{"id":25044,"date":"2024-12-04T10:10:34","date_gmt":"2024-12-04T18:10:34","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=25044"},"modified":"2024-12-03T16:10:51","modified_gmt":"2024-12-04T00:10:51","slug":"rebgv-home-sales-momentum-continued-the-pace-of-new-listings-remained-sufficient-to-keep-prices-steady","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2024\/12\/rebgv-home-sales-momentum-continued-the-pace-of-new-listings-remained-sufficient-to-keep-prices-steady\/","title":{"rendered":"REBGV Home Sales Momentum Continued, The Pace of New Listings Remained Sufficient to Keep Prices Steady"},"content":{"rendered":"<p style=\"text-align: justify;\">Home sales registered in the MLS\u00ae 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.<\/p>\n<p style=\"text-align: justify;\">The Greater Vancouver REALTORS\u00ae (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).<\/p>\n<p style=\"text-align: justify;\">\u201cWhen 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,\u201d Andrew Lis, GVR\u2019s director of economics and data analytics said. \u201cWhile the November market isn\u2019t quite a Cyber Monday door-crasher, buyers are continuing to take advantage of the relatively balanced market conditions while they last.\u201d<\/p>\n<p style=\"text-align: justify;\">There were 3,725 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service\u00ae (MLS\u00ae) 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).<\/p>\n<p style=\"text-align: justify;\">The total number of properties currently listed for sale on the MLS\u00ae 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).<\/p>\n<p style=\"text-align: justify;\">Across all detached, attached and apartment property types, the sales-to-active listings ratio for November 2024 is 17.1%. By property type, the ratio is 12.7% for detached homes, 23.1% for attached, and 18.7% for apartments.<\/p>\n<p style=\"text-align: justify;\">Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.<\/p>\n<p style=\"text-align: justify;\">\u201cAlthough demand has increased as we head into year-end, the number of newly listed properties coming to market in November remained sufficient to keep prices steady across all segments,\u201d Lis said. \u201cBut as we move into the New Year, if the strength in demand continues at the current pace, and the pace of newly listed properties coming to market doesn\u2019t keep up, it may not be long until we see the return of upward pressure on prices.\u201d<\/p>\n<p style=\"text-align: justify;\">The MLS\u00ae Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,172,100. This represents a 0.9% decrease over November 2023 and nearly unchanged compared to October 2024.<\/p>\n<p style=\"text-align: justify;\">Sales of detached homes in November 2024 reached 626, a 19.7% increase from the 523 detached sales recorded in November 2023. The benchmark price for a detached home is $1,997,400. This represents a 1% increase from November 2023 and a 0.3% decrease compared to October 2024.<\/p>\n<p style=\"text-align: justify;\">Sales of apartment homes reached 1,089 in November 2024, a 28.1% increase compared to the 850 sales in November 2023. The benchmark price of an apartment home is $752,800. This represents a 1.2% decrease from November 2023 and a 0.6% decrease compared to October 2024.<\/p>\n<p style=\"text-align: justify;\">Attached home sales in November 2024 totalled 451, a 42.7% increase compared to the 316 sales in November 2023. The benchmark price of a townhouse is $1,117,600. This represents a 1.8% increase from November 2023 and a 0.8% increase compared to October 2024.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/members.gvrealtors.ca\/news\/GVR-Stats-Package-Nov-2024.pdf\" target=\"_blank\" rel=\"noopener\">Click here<\/a> to view the November 2024 stats package.<\/p>\n<p><a href=\"https:\/\/www.gvrealtors.ca\/market-watch\/monthly-market-report\/november-2024.html\" target=\"_blank\" rel=\"noopener\">Home Buyer Demand Continues to Strengthen in November<\/a> by REBGV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Home sales registered in the MLS\u00ae 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 &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2024\/12\/rebgv-home-sales-momentum-continued-the-pace-of-new-listings-remained-sufficient-to-keep-prices-steady\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,13],"tags":[],"class_list":["post-25044","post","type-post","status-publish","format-standard","hentry","category-market-updates","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>REBGV Home Sales Momentum Continued, The Pace of New Listings Remained Sufficient to Keep Prices Steady &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2024\/12\/rebgv-home-sales-momentum-continued-the-pace-of-new-listings-remained-sufficient-to-keep-prices-steady\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"REBGV Home Sales Momentum Continued, The Pace of New Listings Remained Sufficient to Keep Prices Steady &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Home sales registered in the MLS\u00ae 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 &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/12\\\/rebgv-home-sales-momentum-continued-the-pace-of-new-listings-remained-sufficient-to-keep-prices-steady\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/12\\\/rebgv-home-sales-momentum-continued-the-pace-of-new-listings-remained-sufficient-to-keep-prices-steady\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"REBGV Home Sales Momentum Continued, The Pace of New Listings Remained Sufficient to Keep Prices Steady\",\"datePublished\":\"2024-12-04T18:10:34+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/12\\\/rebgv-home-sales-momentum-continued-the-pace-of-new-listings-remained-sufficient-to-keep-prices-steady\\\/\"},\"wordCount\":499,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Market Updates\",\"Real Estate\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/12\\\/rebgv-home-sales-momentum-continued-the-pace-of-new-listings-remained-sufficient-to-keep-prices-steady\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/12\\\/rebgv-home-sales-momentum-continued-the-pace-of-new-listings-remained-sufficient-to-keep-prices-steady\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/12\\\/rebgv-home-sales-momentum-continued-the-pace-of-new-listings-remained-sufficient-to-keep-prices-steady\\\/\",\"name\":\"REBGV Home Sales Momentum Continued, The Pace of New Listings Remained Sufficient to Keep Prices Steady &#8226; 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