The Metro Vancouver real estate market saw a month-over-month bounce-back in October – including the volume of home sales and the median home sale price, according to new HouseSigma data.
However, residential properties are taking longer to sell, when looking at the average “property days on market.”
October’s sales figures for the Metro Vancouver region were up 21% from September’s, showing a recovery from the slow late-summer months, albeit not as robust as in spring this year. The median sale price of a home in the region also increased, by 1.5% to $930,000.
While average days on market (current listing only) dipped slightly to 39, the average property days on market was the highest it has been since January, at 81 days. “Property days on market” measures the total number of days a property has been for sale, including if it was delisted and quickly relisted. This means that the average Metro Vancouver home is now taking 81 days to sell, taking into account any delisting and rapid relisting of properties, which is sometimes used to hide how long a home has truly been for sale.
This 81-day figure is the second-longest property days on market measure since HouseSigma began collecting the data in January 2020. It is only surpassed by that of January this year, when average property days on market was 85 days.
Check out HouseSigma’s Metro Vancouver MarketWatch infographic below for more details on the region’s monthly residential real estate activity.
Karen Grunland, HouseSigma’s broker of record for BC and Alberta, commented, “We’re in a buyer-friendly market with opportunity for negotiation. For buyers, this is an excellent time to explore options with less competition than we saw in previous years. For sellers, strategic pricing and presentation are more critical than ever.”
Find all your market trends data for Metro Vancouver here.