At 5.7 Months of Inventory, Prices have traditionally remained flat.
The most reliable indicator of market prices is the Sales to Active Listings Ratio (SAL). This is the ratio between the number of sales in a given month and the number of active listings at month-end.
In hotter markets in BC, a long-term analysis has shown that prices will usually act in the following ways:
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7+ Months of Inventory (Under 14% SAL): Prices will likely DECLINE
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5 – 7 Months of Inventory (14% – 18% SAL): Prices will likely be STABLE
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Less than 5.5 Months of Inventory (Over 18% SAL): Prices will likely RISE
Visit this link to learn more about house prices and inventory.
Sales
Sales accelerated in January, with 2,365 sales in the month. The 10-Year Average is 3,846, but was only 1,648 in 2023.
Cumulative Year-to-date Sales
2024 sales (2,365) are starting out much stronger than in 2023 (1,648), but remain below the 10-year average (2,846).
Inventory
Inventory (13,510 active listings) grew only slightly from last month, and are now near the 10-year average (13,475 average).
Sales to Active Listings
Seasonally average sales and inventory have the Sales to Active Listing Ratio at 17.5%, indicating flat prices.
Months of Inventory
Months of Inventory fell to 5.7 MOI, indicating an average market and flat prices.
Want to learn more about these stats or discuss your move to Macdonald Realty?
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