Home sales registered in the MLS® in the Metro Vancouver market rose 28% year-over-year in November, building on the momentum of the 30% year-over-year increase seen in October.
The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,181 in November 2024, a 28.1% increase from the 1,702 sales recorded in November 2023. This was 12.8% below the 10-year seasonal average (2,500).
“When we saw demand pick up in October, there was still a question over whether it was a blip in the data or the start of an emerging trend,” Andrew Lis, GVR’s director of economics and data analytics said. “While the November market isn’t quite a Cyber Monday door-crasher, buyers are continuing to take advantage of the relatively balanced market conditions while they last.”
There were 3,725 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in November 2024. This represents a 10.6% increase compared to the 3,369 properties listed in November 2023. This was 5.4% above the 10-year seasonal average (3,535).
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 13,245, a 21.2% increase compared to November 2023 (10,931). This is 26.1% above the 10-year seasonal average (10,502).
Focusing on the Downtown Vancouver condo market in November 2024, activity is way up and prices are trending upwards as well.
The under $900,000 market is selling at 15%, 74 out of 498 homes are selling, up 1% from last month.
The $900,000 to $1,000,000 market is selling at 23%, 15 out of 65 homes are selling, up 9% from last month.
The $1,000,000 to $1,250,000 market is selling at 16%, 20 out of 125 homes are selling, up 5% from last month.
The $1,250,000 to $2,000,000 market is selling at 11%, 22 out of 208 homes are selling, up 3% from last month.
The $2,000,000 to $2,500,000 market is selling at 4%, 2 out of 56 homes are selling, down 1% from last month.
The $2,500,000 to $3,000,000 market is selling at 4%, 2 out of 49 homes are selling, down 2% from last month.
The $3,000,000 to $5,000,000 market is selling at 9%, 5 out of 55 homes are selling, up 6% from last month.
The $5,000,000 plus market is selling at 2%, 1 out of 48 homes are selling, down 2% from last month.
Total unit sales in Downtown Vancouver were down 8% from last month and up 12% from November 2023.
Those who are priced correctly for this market are selling on average at a rate of 30 days which is 43% slower than last month.
The median price increased 16% from last month, and the median price has increased 14% from November 2023.
The average price per square foot decreased from $1,003 in October to $1,044 in November.
Our Downtown Vancouver inventory decreased by 10% from last month with 1104 active listings which is up 9% from November 2023.
As always, the sellers’ best bets still remain 1 bedroom condos in particular in the West End and Yaletown. And the buyers’ best bets are units priced $5 million.
I hope you find this helpful, but should you have any questions please don’t hesitate to ask.
Sincerely,
Ian