For the 5th week in a row, the percentage of homes selling at or above list price has increased again, and the market is heating up. Find out how this affects both buyers and sellers on your Monday market monitor!
This is the first Monday Market Monitor of February 2023, and it is a doozy.
So, let’s not delay and look at the Real Estate Board of Greater Vancouver numbers for January 30th to February 5th, 2023.
Starting as always with the new listings. Last week we had a bounce back with this number as 999 properties were listed as opposed to the 778 in the last week in January.
We need more inventory on the market, so this is good news because lower listing numbers have caused buyers to be in competition, and this is having the effect of driving prices up again!
We had 263 expired listings last week, 213 more than the previous week.
For those of you who follow this video series weekly, you know that
the 263 expired listings we had last week were a natural part of our Real Estate Cycle.
For those of you that are newer to these videos, what you don’t know is that many listing contracts have a natural end date of the 30th or 31st of a month, so we tend to see significant fluctuations in this data point at this time every month.
On to Price Changes. I still feel like this number is low because of the overall number of properties on the market.
Having said that, I was speaking to a couple of agents this past weekend, and many of their properties that have been listed since before the holidays are now starting to see increased attendance at open houses and offers.
Perhaps those still on the market are willing to wait it out till spring…who knows!
Down to the most important number, the number of sales. Last we saw 399 sales, which is up significantly from the previous week’s 299 sales.
And get this. On average, it took those sold properties only 12 days on market to get a successful sale. That is a 14-day drop from last week and a 25-day drop from the week before that.
This number is very important because what that tells us is that a well-priced product that is new to the market is selling, and it is selling very quickly.
I actually have not seen the Days on Market number that low in the entire 31 weeks I have been doing these videos.
Everyone knows that the following number is my favourite. It is the percentage of properties that sold at or above the list price. And guess what?
That number, as I mentioned at the top of the video, is up for the fifth straight week in a row. That is correct. This week we hit 23.6% of the successful sales were at or above list price.
Multiple offers are a real thing in our market now, and if you think the market is still dropping and you can wait to buy a property, you may very well have another thing coming.
Now on to the final two data points, starting with the percentage of properties selling under $1M. This number has dropped to 55%. That means that we see more properties over that million-dollar price tag selling.
And interestingly enough, the second data point, which is the percentage of properties which are attached vs. detached selling, is still at 73.4%.
What we can infer from these data points is that the condos and townhomes that are selling right now are more expensive than they have previously been.
Right now, in the market, we can see clearly that buyers are having a tougher time with multiple offers, and that does not look to be going away.
If you are a buyer planning on purchasing in the next three months and you have not spoken to a mortgage broker, you need to get your shit together now because you won’t have time when you find a place that you like that is going into multiple offers.
Smart sellers are selling those larger condos and townhomes and moving up to detached properties. So, savvy sellers are listing homes and selling multiple offers! That could very well be you if you work with an agent that knows the market inside and out, like yours truly.
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.