New listings, price changes and sales week over week have dropped in the Real Estate Board of Greater Vancouver. Find out how this is going to affect buyers and sellers right now on your Monday Market Monitor.
Welcome back, again, friends, to your Monday Market Monitor for the week of November 7th – November 13th, 2022.
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.
Let’s dive into last week’s numbers because if you are thinking of buying or selling, listen up!
Diving into the new Listings first. Last week we saw only 701 new listings come to the market, which is more than 150 off the previous week’s numbers. Should we be surprised about this number?
In my opinion, not really. See, we just came the long weekend, and if you have been following my videos for a couple of months, you will know that whenever we hit long weekend numbers, they always tend to be lower because people take an extra day off, go out of town and generally just check out.
Now while we should not be surprised by the number, as we move toward the holidays, new listing numbers will naturally decrease. For sellers, this could be great. You will have less competition, but for buyers, it is not great news if no listings are coming to the market.
On to the number of listings that have expired or come to the end of their term. This past week saw 89 listings expire. Of course, that number is way down from the previous week of 374, but that is simply because most contracts end at the end of the month, so this number is unremarkable.
However, when it comes to the price changes that we saw last week, the numbers get a little more interesting.
As I mentioned, there is typically less activity headed into the holiday season, so a pullback in the price change numbers is not entirely unfathomable. But it also looks like we are seeing sellers digging in their heels a little bit and are less receptive to the price change and, in some cases, just pulling listings off and not relisting.
Again, this is not great news for buyers because they are benefiting from the additional competition right now.
Now for last week’s sales!!
Last week we posted 327 sales.
While that number seems a little low, keep in mind we just came off the long weekend, so we typically see sales drop around the long weekends. Having said that again, I expect this number to slow over the following weeks.
A number that has been fluctuating and has jumped back up this past week is the median DOM or Days on Market. For the home sellers out there, it is now taking 19 days to get a successful sale. The previous week was 13, so we are going to keep a watch on this number because it tells Sellers the speed at which the market is moving for well-priced homes!
Let’s talk about the percentage of homes that sold at or above the list price. I told you last week that the 11-week average for this number was 22.2%, and this week, we have dropped well below that average down to 16%.
What still has me scratching my head is that it took so long- 12 weeks- for this number to drop below 19%, so now we can start to see a slowdown in the strength of the market, which is good news for Buyers who are looking to negotiate deals!!
However, what is again going to be a little of a challenge for buyers is the fact that of the 327 sales, 55% were under $1M. So, still a lot of entry-level buyers out there to compete with.
And the proof for that is in the pudding as they say, since last week, 233 of the 327 sales, that is to say, 71% of them, were townhomes or condos!
So, again, if you are a buyer in the townhome or condo space, especially under $1M then you need to be prepared to make moves as properties hit the market! And I have said it before sellers with entry-level properties; this is still your time to sell!
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.