vancouver region CONDO - MAY 2 0 2 4
SALES TO LISTINGS RATIO 23% SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 1.3% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 0.2% VS 2023
▲ 58% VS 2023
▼ 0.6% VS 2023
▼ 21% VS 2023
There were 7,730 condo listings in the Vancouver Region in May, 9% above April and 58% higher than May 2023.
May condo sales decreased by 5% month-over-month, to 1,785, and were 21% below May 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The sales-to-listing ratio for condos in the Vancouver Region, at 23%, re)ected a sellers' market.
TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
1,785 7,730
2,251 4,905
-1.3% 0.2% -0.6% -50% -21% 58%
1,881 7,102
0.4% 0.8% 0.1% -13% -5% 9%
The condo median price in May was $671,000, a 0.1% increase from April and 0.6% below May 2023. The average sold price was $763,927, 0.8% above last month; the average PSF sale price was $884, up 0.4% to last month.
$884 $763,927 $671,000 23%
$896 $762,381 $675,000 46%
$880 $757,757 $670,000 26%
▶ AVG PRICE PER SQUARE FOOT
▶ RECENT TRENDS
● MAY 2023 ● MAY 2024
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
7,730
7,102
6,238
6,048
5,966
5,387
5,184
6,037
5,456
4,905
5,248
4,851
4,758
2,140
1,881
2,251
1,690
1,517
1,363
1,785
1,742
1,618
1,329
1,142
1,060
999
$675K
$678K
$670K
$670K
$671K
$665K
$662K
$650K
$652K
$650K
$650K
$645K
$630K
Vancouver Region
REBGV
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET 21% +
BALANCED 12 - 20%
BUYERS' MARKET <12%
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● S-L RATIO
2,500
55 7
4+ bdrms
2,000
1,500
105
3 bdrms
714
1,000
28% 27%
22%
1,022
16% 14%
2 bdrms
500
12% 11%
4,206
5%
0
651
<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+
<2 bdrms
S-L RATIO SALES INVENTORY
2,160 612 28%
2,359 641 27%
1,329 297 22%
637 101 16%
438 60 14%
388 45 12%
136 15 11%
283 14 5%
2,755
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 June 10, 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. 7 ●
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