Market Stats for Spring - What to Expect if Your Thinking of Buying or Selling 

Spring is here, and with it comes a season of change—not just in weather but in the real estate market. Whether you're planning to buy your dream home or sell your current one, understanding the latest trends can help you make informed decisions. Here’s what you need to know about the South Vancouver real estate market this spring.

Spring is traditionally one of the busiest times of the year for real estate, and 2024 is no exception. Early data shows a 5% increase in listings compared to last year, giving buyers more options to choose from. Sellers, on the other hand, are benefiting from competitive offers as buyer demand remains steady.

The average home price in South Vancouver is currently $1.4M, a slight increase from winter’s dip. Detached homes are seeing the most significant growth, with prices climbing 3% month-over-month. Condos and townhomes remain stable, making them attractive options for first-time buyers.

For sellers, this upward trend suggests that listing early in the season could help you maximize your return.

One factor shaping this spring market is mortgage rates. While rates remain higher than in recent years, they’ve stabilized, giving buyers more confidence to move forward.

Buyers are becoming more selective, prioritizing properties that are move-in ready and offer value-added features like energy efficiency or home office space. Sellers should consider small upgrades to stand out in this competitive market.

While spring is busy, many are already speculating about what summer will bring. Experts predict that the influx of new listings will continue, potentially stabilizing price growth. This could create a balanced market, ideal for both buyers and sellers.