Metro Vancouver market concluded 2023 in a balanced state, the dynamics shifted in January, favoring sellers as the rate of newly listed properties failed to match the surge in home sales.
According to the Real Estate Board of Greater Vancouver (REBGV) In January 2024, residential sales in the region reached 1,427, marking a significant 38.5% increase compared to the 1,030 sales recorded in January 2023.
In January 2024, there were 3,788 newly listed detached, attached, and apartment properties for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver. This indicates a 14.5% increase compared to the 3,308 properties listed in January 2023. However, it was 9.1% below the 10-year seasonal average of 4,166.
Detached Home Sales: In January 2024, sales of detached homes surged to 379, reflecting a notable 28% increase from the 296 detached sales recorded in January 2023. The benchmark price for a detached home in this period stands at $1,942,400.
Apartment Home Sales: In January 2024, sales of apartment homes totaled 746, marking a substantial 30.6% increase from the 571 sales recorded in January 2023. The benchmark price for an apartment home during this period is $751,900.
Attached Home Sales: In January 2024 sales amounted to 285, reflecting a remarkable 82.7% increase compared to the 156 sales recorded in January 2023. The benchmark price for a townhouse during this period stands at $1,066,700.
According to the Real Estate Board of Greater Vancouver (REBGV), 2024 forecast predicts a two to three percent price increase by the year-end, primarily driven by demand surpassing limited inventory.
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ABOUT ANNA LITVAK JOSEPH
Anna is a licensed REALTOR® based in Greater Vancouver and providing trading real estate services across Metro Vancouver, Greater Vancouver, Fraser Valley & Kelowna. Anna has an impressive track record and a wealth of experience in all the aspects of the real estate industry. As a full-time REALTOR®, Anna is dedicated to providing her clients with top-notch service, expert advice, and outstanding results in their real estate transactions. Anna emphasizes the importance of building valuable relationships and ensuring client satisfaction from the initial thoughts of making a move and throught the home ownership journey. Her customer-centric approach is fundamental to her business philosophy.
With over 15 years of sales experience & entrepreneurship, Anna brings a high level of professionalism, customer service, and integrity to her real estate career. Anna’s outstanding performance in real estate is underscored by her impressive achievements. She qualified as a Medallion Club Member in 2018, 2019, 2020, 2021, and 2022, placing her among the top 10% of real estate agents in Greater Vancouver. Anna has worked hard to gain numerous 5 star testimonials, and is being featured in several publications year over year, including Vancouver Excellence in Real Estate, Top agent Magazines, and more. Anna is also highly ranked in multiple cities across RATE-MY-AGENT.
Anna’s professionalism, expertise and knowledge is the reason why the majority of her business today consists of referral or repeat customers.
About the team: BC PRIME REALTY GROUP is a full-service real estate team that has grown over the years to a trusted brand that provides service to thousands of happy buyers and sellers.
BC PRIME REALTY GROUP values diversity and relationship, therefore they follow client- centric approach, making it stress-free journey throughout their real estate experience.
BC PRIME GROUP is truly passionate about their mission of deliver excellence in Real Estate by building long term relationships. Their professionalism, expertise and knowledge is the reason why the majority of their business consists of referral or repeat customers.