September 2023 – Lower Mainland Monthly Update

At only 4.6 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 August 2023 (3,569) were 25% higher than August 2022 (2,887), and were 15% below the 10-year average (4,187).

Cumulative Year-to-date Sales

2023 continues to be slower as sales (30,171) remain below the 10-year average (36,712).

Inventory

August inventory (16,373 active listings) decreased slightly from the previous month, and are nearly 15% below the 10-year average (18,718 average).

Sales to Active Listings

Low sales but lower inventory kept the Sales to Active Listing Ratio at 22%, indicating rising prices.

Months of Inventory

Similarly, Months of Inventory rose only slightly to 4.6 MOI, indicating a continued seller’s market and continued upward pressure on prices.

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

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