VANCOUVER WEST JANUARY HOUSE MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release expresses surprise at January’s jump in home sales. Undaunted by low inventory, last month Buyers pushed residential sales 38.5 percent higher than January 2023. Conditions appear to be shifting back in favour of Sellers. It’s still early days in the year but if this trend continues it could mean a higher than forecast increase in home value for 2024. New listings in all sectors last month are up 14.5 percent compared to January 2023. Total inventory is up 9.8 percent year to year. The composite value of all properties is 4.2 percent higher January to January.
The graph illustrates a 2.6 percent increase from December to January for the average price of Metro Vancouver detached properties. The benchmark price for houses in January 2024 is 7.3 percent more than the previous January. Year to year the volume of detached home sales is up 28 percent.
Last month versus January 2023, Vancouver west detached prices are up 5.1 percent. West side house sales rise 56 percent year to year. January 2024 inventory is 15.9 percent higher than the previous January.
From December to January west side house sales increase 11.4 percent. Month to month detached inventory inflates 294.6 percent.