And just like that, we have more product hit the market last week than the previous three weeks combined. Find out how more inventory will affect buyers and sellers over the coming months on your Monday Market Monitor.
It is Amazing what a difference a week can make in our Real Estate market. In fact, there are some very intriguing things happening right now that I will unpack alongside all the Real Estate Board of Greater Vancouver stats for the week of January 8th – January 15th, 2023.
Time to dive into the most impressive number from this week, and that is the number of new listings that have come to the market.
As I mentioned in the intro, we had more listings hit the market last week than the previous three weeks combined.
This week totalled 904 new listings.
It is great to see these levels of inventory come back to the market because buyers have been having a tough time finding homes because of the distinct lack of product coming to the market.
So I expect that we will see the number of sales increase over the next couple of weeks if inventory levels keep gaining speed.
Moving on to expired listings. And there were 78 listings that expired or came to the end of their term last week. Again nothing special about this number now that it is back in line with our averages.
There was a slight increase week-over-week in the number of price changes last week, and we topped out at 137 of them. I still feel this number is a little light since there is a fair amount of product on the market that can not remain competitive with the new levels of inventory we are now seeing come to the market.
So, our sales from last week are still a little light, but that is because we were still dealing with depleted inventory levels. Given this, we had 176 successful home sales, and it took a median average of 36 days on the market for that successful home sale.
I expect two things to happen with these numbers. One- the number of sales should naturally with the rise of fresh inventory, and, Two- we will most likely see the median days on market number slowly start to come down as the properties that are priced sharp sell faster.
Back to my three favourite numbers to tack.
First, the percentage of properties selling at or above list price was back up last week to 17%, which is pretty good considering the number of new properties was low.
Secondly, properties that sold for under $1M crept back up a little to 59%, so that price point is still very popular.
Finally, the percentage of condos or townhomes vs. detached homes selling is still steady at 69%, meaning that when I look at the trend line, it looks like the condo and townhome market is slowing, and detached homes are rebounding.
I am even seeing detached homes move much faster.
I went to organize a detached tour for clients in the Pitt Meadows/Coquitlam area. When I started making calls, there was a potential pool of 15 properties; by the time that we did the tour two days later, there were only three properties left that had not sold or had an accepted offer.
Moral of the story, kids, is that the properties are moving on the detached side of things, and that does not look like it is going to stop.
Of course, you can be sure that I will keep monitoring this data for you!
And remember, if you want to have an in-depth conversation about the Vancouver Real Estate Market and how these stats will affect your holiday 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.