With listings continuing to languish, home sales in Vancouver continue to bounce back to more historical norms. While we are still below the 10-year average and last year, this rapid comeback has surprised many after seeing eight consecutive interest rate hikes.
There were 735 home sales in Vancouver in April. This was basically flat over the previous month (-0.8%) but down a fairly significant -24.3% over the previous year...and -20% from the 10-year average.
New Listings fell slightly to 1,327 (-4.3% month-to-month and -31.7% year-to-year). This was -21.7% from the 10-year average.
With steady sales and a decline in new listings, Total Active Listings fell to 2,833. This was -2% m-to-m and -18.2% y-to-y. But most significantly this was -14.3% from the 10-year average.
Over the last 4 months we've seen a steady trend of demand increasing toward the historical norm while supply decreases. This has been putting increasing pressure on prices as eager buyers compete for the limited supply of homes on the market.
All housing types in all sectors of the city saw fairly significant single month gains. Yes, prices are still lower than a year ago...but that comparison is a tough one as we hit all-time high prices in April and May of 2022.
The biggest gains last month were for Westside Townhouses that had a +6.5% gain in a single month. Westside Houses are suddenly back in favour as well. This month seeing a +2.94% gain (their third in a row) after being in disfavour for the last few years.
This is rapidly becoming a market that favours sellers. As mentioned, homes are in very short supply. Quality homes even more so. If you are thinking of selling, there hasn't been a better time in the last year...and if you are buying, you have to be ready to act quickly and decisively.
As always, if you have any questions about the market or how to better position yourself I am always available for a conversation.