by Macrealty Marketing Team | Jun 6, 2023 | Buying Real Estate, House and Home, Industry, Market Insights, Selling Real Estate
June 2023 – Lower Mainland Monthly Update (REBGV & FVREB)
At only 2.9 Months of Inventory, Prices are expected to Rise.
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 in May 2023 (5,122) were 17.5% higher than May 2022 (4,278), and were close to the 10-year average (5,250).
Cumulative Year-to-date Sales
2023 is off to a slower start as sales (14,851) remain below the 10-year average (19,218).
Inventory
May inventory (14,851 active listings) increased only slightly from the previous month, and are more than 20% below the 10-year average (19,218 average).
Sales to Active Listings
Higher sales and low inventory kept the Sales to Active Listing Ratio above 34%, indicating rising prices.
Months of Inventory
Similarly, Months of Inventory fell to 2.9 MOI, indicating a shift back to a seller’s market and rising prices.
Want to learn more about these stats or discuss your move to Macdonald Realty?
Check out careersinbcrealestate.com to connect today!
by Macrealty Marketing Team | May 8, 2023 | Buying Real Estate, House and Home, Industry, Market Insights, Selling Real Estate
May 2023 – Lower Mainland Monthly Update (REBGV & FVREB)
Metro Vancouver & Fraser Valley sales in April remained lower.
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 in April remained lower than average as a result of limited inventory.
Cumulative Year-to-date Sales
2023 is off to a slower start as sales (12,734) remain below the 10-year average (17,589).
Inventory
April inventory (13,422 active listings) increased only slightly from the previous month, and are more than 25% below the 10-year average (18,199 average).
Sales to Active Listings
Despite the low sales, even lower inventory kept the Sales to Active Listing Ratio above 32%, indicating rising prices.
Months of Inventory
Similarly, Months of Inventory fell to 3.1 MOI, indicating a shift back to a seller’s market and rising prices.
Want to learn more about these stats or discuss your move to Macdonald Realty?
Check out careersinbcrealestate.com to connect today!
by Macrealty Marketing Team | May 3, 2023 | Buying Real Estate, Fraser Valley, House and Home, Industry, Market Insights, Surrey
According to the Fraser Valley Real Estate Board, spring sales hold steady in Fraser Valley real estate market.
Despite persistent inventory shortfalls, housing sales in the Fraser Valley remained steady in April as buyers took advantage of the continued pause in interest rate hikes.
In April, the Fraser Valley Real Estate Board (FVREB) processed 1,554 sales on its Multiple Listing Service® (MLS®), virtually unchanged compared to March and a slight decrease of 5.1 per cent compared to April 2022.
“Buyers are continuing to find opportunities in the Fraser Valley, even in the face of lower inventories,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “With prices remaining strong, we expect to see inventories increase over the coming months as sellers seek to capitalize on price growth after sitting out for so long.”
The Board received 2,478 new listings in April, off by 3.2 per cent compared to March, and down by 31.6 per cent compared to last year. The month ended with a total active inventory of 4,632, a 2.2 per cent increase over March, and 14 per cent less than April 2022.
“Our members are starting to see a rise in multiple offers on properties as the spring market kicks in,” said Board CEO, Baldev Gill. “With the heightened activity, many homeowners are asking: is now the right time to buy or sell? There is no simple – or single – answer to this question, but a wise first step would be to consult with a professional REALTOR® to determine the best path to meet your personal objectives.”
Low inventories helped nudge prices upward with the composite Benchmark price up by 2.8 per cent to $992,000 and single-family detached homes up by nearly four per cent, month-over-month.
Across Fraser Valley in April, the average number of days to sell a single-family detached home was 25 days and a townhome was 23 days. Apartments took, on average, 26 days to sell.
Find all the infographics related to the April Market Statistics by visiting the Facebook Album.
Abbotsford
Cloverdale
Langley
Mission
North Delta
North Surrey
Surrey Central
White Rock / South Surrey
Looking for more information about the real estate market in specific neighbourhoods in Surrey, Langley and Fraser Valley?
Macdonald Realty has offices in North Delta, White Rock/South Surrey, and Langley. Please email macrealty@macrealty.com or call 1-877-278-3888 to be matched with a REALTOR® working in your area.
