For the last four weeks, we have seen the number of homes coming to the market decrease. Find out how this drop in listings affects buyers and makes life easier for sellers on your Monday Market Monitor.
It is Monday, so it is time to review the Real Estate Board of Greater Vancouver data for the week of March 20th- 26th, 2023.
It feels like the Spring market is in full force, magnolias are starting to blossom, and buyers are attending open houses in large numbers. Despite the lower numbers of properties hitting the market, our sales numbers increased, so for Realtors, it does feel like Spring!!
As I mentioned at the top of the video, we have seen a decrease in the number of new listings coming to the market for the last four weeks,
with only 972 listings hitting the previous week.
This does not bode well for buyers. Less inventory on the market means fewer homes to look at, meaning more competition, and as we will see, more competition is pushing prices higher again!
Even though we only had 972 listings last week, and the inventory has been dropping, the sales are still strong.
We actually had 586 sales last week, which gives us a higher weekly absorption rate than the prior week.
And if you watched my video last week, you will remember that our absorption rate is a way to measure the rate at which available homes are being sold in a specific market over a particular frame of time, our time frame being a week.
Not only did we sell a higher percentage of the properties that came to the market last week, we also maintained a very high rate of properties selling at or above the list price.
In last week’s video, we hit 37.3% of the properties selling at or above the list price, and our numbers for this video are still robust at 34.8%.
Again, these percentages have not been seen over the entire time I have been doing these videos, so these numbers are significant in telling us what is happening on the ground.
So, for sellers, these numbers are great, especially if you have a condo or townhome to sell, as they are leading the sales. In fact, 71.7% of last week’s successful sales were condos or townhomes.
You may wonder why that is the case but think about it… condos and townhomes are generally entry-level homes which typically sell well anyway.
But did you stop to think that the savvy buyers might be turning to this market class because over the next ten years, with the newly announced higher immigration targets both federally and provincially, coupled with the last of new supply being built that we will have a more considerable housing shortage than we do now?
So, the savvy are buying so that they can hold and make some cha-ching cha-ching?
There is a lot to consider if you are buying or selling in this fast-paced and unprecedented market, so 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.