id":1326,"date":"2024-09-05T14:11:17","date_gmt":"2024-09-05T21:11:17","guid":{"rendered":"https:\/\/www.ownre.ca\/blog\/?p=1326"},"modified":"2024-09-05T14:12:21","modified_gmt":"2024-09-05T21:12:21","slug":"sellers-await-buyers-return-after-quieter-summer-market","status":"publish","type":"post","link":"https:\/\/www.ownre.ca\/blog\/sellers-await-buyers-return-after-quieter-summer-market\/","title":{"rendered":"Sellers Await Buyers\u2019 Return After Quieter Summer Market"},"content":{"rendered":"
Home sales registered on the MLS\u00ae in Metro Vancouver remained below their ten-year seasonal averages in August as summer holidays come to a close.<\/div>\n
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Greater Vancouver REALTORS\u00ae (GVR) reports that residential sales in the region totalled 1,904 in August 2024, a 17.1 percent decrease from the 2,296 sales recorded in August 2023. This total was also 26 percent below the 10-year seasonal average (2,572).<\/div>\n
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From a seasonal perspective, August is typically a slower month for sales than June or July. In this respect, this August has been no different. With that said, sales remain in a holding pattern, trending roughly 20 percent below their 10-year seasonal average, which suggests buyers are still feeling the pinch of higher borrowing costs, despite two recent quarter percentage point reductions to the policy rate this summer.<\/div>\n
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There were 4,109 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service\u00ae (MLS\u00ae) in Metro Vancouver in August 2024. This represents a 4.2 percent increase compared to the 3,943 properties listed in August 2023. This total was 1.7 percent below the 10-year seasonal average (4,179).<\/div>\n
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The total number of properties currently listed for sale on the MLS\u00ae system in Metro Vancouver is 13,812, a 37 percent increase compared to August 2023 (10,082). This total is also 20.8 percent above the 10-year seasonal average (11,432).<\/div>\n
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Across all detached, attached and apartment property types, the sales-to-active listings ratio for August 2024 is 14.3 percent. By property type, the ratio is 9.6 percent for detached homes, 18 percent for attached, and 17.2 percent for apartments.<\/div>\n
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Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 percent for a sustained period, while home prices often experience upward pressure when they surpass 20 percent over several months.<\/div>\n
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Buyers\u2019 hesitancy to enter the market, paired with new listing activity on the part of sellers that is in line with historical averages, has allowed inventory to accumulate for a number of months and has moved the market firmly into balanced conditions.<\/div>\n
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With the Bank of Canada\u2019s decision to reduce the policy rate today by another quarter percentage point, and with September being a month that typically sees an increase in sales from a seasonal perspective, the fall market is set up to bring more buyers off the sidelines. We will watch the upcoming September data to see whether they decide to show up.<\/div>\n
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The MLS\u00ae Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,195,900. This represents a 0.9 percent decrease over August 2023 and a 0.1 percent decrease compared to July 2024.<\/div>\n
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Sales of detached homes in August 2024 reached 509, a 13.9 percent decrease from the 591 detached sales recorded in August 2023. The benchmark price for a detached home is $2,048,400. This represents a 1.8 percent increase from August 2023 and a 0.1 percent decrease compared to July 2024.<\/div>\n
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Sales of apartment homes reached 1,012 in August 2024, a 20.3 percent decrease compared to the 1,270 sales in August 2023. The benchmark price of an apartment home is $768,200. This represents a 0.1 percent decrease from August 2023 and a 0 percent decrease compared to July 2024.<\/div>\n
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Attached home sales in August 2024 totalled 370, a 12.3 percent decrease compared to the 422 sales in August 2023. The benchmark price of a townhouse is $1,119,300. This represents a 0.8 percent increase from August 2023 and a 0.5 percent decrease compared to July 2024.<\/div>\n","protected":false},"excerpt":{"rendered":"

Home sales registered on the MLS\u00ae in Metro Vancouver remained below their ten-year seasonal averages in August as summer holidays come to a close. Greater Vancouver …<\/p>\n","protected":false},"author":2,"featured_media":1327,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[54,46,47,48,49,50,51,52,53,45,55,56,57,58,59,60,61,26,44,43,42,41,40,39,38,37,36,35,34,33,32,31,30],"class_list":["post-1326","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-update","tag-selling-a-home-in-coquitlam","tag-port-moody-realtor","tag-buying-a-home-in-port-moody","tag-pitt-meadows-realtor","tag-buying-a-home-in-pitt-meadows","tag-coquitlam-condo","tag-coquitlam-events","tag-coquitlam-houses","tag-coquitlam-housing-market-stats","tag-housing-market-stats","tag-selling-a-home-in-citadel-heights","tag-selling-a-home-in-port-coquitlam","tag-selling-a-home-in-port-moody","tag-selling-a-home-in-pitt-meadows","tag-selling-a-home-in-maple-ridge","tag-selling-a-home-in-langley","tag-vanvcouver-real-estate-market","tag-vancouver-real-estate","tag-first-time-home-buyer","tag-coquitlam-real-estate-blog","tag-community-citadel-heights","tag-buying-a-home-in-citadel-heights","tag-citadel-heights-townhome","tag-citadel-heights-home","tag-citadel-heights-rowhome","tag-citadel-heights-real-estate","tag-citadel-heights","tag-citadel-heights-realtor","tag-coquitlam","tag-buying-a-home-in-port-coquitlam","tag-port-coquitlam-realtor","tag-buying-a-home-in-coquitlam","tag-coquitlam-realtor"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t