May 2023 Lower Mainland Market 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!

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