Inventory remains low in Metro Vancouver while home sales dipped well below monthly historical averages in January.
The Real Estate Board of Greater Vancouver saw residential homes sales total 1,022 in January 2023, a 55.3% decrease from the 2,285 sales recorded in January 2022, and a 21.1% decrease from the 1,295 homes sold in December 2022. Last month's sales total was 42.9% below the 10-year January sales average.
Home listings on the Multiple Listing Service® (MLS®) in Metro Vancouver reached 3,297 in January 2023. This represents a 20.9% decrease compared to the 4,170 homes listed in January 2022 and a 173.4% increase compared to December 2022 when 1,206 homes were listed.
Analysts generally agree that downward pressure on home prices occur when the sales-to-active ratio dips below 12% which is referred to as a Buyer’s Market, whereas home prices experience upward pressure when it goes beyond 20%, also referred to as a Seller’s Market. A Balanced Market is between the two. Metro Vancouver saw a decrease in the combined sales-to-active ratio from last month and now we are in a Balanced Market.
Broken down by property type, the sales-to-active ratio for January 2023 is 10.2% for detached homes, 13.4% for townhouses, and 16.7% for condos. This means that townhouses are in a Balanced Market, condos are in a Balanced Market and the detached sector is in a Buyer's Market.
The Real Estate Board of Greater Vancouver reports that the composite benchmark price is currently above $1 million at $1,111,400. This represents a 6.6% decrease over January 2022, and a 0.3% decrease compared to December 2022.
The total sales for January 2023 were 1,022. This works out to 295 detached homes with a benchmark price of $1,801,300, 156 townhouses with a benchmark price of $1,020,400 and 571 apartments with a benchmark price of $720,700.
Ready to jump into the market? Whether you’re looking to buy, sell, or learn more about what this means for you, reach out to us today!