There are more listings and fewer sales in the Greater Vancouver Real Estate Board week-over-week for the last three weeks, but there are more listings and more sales in the Fraser Valley Real Estate Board. How will this affect buyers and sellers?
Find out on your Monday Market Monitor!
Welcome back to your Monday Market Monitor friends, where I break down the latest weekly stats for both the Greater Vancouver and Fraser Valley Real Estate Boards.
And this week, we have a lot to talk about as potential trends are happening in the market that will affect buyers and sellers.
Are the tides turning on the Real Estate Frienzie that we have seen the last couple of months?
Are multiple offers going to be a thing of the past soon?
These are the questions I am trying to answer for you today, so let’s dive right in with the new listings.
In the Real Estate Board of Greater Vancouver, New Listings are up week-over-week for the last three weeks and hit a high of 1344 new listings this past week.
And the same thing is happening over at the Fraser Valley Real Estate Board. We are seeing that same increase in new listings over the same time frame culminating in last week’s new listing number of 915.
While the increase in new listings hitting the market at this time of year is not really a surprise, what is, is the diverging trend happening in between both boards.
See, over in Greater Vancouver, we are seeing more listings but fewer sales happening week-over-week. This past week we hit the lowest number of sales since the first week in April at 676.
The picture is very different in the Fraser Valley, where the trend is more new listings and more sales over the past three weeks. In fact, they saw 555 successful sales last week.
While it only took a median of 9 days in both the Vancouver and Fraser Valley boards to have a successful home sale, it is the number of properties selling under a million dollars that starts to weave this whole data story together.
The number of listings that have sold under a million dollars in Greater Vancouver has been slowly oscillating lower over the last five weeks, and in the Fraser Valley, they are starting to see that number trend upwards.
The question is, what is really happening here? When I step back and look at the number of new sales, the number of new listings and the number of properties that are selling for under 1 million bucks, I start to see a distinctive trend.
As the under $1M properties continue to shrink, meaning that the properties in Vancouver become more expensive, the buyers from that price point are moving out of the Vancouver market and into the Fraser Valley, where the properties are more affordable.
This trend has a couple of effects on the market.
Firstly as the buyers are priced out of the Vancouver market, the buyer pool shrinks, meaning that for you sellers, there are fewer potential buyers for your home.
Secondly, because of the increased buyer pool now looking in the Fraser Valley, there is more competition for that under $1M product.
Good news for the sellers in the Fraser Valley.
Once again, if you are that under $1M buyer, then you have to start considering looking outside of Greater Vancouver to get the home you want at the price you are approved for. And if that is the case, you are going to run into a number of other people in the same boat, so if you are serious about finding a home, you have to be prepared for competition.
Do not start looking for properties before you have that pre-approval from your mortgage broker. Don’t have a mortgage broker? Not to worry, I got you covered. Reach out, and I can hook you up with the best in the city.
On the seller side, if you are in the Fraser Valley, thinking about listings, chances are that with the right price and proper marketing, you could easily be one of the 555 successful sales that we saw last week. However, if you are in the Greater Vancouver area, you will need great marketing, a sound sales strategy that includes target buyer marketing and a bang-on price. This means you need a trusted expert on your side to ensure you have a successful sale.
Navigating a fast-paced market like the one we are experiencing now requires an experienced Realtor to guide you through the process and create a winning strategy.
So remember, if you want to have an in-depth conversation about the Vancouver and Fraser Valley Real Estate Markets and how these stats will affect your Spring and Summer 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.