The percentage of homes selling at or above list price has increased again, this time to a level we have not seen in 7 weeks. Find out how that affects both buyers and sellers on your Monday market monitor!
This is the last Monday Market Monitor before we officially hit February. Where has the time gone?
In just the last two weeks, we have seen a significant uptick in the Greater Vancouver Real Estate Market.
Anecdotally, and as you will see reflected in this week’s numbers, the increase in new products coming to the market has got buyers excited.
Enough chatter. Let’s look at the Real Estate Board of Greater Vancouver numbers for January 23rd to January 29th 2023.
First, let’s talk about the new listings. Last week 778 new listings hit the market. That number is noticeably lower than the previous two weeks in January, which were 904 & 861, respectively.
I have touched on this previously, and the lower listing numbers have been hurting the market. There is less choice for buyers without more product, so when a good property comes along, they may very well be in competition for that property.
As for the sellers, well, right now, this is working to your advantage if you are pricing the property right around market value but get too greedy, and you may become stale inventory.
Interestingly enough, last week only saw 50 listings expire or come to the end of their contract. I had to check my numbers, but that is the lowest number we have seen from this data point since I started this video series 30 weeks ago.
I am not overly concerned about this number being so low because, in reality, the new listings that came on since January 1st won’t be looking to end their contract that quickly. In general, those contracts won’t expire till maybe three months from now.
Moving on to price changes. Last week 135 sellers decided that it was time for a price change. This number is in line with the last three weeks. Although I mentioned it last week, I am still surprised that given that there are 7566 listings on the market, this number is not higher.
It could be that sellers are just holding out since they see a lack of product on the market. If that is the case, that is bad news for buyers that are looking for a ‘deal.’
Now for the number of sold properties. Last we saw 299 sold properties. That is three less than the previous week but holding steady. And it took 26 days on average to have a successful sale.
But what is interesting is that 20.7% of those 299 sales were at or above the list price. This number seems to be on the rise as new and well-priced product comes to the market.
And as mentioned previously, if there is little product coming to the market and buyers are competing for the new, well-priced properties, then we could potentially see prices start to increase.
And that last rate increase at the back of Canada has not scared entry-level buyers off. On the contrary, 60.5% of the properties sold last week were under $1M. Those entry-level properties are still selling very strong, and while I thought that detached might be taking over again, it just does not look that way.
And that is reflected in our final number, the percent of attached to detached properties sold. 73% of the properties sold last week were condos or townhomes. And that is the highest we have seen this number since I started tracking it 23 weeks ago.
What does this mean for buyers and sellers? Great question.
On the buy side, we touched on it, and there is competition for new product coming to the market, so you should not be waiting to see properties. You need to see them as they hit the market.
As for sellers, the ball is in your court. If you have the perfect condo or townhome to bring to the market, meaning it does not really need any renos, is in move-in ready condition and priced sharp, then a successful home sale could be up your alley.
Some exciting stuff is happening in the market right now that requires experience to help guide both buyers and sellers.
So, remember, if you want to have an in-depth conversation about the Vancouver Real Estate Market and how these stats will affect your Spring 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.