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Current: Port Moody's 9 %SOLD Rate indicates a Buyer's Market.
(Meaning 9 Homes out of 100 Sold Last Month with an Average $62,950 decrease from the Original List price).
Most Active Range: Homes between $1.7 mill.-$2.2 mill. have 13.9 %SOLD rate.
Least Active Range: Homes above $3.3 mill.-$3.3 mill. have 2.7 % SOLD rate.
History: Pt Moody YTD RMR HPI* shows that prices increased $42,778.
*The RMR HPI (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast: Port Moody has Average Listing Supply; 107 homes are for sale and with the 9 %SOLD Monthly Rate gives us a ~11 months of Inventory. We project Port Moody switch into a Buyer's Market. 10% of the Active Listings have reduced their Price by $53,818 on Average and $50,000 on Median for the last month.
Greater Vancouver October 2024:
October's real estate report shows that 52% of detached homes in Greater Vancouver lost value this month. On average, single-family homes in Metro Vancouver saw a price drop of $1,045. With mortgage rates going down, buyers will be more active, especially in the condo and townhouse markets. We forecast that the Metro Vancouver area to remain a buyer's market until the end of the year.
In October, the average price of condos decreased by $3,925, and townhouses saw a decline of $3,155. We forecast that the condo and townhouse markets will remain a buyer's market in the coming months.
To keep up with the latest market trends, tune in every Saturday at noon on VancouverMarketReports.com. We analyze which areas in the Lower Mainland are rising or falling. For a full update on market values, forecasts, and a detailed analysis of your neighborhood, reach out to Bill Coughlin and the Coughlin Team at 778-374-3744.
Fraser Valley October 2024:
October's real estate statistics show that 50% of detached homes in the Fraser Valley lost value this month. Overall, single-family homes in the Fraser Valley had an average price drop of $2,083. With mortgage rates going down, buyers will be more active, especially in the condo and townhouse markets. For now, we expect the Fraser Valley to remain a buyer's market until the end of the year.
In October, the average price of condos decreased by $1,364, and townhouses saw a decline of $940. We forecast that the condo and townhouse markets will remain a buyer's market in the coming months.
To keep up with the latest market trends, tune in every Saturday at noon on VancouverMarketReports.com. We analyze which areas in the Lower Mainland are rising or falling. For a full update on market values, forecasts, and a detailed analysis of your neighborhood, reach out to Bill Coughlin and the Coughlin Team at 778-374-3744.
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