It should come as no surprise that the new listings are down week-over-week but what will blow your socks off is that sales are up from last week. Want to know more? Stick around for your Monday Market Monitor.
Welcome back to your Monday Market Monitor for the week of December 12th – December 18th, 2022. Christmas is right around the corner, and as predicted, we are feeling a slowdown in the market that will continue for the next couple of weeks.
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Time to get down to business and chat about the new listings. We all know that the holidays, for some, may not be the ideal time to list, but last week 334 sellers thought that it was a perfectly good time to do so.
And yes, before you say anything, that number is significantly down from the 511 new listings the previous week, but a drop like this right now is not unexpected.
I did run into one surprise in last week’s numbers, and that was around the listings that expired or came to the end of their term.
The surprise came in the number of them, totalling 169. I guess an argument can be made that sellers may not want to have their properties listed over the holidays, so they wrote into their contracts dates specific to that. I can’t think of another way to interpret that number, but if I think of something, I will let you know.
Moving on to price changes. Last week saw 114 sellers adjust their listing price, and it turns out that 63% of those were under the $1M mark.
Let’s get to the big surprise I mentioned in the video introduction.
Sales last week were up over the previous week. Last week we hit 371 deals, up from the prior week’s sales of 361.
Ok, granted, there is only a 10-unit increase, but a number like that stands out when the market is slowing for the holidays.
I also take note of this because, remember, the Bank of Canada just raised rates again, so this latest increase did not affect these buyers.
Of course, next week and the week after, I do not remotely expect that the number of sales will stay steady. I mean, we will have Christmas at that time, people travelling, time off, and all sorts of other things that will force a contraction in sales.
Regarding the 371 sales last week, the DOM or day on market to get that successful sale dropped a little to 24 days.
And as one might expect, the number of properties selling at or above list price dropped down to 16.7%. With less product coming to the market, not a huge surprise.
But there are two trends that I am watching right now.
1- is the properties selling for under a million dollars. And 2-the number of attached vs. detached homes being sold.
For the last three weeks, the number of homes selling for under a million dollars has slowly been decreasing, meaning that there has been an increase in the number of homes over a million selling.
The numbers broke down like this for the last three weeks. 59.6%, then 57%, then last week 56%. This is a trend line that I will be keeping an eye on as it could be a reversal in the least expensive and in general, condo and townhome product being more popular with buyers.
As for number two, the number of attached (aka. condos & townhomes) selling vs. detached homes really backs up the first set of numbers, as we can see the number of attached homes decreasing.
Those numbers break down like this, 75.2%, 72% and finally, last week 69%.
You know I have been pretty vocal about sellers with condos or townhomes taking advantage of the market and may be shifting.
That is all for today friends.
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.