Hi, it's Cari Mai and this is your Vancouver real estate market update for November 2023.
Overall, what we're seeing in the market is an increased number of newly listed properties, bringing the total number of homes for sale slightly above the 10 year seasonal average. With more inventory, home buyers have more choice, are taking their time during offer negotiations, and having a relatively more comfortable home buying experience than the last few years!
However, demand is not as strong as expected at this time of year with sales still remaining 30% below the long term seasonal average! I know I said this last month, but it's THIS month now that we see the lowest monthly sales since February 2023!
Though we saw a drop-off in sales from September, October sales numbers were still higher compared with last October's historically low count. Sales were higher last month compared with September 2023 for detached homes and condos by 2% and 3% respectively, while the townhouse segment saw sales decrease by 11%.
The MLS benchmark price for all home types in Greater Vancouver is $1,196,500. Overall, home prices are still up 4.4% from October 2022 and saw a slight dip of 0.6% from September 2023.
I hope that gives you a glimpse into Vancouver's real estate market this month!
Feel free to DM me or leave a comment below if you have any questions about what you just heard.
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