The Vancouver Life Real Estate Podcast Vancouver Real Estate Market Update for April 2023
This week we review the April Stats and without question, the Vancouver real estate market has been experiencing a trend of price acceleration over the past three months, with prices rising for the third month in a row. This is happening at a time when rates are down, which is a surprising development. The market has also seen inventory doing something that has never been seen before, which is particularly significant. In this article, we will take a closer look at the Vancouver real estate market and what to expect next.
Total Sales Are Up!
In April 2023, there were 2,741 total sales in Vancouver, which is an increase of 8% from March. This is the third consecutive month of increases in sales volume, indicating a trend of growth in the market. However, the total sales volume is still 16.5% lower than it was in April 2022, and 15.6% below the 10-year seasonal average. It is important to note that last month was the highest sales volume in 11 months, dating back to June 2022. Additionally, for the first time in four years, April sales were higher than March sales, which could be a positive sign for the market.
New Listings: Some but not enough!
There were 4,307 new properties listed in April 2023, which is slightly lower than March by 30 units. This is an unusual development, as the last three years have seen lower listings in April than in March. The number of new listings is also 30% lower than in April 2022 and 22% below the 10-year seasonal average of 5,525. This raises concerns that new listings may have already peaked for the spring market, which could be problematic for the market going forward.
Inventory: Critically Levels!
The inventory is the most significant story in the Vancouver real estate market. In April 2023, there were 8,231 properties available for sale, which is a decrease from the previous month. This is a rare occurrence, as the only other times in history when inventory has decreased from April was during the 2009 Global Financial Crisis and the April 2020 COVID-19 lockdown. The current landscape is very different from those times, making this development even more notable. Moreover, this marks the fifth consecutive month of flat inventory, all below 9,000. Since December, total inventory has only moved up by 800, which has never happened before. The closest comparison is 2016 and 2017, which were red-hot years in the Vancouver real estate market. The current inventory level is 4.2% lower than it was in April 2022 and 21% below the 10-year seasonal average.
Price:
In April 2023, the average price of a home in Vancouver was $1,170,700, which is up 2.4% since the previous month. This marks the third consecutive month of price increases, with March seeing an increase of 1.8% and February seeing an increase of 1.1%. Over the past three months, prices have increased by 5.3%, with an increase of $56,400 since January 1, 2023. Tune into this weeks podcast and catch the full story there on our YouTube channel!
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