Vancouver's Spring Market Sees Large Influx of Inventory... But how does that impact you?
May 2024 in Vancouver Real Estate
With sunny days ahead, Vancouver is buzzing with life again. With a new month, we have a new numerical insight into the Vancouver real estate market and how it affects buyers and sellers alike.With that, let's dive into the latest April market data.
This April was like no other, especially in terms of listings. April 2024 came with a massive 60% increase in new listings compared to April 2023. That's not all – we soared past the 10 year seasonal average by a staggering 25.8%. There are not many data points that are above the 10 year average right now, so this is notable. What does this mean for you? Well, if you're in the market to buy or sell, there's plenty to consider.
For buyers, the surge in listings means more options to explore. With a variety of properties hitting the market, you might just find a home that fits your needs sooner than expected. This generally comes with more opportunity for buyers and less competition, but as buyer interest continues to increase, this spike in inventory could lead more buyers back into the market.
Now, for sellers, it's a mixed bag of opportunities and challenges. On one hand, the increased listings offer more exposure for your property as our market picks up more speed. Yet, with more choices for buyers, ensuring your home stands out is crucial. Strategic pricing and presentation could make all the difference in attracting the right buyer.
Let's talk numbers. In April, the number of homes for sale skyrocketed, reaching levels not seen since 2020. Despite this surge, actual sales saw a modest increase of 3.3% compared to last year. While this might seem like good news, it falls short of the seasonal average by 12.2%.
What does that mean for sellers?
April brought a significant increase in new listings, with inventory levels soaring by over 60% compared to last year. Yet, even with this influx, truly exceptional homes remain scarce.
This highlights the importance of standout staging or strategic renovations to make your home visually appealing and attract the right buyers.
Typically, our market sees a slowdown in summer. However, with promising news on inflation and a potential interest rate cut on the horizon, this summer might defy expectations. We could see a more active market than usual, presenting opportunities for both buyers and sellers.
While marketing a property is essential, promotion is equally crucial. Your agent should be proactively creating buzz around your property, making daily calls and engaging in outbound marketing. It’s essential in this market, and in every market if you want truly phenomenal results.
Tips for Home Sellers as We Move into June
Stage to Stand Out
With an increased number of listings, making your home visually compelling is vital. Invest in professional staging or minor renovations to highlight your home's best features and attract discerning buyers. A little money can go a long way, as the visual appeal of your property reflects in the media and marketing campaigns that help sell it.
Stay Active During Summer
Despite the usual summer lull, stay active in the market as possible opportunities could be around the corner. With potential interest rate cuts, buyer activity could remain high. Stay up to date on new listings and sold listings in your property type category and neighborhood. If you don’t have access to that information, don’t hesitate to reach out for a report of recent sales in your area.
Keep an Eye Out for Opportunities
With this flood of new inventory, your dream home might have suddenly become available, and the opportunity to move might come sooner than you anticipated. Many homeowners put off upgrading or downsizing in the past year due to extremely limited inventory. Well, times have changed, and now the perfect opportunity might be available.
As always, staying informed and adaptable is key in this dynamic market. Here’s to a vibrant spring season filled with exciting possibilities.