the vancouver rennie review | August 2024

greater vancouver board area DETACHED - JULY 2 0 2 4

SALES TO LISTINGS RATIO 12% BALANCED MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

MEDIAN PRICE

TOTAL INVENTORY

SALES

▲ 2% VS 2023

▲ 36% VS 2023

▲ 0.6% VS 2023

▼ 1.7% VS 2023

There were 5,380 detached listings in the Greater Vancouver board area in July, 1.3% above June and 36% higher than July 2023. July detached home sales decreased by 1.3% month-over-month, to 670, and were 0.6% above July 2023. The sales-to-listing ratio for detached in the Greater Vancouver board area, at 12%, reflected a balanced market. The detached median price in July was $1,877,500, a 5% decrease from June and 2% above July 2023.

THIS MONTH No. $2,171,590 $1,877,500 12% 670 5,380

PREVIOUS MONTH

PREVIOUS YEAR

No.

% Change

No.

% Change

TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE

$2,208,025 $1,833,500 17% 666 3,946

-1.7% 2% -26% 0.6% 36%

$2,381,963 $1,970,000 13% 679 5,313

-9% -5% -3% -1.3% 1.3%

The average sold price was $2,171,590, 9% below last month and down 1.7% to July 2023.

▶ RATIO OF MEDIAN PRICES

▶ RECENT TRENDS

● DETACHED-TO-TOWNHOME ● TOWNHOME-TO-CONDO

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

5,059

5,380

4,622

5,313

4,427

4,343

4,011

1.79

1.78

3,946

1.69

4,001

3,812

1.53

3,450

1.52

3,289

1.47

3,131

828

794

567

554

504

383

367

666

670

679

651

580

545

$1.94M $1.97M $1.97M $1.88M

$1.83M $1.91M $1.86M $1.93M $1.88M $1.80M

$1.81M $1.92M $1.92M

23-Jul

24-Jun

24-Jul

▶ TOTAL LISTINGS & SALES BY PRICE RANGE

SELLERS' MARKET 21% +

BALANCED 12 - 20%

BUYERS' MARKET <12%

● SALES ● TOTAL INVENTORY ● S-L RATIO

1,200

1,000

800

600

400

21%

20%

19%

15%

14%

10%

200

9%

6%

2%

2%

0

<$1M

$1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M-2.99M $3.0M-3.99M $4.0M-4.99M $5.0M-5.99M

$6.0M+

S-L RATIO SALES INVENTORY

274 42 15%

189 36 19%

422 88 21%

1,115 220 20%

824 112 14%

679 65 10%

817 70 9%

411 24 6%

224 4 2%

425 9 2%

Copyright © 2024 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of August 6, 2024. All data from Greater Vancouver REALTORS®, Fraser Valley Real Estate Board, Whistler Listing System, and rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 8 ●

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