New listings have taken another significant drop week over week, with the percentage of listings sold at or above list price rebounding. Find out how these numbers affect both buyers and sellers on your Monday Market Monitor.
Welcome back to your Monday Market Monitor for the week of November 28th – December 4th, 2022, and we have lots to talk about when it comes to last week’s numbers from the Real Estate Board of Greater Vancouver.
Remember, I make these videos weekly to keep you informed about the Vancouver Real Estate market, so if you are finding these of value, do me a favour, hit the thumbs-up button and then hit subscribe so you can stay in the know.
Time to talk numbers!
We have seen another drop in new listings week-over-week, with only 582 new listings coming to the market.
That is officially the lowest number of new listings hit the market that we have seen over the 22 weeks I have been doing these videos.
While this may not be a surprise as we head into the holidays, since fewer people are looking to list, it poses a unique problem for buyers.
Buyers are out looking for properties and have been put in a similar position to the past two years of feeding frenzy in the market. It all comes down to a lack of inventory.
Our team has ready-to-transact buyers that are finding it difficult because the properties that are coming to the market don’t fit their criteria or nothing is being listed at all.
On to Expireds.
As happens at the end of every month, we have seen a surge in the number of expireds or properties that came to the end of their term. Last week we hit 381 properties that expired.
As we move to the holidays, it is unlikely that the bulk of these properties will come back to the market. I expect them to hold off till the end of January or early spring unless they have to sell.
Speaking of sellers that need to sell, let’s look at the price changes.
Last week we saw 214 sellers with price improvements. So the numbers in this category are dwindling when you would expect that there would be more sellers looking for a successful sale right now, so adjusting prices.
And when it comes to successful sales, we should chat about the 384 of them that we had last week, which, surprisingly enough, is actually up a little from the 371 sales the previous week.
Of those sales, 20.3% of them were at or above list price. So that percentage has rebounded from the crazy low of 14.3% the previous week.
So, even though the sales are sluggish, those well-priced properties are still competitive and selling pretty fast at 21 days on market to get a successful sale.
This means buyers have to be prepared to be competitive, especially if the perfect product comes along right now!
So, how do the 384 sales break down this week?
Well, 229 or 59.6% of the sales were under a million bucks. And 289 of the 384 sales were townhomes or condos. That is a whopping 75.2%.
I have been saying this for a while, but for all of you sellers with townhomes and condos to sell, this is still a great time. And even better if you have perfect product- fully renovated, or no reno needed, parking, storage, outdoor space.
Buyers, you have a challenge right now. You have to be on the ball and review properties every day so that you do not miss anything because if the right place comes along, chances are you are not the only one looking t it!
I am not sure if it is for you, but if you want to have an in-depth conversation about the Vancouver Real Estate Market and how these stats will affect your fall home sale or home purchase, then reach out for some expert advice.
Thank you so much for tuning in to your Monday Market Monitor, and we will see you in the next video.