MLS® Home Price Index (HPI) Benchmark Price
Average and median home prices are often misinterpreted, are affected by change in the mix of homes sold, and can swing dramatically from month to month (based on the types and prices of properties that sold in a given month). The MLS® HPI overcomes these shortcomings and uses the concept of a benchmark home, a notional home with common attributes of typical homes in a defined area. Visit www.housepriceindex.ca for more information.
This blog post is based on market data provided by the Fraser Valley Real Estate Board (FVREB) www.fvreb.bc.ca
by Macrealty Marketing Team | Apr 6, 2023 | Buying Real Estate, Industry, Market Insights, Selling Real Estate
Here are the latest real estate market statistics from Macdonald Realty on Okanagan listings and sales in March 2023.
Find the infographics by visiting the Facebook Album.
Central Okanagan: Kelowna and Lake Country
There were 180 sales, 875 active listings, and $1,001,500 average sale price for detached homes in the Central Okanagan market, including Kelowna and Lake Country. The condo market featured 130 sales and 497 active listings at the end of the month. The average sale price was $492,600. Townhome sales were 58, active listings were 272 and the average sale price was $703,200. It’s a seller’s market for condos in Central Okanagan.
North Okanagan: Vernon and surrounding area
In North Okanagan, including Vernon and the surrounding area and the average detached home sale price was $728,000. At the end of the month, there were 60 sales and 310 active listings. There were 14 sales and 58 active listings for condos. The average sale price was $309,600. In comparison, townhomes featured 30 sales, 80 active listings and a $578,200 average sale price. It’s a balanced market for houses and condos in North Okanagan.
South Okanagan
There were 72 sales, 335 active listings, and $698,100 average sale price for detached homes in the South Okanagan market.
The condo market featured 33 sales and 197 active listings at the end of the month. The average sale price was $422,600. Townhome sales were 18, active listings were 88 and the average sale price was $537,900. It’s a balanced market in South Okanagan.
Looking for more information about the real estate market in specific neighbourhoods in Okanagan?
Macdonald Realty has offices in Kelowna and across BC. Please email macrealty@macrealty.com or call 1-877-278-3888 to be matched with a REALTOR® working in your area.
This blog post is based on market data provided by the Association Of Interior REALTORS® https://www.interiorrealtors.ca/.
by Macrealty Marketing Team | Apr 6, 2023 | Buying Real Estate, House and Home, Industry, Market Insights, Selling Real Estate
Here are the latest real estate market statistics from Macdonald Realty on Greater Victoria, Saanich Peninsula, Parksville/Qualicum, and Nanaimo listings and sales in March 2023. Find all the infographics related to the March Market Statistics by visiting the Facebook Album.
Early spring market reflects consumer confidence and growing demand.
A total of 590 properties sold in the Victoria Real Estate Board region this March, 29.2 per cent fewer than the 833 properties sold in March 2022 but a 28.3 per cent increase from February 2023. Sales of condominiums were down 29.4 per cent from March 2022 with 197 units sold. Sales of single family homes decreased 31.8 per cent from March 2022 with 281 sold.
“We’ve seen our sales numbers this month almost double from January,” said Victoria Real Estate Board Chair Graden Sol. “As we move further into spring, we expect that the return to confidence we’ve seen in the market will continue. What we can’t predict is what the overall impact on pricing will be if we continue to see quite low inventory across our community. Some pockets of our market are busier than others – by working with your REALTOR® you can better understand the market you are in.”
There were 1,970 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of March 2023, an increase of 8.9 per cent compared to the previous month of February and an 85.3 per cent increase from the 1,063 active listings for sale at the end of March 2022.
“Demand is recovering,” adds Sol. “Compared to the end of 2022, prices have firmed up and interest rates have become normalized. Consumers are more active, and we are seeing quite a few multiple offers on well-priced properties. Inventory continues to trend lower than long term averages. As our spring market continues to strengthen, we may start to experience some upward pressure on pricing again. We have been talking about the need for supply to help moderate pricing for a long time. Premier Eby’s announcement this week about the provincial government’s Homes for People action plan reflects an increasing awareness of the importance of supply. We need all levels of government to continue to focus on solving our market housing crunch, so we do not return to the high-pressure markets of the recent past.”
