This past month sales slipped and inventory levels continued to rise. It’s not unusual, that we see sales dip from May to June as the seasonally slower summer market takes hold. However, the dip this year was greater than normal…and overall inventory levels remain elevated (with prices remaining sticky to the upside).
Sales dropped to 739 (-11% month-to-month and -13.3% year-to-year). As mentioned above, this is a sharper decline in sales than is typical at this time of year ~8% has been the average decline over the last ten years)…and this is -18.2% below the 10-year average.
Meanwhile, New Listings also fell to 1,824 (-10.5% m-to-m and +6.7% y-to-y) up +7.2% over the 10-year average. This resulted in Total Active Listings essentially remaining flat at 4433 (-0.6% m-to-m and +29.9% y-to-y) which was +23.9% over the 10-year average.
The Greater Vancouver Realtors pointed out that inventory levels throughout our region haven’t been this high since 2019. What they didn’t mention, is that it’s actually more extreme for Vancouver. It was way back in April 2023 since we last saw inventory over 4,500.
I mentioned in my last newsletter that I expected demand to slow down through the summer months while listing inventory increased…and that’s what we’ve seen…and I expect we shall continue to see through the summer.
I believe that the market is currently adjusting to a variety of outside influences (Airbnb regulations, CRA rule changes, a higher interest rate environment, a weaker Chinese property market, and most recently changes to rules around ending tenancies)…combined with what is typically a seasonally slower market.
I am NOT seeing a flood of listings and desperate sellers hitting the market. I am still seeing buyers frustrated that high-quality listings that match their criteria are not available. Quality, well-priced and professionally marketed properties are still seeing healthy demand and selling quickly…and prices (generally) are still trending higher.
What does this all mean? Well, it’s complicated. The market is currently offering opportunities for both buyers and sellers. Whether now is the right time to act really depends on your exact scenario and goals…and as always, I’m here to help you navigate through the complexities.
If you’d like to chat about what this means for you, reach out anytime!
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.
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