You are not going to believe how many properties are sold at or above list price last week. Stay tuned to find out more in your Monday Market Monitor!

We are three weeks into September and the 4th quarter, and the Vancouver Real Estate Board is seeing some interesting numbers for the week of September 19th – 25th.

So this week, we saw a slight drop of 134 in new listings coming to market over the previous week, so last week, we totalled 984 new listings, so similar to the mid-July listing number.
I expected to see more coming back to the market, given that we have seen an average of 125 properties expire or come to the end of their term over the last 12 weeks. So it remains to be seen if we will see more than the 83 properties come to the end of their term next week.

Interestingly, we had 319 price changes last week, which is the highest number we have seen in 4 weeks. This is the number to watch over the next couple of weeks as people really start to adjust to a higher amount of inventory – aka competition on the market.

Our sales are creeping up from the bottom, which we saw in 1st week of September. So this past week we had 394 sales, that is 34 more than the previous week.
What is interesting here is that the in those 394 ales, the average days on the market came down from 34 for the 1st and 2nd week in September to 28. What that tells me is that agents and sellers are starting to adjust their pricing for the new market so that they have a successful fall sale. Of course, some of those will be price improvements from last week but this just highlights the fact that right now PRICE IS KING!

Now to the juicy stuff. The numbers you have all been waiting for. We are talking about how many of the 394 sales last week were sold at or above list price. This knocked my socks off when I calculated it… 27% of the sales last week sold at or above list . We have not seen a percentage that high since the 1st week of August.

And now, for the number of properties sold under $1M. Last week there were 211 of the 394 sales sold under the $1M mark, so 53.5% of the properties. That is a crazy number, and it is growing every week, and I have been talking about it for a while now. If you have a property to sell under $1M, then you are in luck because this is the most active price band right now. This is also where the most competition is. So for people entering the market or purchasing under $1M, you need to have your shit together, all those ducks in a row, and be prepared to be in competition.

For sellers, as I mentioned before PRICE IS KING and if you are not going to pay attention to what is sitting on the market or what is selling now … not what your neighbour sold for in March then you are going to miss that elusive fall sale.

I am not sure if it is for you, but if you want to have a more in-depth conversation about the Vancouver Real estate Market and how these stats will affect your home sale, then reach out because I love talking about Real Estate.

Thank you so much for tuning in to your Monday Market Monitor, and we will see you in the next video.