Sales week over week are holding steady in the Real Estate Board of Greater Vancouver while the new listings coming to market are decreasing. Stay tuned to find out how the latest stats affect potential buyers and sellers in this moderating market.
Welcome back to my Monday Market Monitor. We are officially in the 4th quarter of the year, and back to school starts tomorrow, so over the next couple of weeks, if you are considering selling your home, you will want to stay on top of all the numbers as we move forward into the fall season.
So, let’s dive into the Real Estate board of Greater Vancouver numbers for August 29th – September 4th.
No surprise to me that the number of listings hitting the market last week was the lowest that we have seen in the last nine weeks at 628. I expect to see that number increase again as the sellers return from vacations!
We did have one shocking number from last week, and that was the number of listings that expired or came to the end of their contract.
So 393 sellers did not have a successful home sale and came to the end of the contract. That is the highest number of expired listings in the last nine weeks, beating out our previous high of 279 five weeks ago.
This past week also saw the lowest number of price changes at 217 that we have seen in the last nine weeks. This could be simply because people are deciding to hold off any changes in price until September Real Estate season kicks off. So, we will keep our eye on that number over the next couple of weeks.
Last week also saw our average days on the market for sold properties creep up to 34. What this means for sellers is that you should expect to be on the market for at least a month to get a successful sale.
Even though the average property spent 34 days on the market before its sale, there was still 21% of the properties that sold at or above the list price last week.
What this tells me is that properties that are priced sharp or appropriately are selling faster than the average, and pricing is King when bringing your home to the market.
Finally, it is important to note that we had a total of 460 sales last week. That number is right in line with the nine-week average for summer sales. But what comes as a surprise is that 260 of those 460 sales were under 1M dollars.
Again, buyers looking at entry level product and up to the 1M price point need to be aware that this is where we are seeing the bulk of the activity, so while there is less overall competition, this is still where the overall buyer pool is looking so you could potentially have competition, especially for perfect product, you know the kind of place everyone is looking for.
One final thought for you all. I touched on this in my August 2022 update just the other day. And that is if you have a condo or townhome to sell in Vancouver, Metro Vancouver or the Fraser Valley, all areas except 3 (which are downtown Vancouver, Mission and Abbotsford). The rest are all in Seller’s Markets. If you have a condo/townhome in Vancouver West, East Van, North Van, West Van, Richmond, Tsawwassen, Ladner, Maple Ridge, Burnaby, new west, Coquitlam, Poco, PoMo, Pitt Meadows, North Delta, Surrey, WhiteRock, Cloverdale, and Langley and you are thinking of upsizing to a detached property, this is a great time to consider doing so.
I say that because there are only four areas for detached homes that are not balanced or buyers markets.
Most likely, you will be in a seller’s market on the sale side and can maximize that value and then in a buyer’s market for the detached home.
I don’t know if it is for you, but one quick call to me, and I can tell you if you are poised to take advantage of this sell-and-buy strategy.
That is all for this holiday Monday. Thanks again for tuning into your Monday Market Monitor, and remember, if you have Real Estate questions, I have Real Estate answers, so reach out and find out how we can help you reach your Real Estate goals.
Thanks for tuning in, and we will see you in the next video!
