At 5.9 Months of Inventory, Prices are expected to Remain 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 in September 2023 (3,026) were 15% higher than September 2022 (2,584), and were 25% below the 10-year average (4,082).
Cumulative Year-to-date Sales
2023 continues to be slower as sales (33,197) remain below the 10-year average (40,793).
Inventory
September inventory (17,914 active listings) increased slightly from the previous month, and are nearly 6% below the 10-year average (19,041 average).
Sales to Active Listings
Low sales but lower inventory kept the Sales to Active Listing Ratio at 17%, indicating flat prices.
Months of Inventory
Similarly, Months of Inventory rose to 5.9 MOI, indicating a balanced market and flat prices.
Want to learn more about these stats or discuss your move to Macdonald Realty?
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