Holiday sales, price changes and new listings are down this past week.
Find out how that affects buyers and sellers in the holiday market on your Monday Market Monitor.
Welcome back to your Monday Market Monitor for the week of December 19th – December 25th, 2022. Christmas has come and gone, and as predicted, the sales for this last week have dropped significantly, but most of the numbers are holding steady, so this week’s video will be short!
Starting with new listings, and as predicted, they are down, way down, with only 124 new listings coming to the market this past week. That is 210 less than the previous week. But not a massive surprise with time off and Christmas.
We still had many expired listings last week, totalling 147.
I mentioned in the previous video that I thought this might be due to sellers ending the term of their listings right before the holidays so that showings do not disturb their plans, and it looks like this might be the case.
As for Price Changes, there were only 57 of them last week. That is the lowest number we have seen since I started doing these videos, and I would assume that sellers that are still on the market just have no interest in making changes to prices to get a successful sale till after the new year because they have other things on their minds!
Last week we did have 299 successful home sales, and on average, it took 26 days to achieve that successful sale.
Yes, that number of sales is down quite a bit, but it is still not the lowest number of sales we have seen in the last 25 weeks, that record it still held by the week of Aug 1st-7th.
The following three sets of data, percent of listings sold at or above list price, percent of homes sold that were under a million bucks and attached vs. detached sales percentage, all stayed exactly the same as the previous week, so literally no change at all from the previous week.
The percentage of listings sold at or above list stayed at 16%.
The percentage of homes sold under the million-dollar mark held steady at 56%.
And finally, the percentage of attached vs. detached sales was stuck at 69% in favour of attached products.
So, I had my eye on these three numbers to track if there was a shift from buying condos and townhomes to buying detached homes, but without a change to these numbers, we will have to wait another couple of weeks to collect more data to give us the answer!
So, I promised this would be short and sweet.
Have a happy holiday, and remember, if you want to have an in-depth conversation about the Vancouver Real Estate Market and how these stats will affect your holiday 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.