February 2024 Lower Mainland Monthly Update

At 5.7 Months of Inventory, Prices have traditionally remained flat.

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 accelerated in January, with 2,365 sales in the month. The 10-Year Average is 3,846, but was only 1,648 in 2023.

Cumulative Year-to-date Sales

2024 sales (2,365) are starting out much stronger than in 2023 (1,648), but remain below the 10-year average (2,846).

Inventory

Inventory (13,510 active listings) grew only slightly from last month, and are now near the 10-year average (13,475 average).

Sales to Active Listings

Seasonally average sales and inventory have the Sales to Active Listing Ratio at 17.5%, indicating flat prices.

Months of Inventory

Months of Inventory fell to 5.7 MOI, indicating an average market and flat prices.

Want to learn more about these stats or discuss your move to Macdonald Realty?

Check out careersinbcrealestate.com to connect today!

Recent News

Lyndan Properties

Lyndan Properties is a real estate development and investment firm dedicated to creating properties that meet the highest standards of quality, design, and sustainability. Having served the Greater Vancouver area since 2013, Lyndan has experience with every aspect of the development process from property selection, design development, construction, and marketing.

Macdonald Platinum Marketing

The Macdonald Platinum Marketing team offers a range of project marketing services including real estate project marketing, sales strategy development, and market research, to help clients effectively promote and sell their properties.

Macdonald Property Management

Macdonald Property Management provides residential and commercial property management and currently manages over $6 billion in BC properties with offices in Vancouver, the Fraser Valley and Victoria.

Macdonald Commercial

Macdonald Commercial provides creative real estate solutions in the area of commercial sales and commercial leasing including: apartments, land, retail, office, industrial, shopping centres and other investments.  Macdonald Commercial has over 40 dedicated commercial brokers with a head office in Vancouver, and offices in the Fraser Valley and Victoria.  They are a proud member of CORFAC International, the premier network for independently owned commercial real estate firms.

Macdonald Realty

Carefully curated over the past 80 years, Macdonald Realty offers unparalleled industry expertise in every facet of real estate. From luxury, residential, commercial, project marketing, development and property management we have established a reputation built on knowledge and trust. Operating over 20 offices and 1,100+ agents, brokers and property managers in B.C., we are your best next move.