11/04/2023
๐ก Metro Vancouver Real Estate Update: October 2023 ๐
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Great news for home buyers! Metro Vancouver has seen an increase in newly listed properties, providing more options. However, sales are still below long-term averages.
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๐ In October 2023, residential sales rose by 3.7% compared to the previous year. Yet, they remain 29.5% below the 10-year average for October.
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๐ข New Listings: 15.4% more properties were listed in October 2023 compared to the previous year, exceeding the 10-year average by 4.8%.
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๐ Inventory: The total number of properties listed for sale in Metro Vancouver increased by 12.6% compared to October 2022, slightly above the 10-year average.
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๐ Market Conditions: The sales-to-active listings ratio in October 2023 stands at 17.9%. When it drops below 12%, it can put downward pressure on home prices, while above 20%, it may lead to price increases.
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๐ Property Types: Apartments are more active than detached homes currently.
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๐ฐ Pricing: The benchmark price for all residential properties is $1,196,500, up 4.4% from October 2022. Detached homes have a benchmark price of $2,001,400, up 5.8%, while apartments are at $770,200, up 6.4%.
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๐๏ธ Overall, the market is showing signs of balancing, with increased supply and stable purchasing power. Keep an eye on these evolving trends if you're in the market. ๐๐ก