The number of days to get a successful sale has dropped again in both the Vancouver Real Estate Board and the Fraser Valley Board.
Find out how this is affecting buyers and sellers alike on your Monday Market Monitor!
Welcome back your Monday Market Monitor for the week of April 24th to April 30th, 2023.
The numbers in both the Vancouver and Fraser Valley Real Estate Boards are Bananas, and we have lots to talk about, so let’s dive in!
For the last three weeks, we have seen the number of new listings in Vancouver and the Fraser Valley Boards falling slightly. Again, this is not great news for buyers as a decrease in the number of properties means less choice and greater competition, and I will talk more about that in a minute.
For sellers, falling inventory is twofold. First off, with lots of buyers and little inventory, that is great news for drumming up multiple offers if your home is show ready and you have priced appropriately for them. BUT.
Most sellers are buyers as well, so that means you will find yourself in competition with other buyers, so while you may be benefiting on the sale side, you will feel the pinch on the buy side.
If you are a buyer that needs to sell your home, reach out so we can chat about the strategies that we are using right now for sellers to ensure that you can get the place you want and sell your home with the least stress possible!
Back to the numbers.
Despite the drop in listings, we saw higher sales in both the Vancouver & Fraser Valley Real Estate Boards.
In Vancouver, we hit another sales milestone as there were 792 sales, the highest number I have seen the whole time doing these videos. And in the Fraser Valley, sales rose again, this time to 517 for last week.
What is mindblowing about the booming sales that happened is how long it took.
To achieve a successful sale last week, it only took an average of nine days from the day the property hit the market to the day it sold in both Vancouver and the Fraser Valley.
Again, this points to the speed at which the market is moving!
And the pace of the Real Estate market in Vancouver and the Fraser Valley is HOT, HOT, HOT, so hot, in fact, that in Vancouver, 46% of the properties that sold last week were at or above the list price. And in the Fraser Valley, that percentage was 47%.
That is, like, 50% of the properties!!!
Again, these are the highest levels that I have reported on.
These stats are so vital that I am not even going to talk about the number of detached homes or homes under a million bucks selling Because the most critical data points are just these.
What buyers need to know right now is that this is no longer a buyer’s market. You do not have the luxury of time. If you find a place you like, chances are slim to none that it will be there next week, so be prepared o make offers and be in competition.
This means having your pre-approval in place.
What sellers need to know right now is that if you are doing a buy and a sell strategy is the most critical component of your purchase and sale. Without a process in place, you could find yourself homeless.
Navigating a fast-paced market like the one we are experiencing now requires an experienced Realtor to guide you through the process and create a winning strategy.
So remember, if you want to have an in-depth conversation about the Vancouver and Fraser Valley Real Estate Markets 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.