September 2023 Market Recap – Unlock New Real Estate Opportunities!
Dear clients and fellow real estate enthusiasts! It’s time for our monthly market update, and boy, do we have exciting insights to share about the bustling Metro Vancouver housing market in September 2023. Whether you’re buying, selling, or simply keeping an eye on the market, this recap is a must-read.
Market Movement & Seasonal Shifts
The market witnessed an intriguing shift this month. The intense price growth we’ve observed earlier this year took a brief pause. This breath of fresh air was primarily due to the predictable seasonal dip in sales and a slight increase in available inventory.
According to the Real Estate Board of Greater Vancouver (REBGV), residential home sales reached 1,926 in September 2023, marking a promising 13.2% increase compared to September 2022. However, it’s worth noting that this figure still stands 26.3% below the 10-year seasonal average, which sits at 2,614.
Seller’s Reluctance & Inventory Dynamics
One captivating story this year has been the hesitation of some homeowners to list their properties, owing to the highest mortgage rates seen in over a decade. As a result, listings hit the market at a slower pace than usual earlier this year, causing inventory levels to dwindle and prices to soar through spring and summer.
Yet, there’s a silver lining in our September data. We’ve witnessed an encouraging uptick in new listings. A whopping 28.4% more properties were listed for sale on the MLS® in Metro Vancouver compared to last September, totaling 5,446. This figure even surpassed the 10-year seasonal average by 5.2%.
Balanced Market Conditions & Opportunities Abound
In a market that’s often as dynamic as the weather, September suggests a change of heart among sellers. New listings are aligning with historical norms, and the inventory is making a modest comeback after this year’s tight supply. When we consider the typical fall slowdown in sales due to seasonal patterns, the result is a more balanced market overall.
So, what does this mean for you, our valued clients? If you’ve been contemplating upsizing or downsizing, now is an opportune moment. The market offers a wealth of choices in all home types, coupled with lower price ranges. This increased inventory will empower you with more selection than we’ve seen in months.
As your trusted real estate advisor, I’m here to guide you through this evolving market, whether you’re ready to seize the moment or just exploring your options. Please don’t hesitate to reach out for a personalized consultation tailored to your unique goals.
Let’s navigate the waves of opportunity together.
The next interest rate update is scheduled for October 25, 2023, with ongoing assessments of inflation and economic dynamics.
For all your real estate related needs.
Mindy Minhas PREC 🍁
Sutton Group West Coast
📲 778 839 7615