Last week was the first time in 22 weeks we have had more than 1000 listings hit the market in a single week. Find out that all that inventory will affect buyers and sellers on your Monday Market Monitor.
I am excited to get to the latest data from the Real Estate Board of Greater Vancouver for the week of Feb 27th-March 5th, 2023. We have increased inventory and several crazy stats to discuss, so let’s get started!!
Let’s talk about new listings. As I mentioned in the opener, last week was the first time in 22 weeks that we have seen 1000-plus listings come to the market in a single week. So we got 1047 of them last week, and if the numbers keep increasing week-over-week, we may see some easing on the multiple offers that I have been talking about and that I will touch on in just a bit.
It was the end of February, so we saw a pop in the number of listings that expired or came to the end of their term, typical of the end of the month. We are about 20 or so units below the historical average, which is not a surprise given that we are short inventory and there have been a number of units selling relatively quickly.
As for price changes, we have seen a little jump in the number of homes rethinking their pricing strategy. In fact, 201 sellers thought adjusting their pricing would be a good idea. This is a sound strategy for most, given that well-priced places sell fast.
Speaking of selling, we had 581 successful sales last week that took an average of 14 days to get to a successful sale. What is mind-blowing about the number of sales is that we have never reached that number of sales in one week, the entire 35 weeks that I have been doing this video series.
What does this tell us about the market right now? Buyers are now comfortable with where the interest rates are at, and they are out in full force; as we will talk about, they are willing once again to compete for properties.
I am not lying when I say that buyers are willing to compete from properties. The percentage of properties sold at or above list price last week rose again, this time to 31%.
Guess what I am about to tell you next… that in the 35 weeks I have been doing these videos, we have not seen that percentage that high!
With 31% of the properties selling at or above list price, you gotta figure that the Spring market is now in full force, and if you are a buyer in this market, you need to know that 71% of the sales that happened last week were either condos are townhomes.
Not to mention that 54% of the 581 sales last week were all under $1M.
I am going to sound like a broken record, but buyers, don’t bother looking at homes without your complete approval from a reputable mortgage broker. You do not want to waste your time, or anyone else’s putting in an offer on a home that you can not afford, especially if you are in multiple offers.
Sellers, if you have a condo or townhome, this is the perfect time to look at selling and making that move up you are looking to do. Because if you are priced right, you to couple be part of the 31% of successful home sales that were at or above the list 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.