The most reliable indicator of market prices is the Sales to Active Listings Ratio (SAL). This is the ratio between the number of sales in a given month and the number of active listings at month-end.
In hotter markets in BC, a long-term analysis has shown that prices will usually act in the following ways:
- 7+ Months of Inventory (Under 14% SAL): Prices will likely DECLINE
- 5 – 7 Months of Inventory (14% – 18% SAL): Prices will likely be STABLE
- Less than 5.5 Months of Inventory (Over 18% SAL): Prices will likely RISE
Visit this link to learn more about house prices and inventory.
Sales
Sales (3,810) were lower than a year ago (4,085), and remain below the 10-year average (5,493).
Cumulative Year-to-date Sales
Cumulative YTD Sales: 2024 sales (9,480) are starting out stronger than in 2023 (8,439), but remain below the 10-year average (12,586).
Inventory
Inventory (16,749 active listings) grew from last month, and are now above the 10-year average (15,733 average).
Sales to Active Listings
Seasonally average sales and inventory have the Sales to Active Listing Ratio at 23%, indicating rising prices.
Months of Inventory
Months of Inventory fell to 4.4 MOI, indicating an average market and rising prices.
