We are now firmly in December, and new listings are dwindling while the day-on-market number increases. Find out how these stats affect both buyers and sellers on your Monday Market Monitor.
Welcome back to your Monday Market Monitor for the week of December 5th – December 11th, 2022, and as you can imagine, the pace of the market is slowing considerably, so let’s take a look at those numbers right now.
Remember, I make these videos weekly to keep you informed about the Vancouver Real Estate market, so if you are finding these of value, do me a favour, hit the thumbs-up button and then hit subscribe so you can stay in the know.
Starting with the new listings.
Just like the previous week, we have seen another drop in the new listings coming to the market, with only 511 new listings hitting last week. That is the lowest number of new listings we have seen since I started this video series.
Again, it may not be a massive surprise that the number of listings is slowing, and it could point to some interesting potential trends in the new year.
One school of thought is that many more sellers than average are holding off on listing properties now because they feel that the market will be much better come 2023. They hope the Bank of Canada will hold off on another round of hikes in January and March, the following times the BaOC will meet, which would ease the pressure on interest rates.
We will have to wait till the new year to see if that comes true.
Moving on to the listings that expired or came to the end of their term last week. And there were 65 of those, which is the lowest number of expired listings we have seen in the 23 weeks that I have been doing these videos.
As for Price Changes, there were 207 of them last week. And surprisingly enough, there are some sellers out there that decided that instead of reducing their list price, they raised it.
You would think that you might get the hint that if you put your property on the market and it does not sell at the list price, then why in God’s good name would you raise the price?
Supply and demand 101 people!
Speaking of sellers. Last week we saw 361 properties have a successful home sale. This is still not the lowest number of sales that we have seen in the last 23 weeks, but this number will continue to trend downward over the next two weeks, so expect that my next video will have some depressed sales numbers.
It would seem that with the lower sales come higher days on market. Our DOM number crept up from 21 the week previous to 26 days this last week.
So, properties are sitting on the market a little bit longer; however, even given this, 20.2% of the successful sales last week were at or above list price.
I am still astounded that this number holds ground almost every week. So, the market is still frothy in certain places, which means we are seeing multiple offer scenarios for great product that is well priced!
Time to break down the 361 sales from last week.
57% of the sales were under the $1M mark, down a wee bit from the previous week.
And it turns out that 72% of the successful sales were condos or townhomes.
So, it appears that many of the things I have been chatting about throughout my videos remain true. Condos and townhomes are still in demand despite the moves by the Bank of Canada, and Buyers hold all the power in this market!
I am not sure if it is for you, but if you want to have an in-depth conversation about the Vancouver Real Estate Market and how these stats will affect your fall 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.