The number of sales is up week-over-week, while the number of new listings coming to the market remains the same.
Find out how this could potentially affect both buyers and sellers on today’s Monday Market Monitor!
We are back with the February 6th – 12th edition of your Monday Market Monitor, where I look at the latest stats and trends from the Real Estate Board of Greater Vancouver. This week, the most impactful number we will look at is the number of sales, and we will get to that in a minute.
Let’s start with the new listings.
Last week we had 998 new listings, which is basically the exact same number of 999 listings as the previous week.
It is great to see more products coming to the market because there are buyers out there pounding the pavement looking for places.
I went to see a property this past weekend, and while we were there, for less than 15 minutes, there was a total of 14 other groups that came through.
On to Expireds, of which we had 56 of them last week, which is back in line with our weekly averages after the spike we saw last week because of end-of-month, end-of-term contracts.
Now, this still confuses me. We only saw 181 price changes last week, and with 7822 properties on the market and most sitting for over 100 days, why would you not look at changing your price if you want and successful sale?
Speaking of sales, last week we had 447 successful sales. That is the highest number of deals we have had in 19 weeks.
And it only took, on average, 15 days to achieve a successful sale.
So, the market is picking back up. All you have to do is go to any open house. They are all busy and then find out when the properties are taking offers.
More and more, we are starting to see multiple offers slide back into our Real Estate Market, which is evident in the numbers.
And last week, the number of properties selling at or above the list price held steady at 22.%, with the number of properties under a Million dollars creeping up to 58. 6 % last week from 55%.
And as you may have guessed, the number of attached properties is still leading the way in sales at 73%.
So we are back to competition for good product, meaning buyers need to be prepared when they start looking at homes.
If you are a buyer and looking at places and thinking of offering without having your ducks in a row, forget about it because someone else looking at that home will have their shit together and put together a much stronger offer.
As for you home sellers, price is still king. If you overshoot your list price, you will run the risk of sitting on the market, and well-priced homes will sell and pass you by!
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.