This April, the Metro Vancouver housing market saw sales numbers that were pretty much the same as last year. However, things are looking a bit different depending on what kind of home you're interested in. Some types of homes are selling better than others right now.
Key Market Takeaways
- Home sales in Metro Vancouver were flat compared to April last year.
- Detached home sales are up year-over-year, while multi-family sales have dropped.
- The number of homes listed for sale is higher than the 10-year average.
- The sales-to-active-listings ratio is around 14%, indicating a balanced market.
- The benchmark price for all housing types is down 7% from last year.
April Sales Activity
Realtors closed just over 2,100 home sales in April. That's a small drop of about 2.5% compared to April of last year. It's also quite a bit lower, almost 23% less, than the average for April over the last decade. What's interesting is that sales for detached homes have been increasing when you compare this year to last. On the flip side, sales in the multi-family category, like townhouses and apartments, have gone down. This trend seems to be happening in most areas across Metro Vancouver.
New Listings and Inventory
In April, realtors put nearly 6,700 homes on the market. This is about 2% less than last year, but it's still a good bit higher, almost 16% above the 10-year average for April. By the end of the month, there were about 16,200 homes available for sale. This number is almost the same as last year, but it's a significant 38% more than the 10-year average for April.
Understanding Supply and Demand
To get a sense of how supply and demand are playing out, we look at the sales-to-active-listings ratio. This ratio compares the number of homes sold to the number of homes available for sale during the month. Historically, when this ratio stays below 12% for a while, it usually means prices are likely to go down. When it goes above 20% for a few months, prices tend to go up. In April, this ratio was around 14%. Looking at specific property types, the ratio was 11% for detached homes, 15% for attached homes (like townhouses), and 15% for apartments.
Home Prices in April
The MLS HPI benchmark price for all types of homes in Metro Vancouver was about $1,098,000 in April. This is a 7% decrease from the same time last year. Breaking it down by property type:
- Detached Homes: The benchmark price is $1,841,000.
- Townhomes: The benchmark price is $1,043,000.
- Apartments: The benchmark price is $703,000.
With detached homes showing more activity as spring gets into full swing, it's possible that the multi-family market could follow. This could eventually help to reduce the number of homes currently sitting on the market.
