October 2023 – Lower Mainland Monthly Update

October 2023 – Lower Mainland Monthly Update

At 5.9 Months of Inventory, Prices are expected to Remain Flat.

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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.


Sales

Sales in September 2023 (3,026) were 15% higher than September 2022 (2,584), and were 25% below the 10-year average (4,082).

 

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Cumulative Year-to-date Sales

2023 continues to be slower as sales (33,197) remain below the 10-year average (40,793).

  

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Inventory

September inventory (17,914 active listings) increased slightly from the previous month, and are nearly 6% below the 10-year average (19,041 average).

  

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Sales to Active Listings

Low sales but lower inventory kept the Sales to Active Listing Ratio at 17%, indicating flat prices.

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Months of Inventory

Similarly, Months of Inventory rose to 5.9 MOI, indicating a balanced market and flat prices.

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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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