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in March 2022 was $1,387,200. The benchmark value for the same home in March 2023 decreased by 10.9 per cent to $1,236,200, down from February’s value of $1,247,200. The MLS® HPI benchmark value for a condominium in the Victoria Core area in March 2022 was $616,400, while the benchmark value for the same condominium in March 2023 decreased by 9.1 per cent to $560,300, down from the February value of $568,200
Greater Victoria
Saanich Peninsula
Nanaimo
Parksville / Qualicum
Looking for more information about the real estate market in specific neighbourhoods in Victoria, Saanich Peninsula, Parksville, Nanaimo, Vancouver Island and the Gulf Islands?
Macdonald Realty has offices in downtown Victoria, Sidney, Parksville and Salt Spring Island. Please email macrealty@macrealty.com or call 1-877-278-3888 to be matched with a REALTOR® working in your area.
MLS® Home Price Index (HPI) Benchmark Price
Average and median home prices are often misinterpreted, are affected by change in the mix of homes sold, and can swing dramatically from month to month (based on the types and prices of properties that sold in a given month). The MLS® HPI overcomes these shortcomings and uses the concept of a benchmark home, a notional home with common attributes of typical homes in a defined area. Visit www.housepriceindex.ca for more information.
This blog post is based on market data provided by the Victoria Real Estate Board (VREB) www.vreb.org and the Vancouver Island Real Estate Board (VIREB) www.vireb.com. Market data from the VIREB includes listings and sales in Campbell River, Comox Valley, Cowichan Valley Nanaimo, Parksville/Qualicum, Port Alberni/West, North Island, and the Islands.
by Macrealty Marketing Team | Apr 6, 2023 | Buying Real Estate, Fraser Valley, House and Home, Industry, Market Insights
According to the Fraser Valley Real Estate Board, momentum continues to build in the Fraser Valley real estate market.
March 2023 saw the second consecutive month of growth in sales in the Fraser Valley, and although still below seasonal norms, the trend is an encouraging sign that the region continues to head towards increased market stability.
At 1,550, property sales posted on the FVREB’s Multiple Listings Service (MLS®) were 72.6 per cent higher than sales recorded last month. Although 39.9 per cent lower than a year ago and nearly 25 per cent below the ten-year average, it marks the first time since August that monthly sales exceeded the 1,000 level.
“After months of uncertainty made it difficult for buyers and sellers to re-enter the housing market, we may well be seeing a turning point,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “The pause in rate hikes has helped to restore a much-needed sense of predictability, which is building consumer confidence. As a result, we’re starting to see more traffic at open houses along with more multiple offer situations.”
As in all regions across the province and the country, low supply is still an issue and a primary factor driving price growth. New listings, at 2,559, were 32 per cent higher than in February, but still 44.1 per cent below last year, while active listings were up by 2.8 per cent over last month and 3.5 per cent below last year. However, both are well off the ten-year average and among the lowest March listings recorded in a decade.
As a result, the aggregate sales-to-active listings ratio grew to 34 per cent, shifting the market into sellers territory, with demand for townhomes even more pronounced, at a 62 per cent ratio. (The market is considered balanced when the sales-to active listings ratio is between 12 per cent and 20 per cent.)
Benchmark prices continued to edge upward with roughly two per cent month-over-month growth across all categories. The composite Benchmark price was $965,100 in March.
“While market demand continues to trend up, we still face an uphill battle on the supply side, which is keeping prices elevated,” said FVREB CEO, Baldev Gill. “The province will require sustained inventory growth of at least 25 per cent over each of the next five years in order to normalize inventories. Until then, we strongly advise buyers and sellers to consult with a REALTOR® to plan the best strategy.”
Find all the infographics related to the February Market Statistics by visiting the Facebook Album.
Abbotsford
Cloverdale
Langley
Mission
North Delta
North Surrey
Surrey Central
White Rock / South Surrey
Looking for more information about the real estate market in specific neighbourhoods in Surrey, Langley and Fraser Valley?
Macdonald Realty has offices in North Delta, White Rock/South Surrey, and Langley. Please email macrealty@macrealty.com or call 1-877-278-3888 to be matched with a REALTOR® working in your area.
MLS® Home Price Index (HPI) Benchmark Price
Average and median home prices are often misinterpreted, are affected by change in the mix of homes sold, and can swing dramatically from month to month (based on the types and prices of properties that sold in a given month). The MLS® HPI overcomes these shortcomings and uses the concept of a benchmark home, a notional home with common attributes of typical homes in a defined area. Visit www.housepriceindex.ca for more information.
This blog post is based on market data provided by the Fraser Valley Real Estate Board (FVREB) www.fvreb.bc.ca
