Vancouverites are leaving their condos and townhomes to detached homes in the Fraser Valley; find out how this affects buyers and sellers on your Monday Market Monitor.
After a couple of requests, we are changing up your Monday Market monitor to include some numbers from the Fraser Valley so that YOU can better understand the market and how you can take advantage of buying or selling in the Lower Mainland of the Fraser Valley.
So, let’s get started with the data and statistics from both the Real Estate Board of Greater Vancouver and the Fraser Valley Real Estate Board for the week of March 27th – April 2nd, 2023.
Turns out that in both the Lower Mainland and the Fraser Valley, we have seen a week-over-week uptick in the number of new listings hitting the market at 1165 and 592, respectively, for last week.
This is excellent news for buyers who have been in an inventory quagmire for the last few months.
More inventory equals less competition for buyers, but that is not to say that all the multiple offers are over, as we will chat a little later about in this video.
Because it is the beginning of the month, there was a flurry of activity with the expired listings in both boards. As we have chatted about previously, listings contracts tend to end at the tail end of the month, so that is when we see an increase in the number of contracts expiring or coming to the end of their term.
Interestingly enough, in Greater Vancouver, the number of price changes increased the last week up to 236, so more sellers think that to have a successful spring sale, they will need to re-think their pricing and potentially their marketing!
As for successful sales in Greater Vancouver, there were 508 successful sales last week and 342 in the Fraser Valley. These are pretty solid numbers, given that we previously saw continued drops in inventory week-over-week.
How long did it take to achieve a successful sale, you might ask? In both the Fraser Valley and Greater Vancouver, it took only 12 days, on average.
That is with listing the property, marketing, accepting an offer, negotiating, and having the buyer remove subjects.
Now that my friends is a speedy timeline!
Why are properties right now selling so quickly?
Simple… because there is still a high percentage of properties selling at or above the list price.
In fact, 31% of the successful sales last week in Greater Vancouver and 36.5% of successful sales last week in the Fraser Valley were at or above the list price.
That is a lot of buyers competing for the same properties, which means a lot of disappointed buyers and delighted sellers.
At the top of the video, I mentioned that Vancouverites are leaving their condos and townhomes and moving to the Fraser Valley. How do we know this?
Last week we had the highest number of Greater Vancouver condo and townhome sales I have ever reported, at 81%.
And where are those owners going?
To the Fraser Valley to buy detached homes, where 59% of the properties sold last week were detached homes.
It truly is the time for moving up to a detached home. Condo and townhome sellers in Greater Vancouver are reaping the rewards of the Spring market right now, cashing in on buyer competition and then turning around, leveraging their sale to buy that home with a yard.
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.