Home sales are up week over week, and looking at the numbers, and detached home sales are driving it. Find out how this will affect buyers and sellers right now on your Monday Market Monitor.
Welcome again, friends, to your Monday Market Monitor for the week of November 14th – November 20th, 2022, where I unpack last week’s numbers from the Real Estate Board of Greater Vancouver.
I make these videos weekly to keep you informed about what’s happening in the 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.
Time to talk numbers!
Last week our week-over-week sales increased to 773 over the previous 701. This is most likely because of the long weekend in the previous week that we are seeing the bounce. While 773 sales in one week may not seem like much, it is still not the lowest weekly number we have seen in the last 20 weeks.
On to the expireds or listings that came to the end of their contract. Last week there were 92 of them. That number is perfectly in line with what we are seeing from the last 20 weeks, so there is nothing exciting to see here.
But where things got interesting last week was the increase in the number of price changes. Last week we were back up to 321 price changes. So 321 sellers are still looking for that elusive fall home sale and are serious about it.
One of the most significant price haircuts was on a Whistler Estate on Alta Lake road that got an $800,000 price change. Between that and the 320 other price changes, this could be an excellent time for buyers looking to negotiate deals!!
As I mentioned in the opener, sales are up week-over-week which means that last week we saw 773 successful sales, up 71 sales from the previous week. Interestingly enough, the median days on the market or DOM dropped back down to 14. This is really an indication to me that the properties coming to the market or that have been relisted and repriced are selling in their first few days of listing. Fourteen days gives an agent enough time to market, get an offer, and a buyer to do their due diligence.
If you follow these videos, you will know it is now time for my favourite number, which is the percentage of properties that sold at or above list price. And last week, this number jumped back up to 21%. So it looks like the number that I reported the week previous of 16% was an anomaly. However, we will keep an eye on this as we move to the holiday season.
Now on to the percentage of properties that sold under $1M. So this is an entry-level product across the Real Estate Board of Greater Vancouver, and last week 53% of the properties were under $1M. And I want to toss one more number at you for interest sake, and that is that out of the 394 successful sales last week, 76% of them were under $1.5M.
So, entry-level is still very strong, but I have been touting that for weeks now.
If you are a seller with entry-level product to sell, there is less competition out there, and the stats are on your side!
And for those sellers with condos or townhomes to sell, you have an advantage, as 67% of the successful sales last week were attached product.
Well, 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.