Vancouver Real Estate saw continued strength last week, despite dropping the number of new listings and properties sold. Find out what is driving the Real Estate Board of Greater Vancouver numbers on your Monday Market Monitor.
Welcome back to your Monday Market Monitor for the week of March 6th – March 11th, 2023.
The market continues to be robust, with a total of 1,023 new listings coming to market. While they are down week-over-week, our sales were still strong; we will chat about that later.
In the price change department this week, 238 sellers decided that it was time to change their pricing to reflect better the movement we see in the market.
Who would benefit the most from a price change over the next few weeks? Homeowners selling detached properties. only 15% of the successful sales last week were detached homes…yikes!!
So, suppose you are a seller with a detached home. In that case, you may want to consider a solid selling and marketing strategy that involves direct targeting of the proper buyer avatar, or you might be sitting on the market for a very long time!!
Since we are on the topic of successful sales… there were 568 properties sold last week, which while that number is down week-over-week, still indicates that demand remains high.
Additionally, the average days on the market were 13 days, which speaks to the speed at which new and well-priced listings coming to the market are selling. This further emphasizes the high demand for housing in Vancouver and the need for buyers to be ready to move quickly.
Interestingly, 85% of the successful sales were condos or townhomes, suggesting that these types of properties remain more than just popular among buyers in Vancouver… they are also where the affordability is, and the competition!!
Furthermore, 50% of the listings sold were under the $1M mark, indicating that there is still a healthy market for affordable housing in Vancouver. However, buyers in this price range may need to be prepared to face stiff competition as demand for affordable housing continues to outstrip supply.
Mortgage lenders have been tightening their belts when it comes to how much they lend and to who, so buyers who are in the market need to have all their ducks in a row to understand their affordability and be able to compete in this fast-paced market.
The CRAZY stat from this week is that 32.4% of successful sales were sold at or above the list price, indicating that not only is demand for housing in Vancouver intense but multiple offers are happening and increasing in frequency.
If you follow my videos, you will know that for the last ten weeks, this percentage has been on the rise and given that so little inventory is coming to the market, I do not see this slowing down anytime soon.
What does all this mean for the Vancouver Real Estate Market right now?
For buyers, you need your pre-approval BEFORE you start shopping or writing offers, you need to have your down payment ready, and you need to have a great agent on your side to guide you through multiple offers and how they affect you!
For Sellers, if you are thinking of listing, you need to have your property market ready for the market because, as I mentioned, only 15% of the successful home sales last week were detached properties. That is a dismal number, and you need to stand out in a crowded landscape of sellers.
Your agent needs to have a deep understanding of the buyer avatar for your property and have a robust marketing plan that will attract them. If they don’t, well you might just be wasting your time.
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.