May 2022 Lower Mainland Monthly Market Update

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May 2022 – Lower Mainland Monthly Update (REBGV & FVREB)

Metro Vancouver & Fraser Valley sales have moderated.

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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.

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Sales

Sales have moderated in April and are now at the 10-year average (4,869 sales in April vs 4,969 average).

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Cumulative Year-to-date Sales

Year-to-Date, we are still 20% above the 10-year average (20,636 sales vs 16,997 average).

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Inventory

Inventory in April is no longer the lowest on record, but is still 25% below the 10-year average (14,183 listings vs 19,466 average).

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Sales to Active Listings

SAL has dropped from 56% in March to 34% in April. Typically, a SAL of 34% would indicate rising prices, but given the trajectory, it likely means moderating prices.

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Months of Inventory

Similarly to SAL, MOI has grown from 1.8 months to 2.9 months (a balanced market is 5.5 – 6.5 months), indicating a still tight, but moderating market.

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

Check out careersinbcrealestate.com to connect today!

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