It is Monday, so that means it is time to dive into last week’s numbers with your Monday Market Monitor for the Real Estate Board of Greater Vancouver Real Estate numbers, so stay tuned for the low down!

Welcome back, and thank you for being here for your Monday Market Monitor as we look back at the August 8th to August 14th numbers for the Real Estate Board of Greater Vancouver.
Summer is quickly coming to an end, so many people are out enjoying the last couple of weeks before September hits, the kids are back to school, and the fourth quarter begins! And with so many people not focused on Real Estate, it is reflected in the market, which is a typical market cycle for our residential Real Estate Market!

So, let’s dive into the numbers from last week. There were 783 properties listed last week. That is up by 24 units from the week previous. So the last three weeks have seen the listing numbers under that 800 mark and could say that until the end of August.
So, nothing outstanding about that number this week, but what caught my attention was the expired listings for the last week, between August 8th and August 14th. Seventy-Five listings expired or came to the end of their term and what is fascinating about this number is that, if you remember from last week, that is a massive drop because the previous week, 279 listings expired. Seventy-five expireds are back in line with the weekly average, so it looks like the 279 was just a blip, all be it a big one.

Time to talk price changes; last week, 328 listings adjusted their prices, which is up slightly from the 298 from the previous week. That is still 328 sellers chasing the market down and looking for that elusive summer sale.

Speaking of that elusive summer sale, there were 424 of those last week. For those 424 lucky sellers, they spent on average 27 days on the market, and 24.2% of them sold at or above the list price.
And it will come as no surprise when I say that of those 424 sales, 246 of them were under a million dollars.

I have been saying it for a while. Entry-level product is moving, and if you have something to sell in that price range, there is still a demand for it!!
Pricing will be essential for sellers, and you will need a strong marketing plan- none of that put it on MLS with one basic write-up and buyer targeting. If you are thinking of selling and hitting the market strong when the buyer pool is back and in action then consider getting your duck in a row now!!

And for buyers looking in this price range, remember you have competition out there, so you need to be 100 percent prepared. That means pre-approvals are complete, down payments ready, and you need to be on top of what is listed daily to ensure that you are first out of the gate. And if you don’t want to compete, then consider getting the best realtor to help you with looking for off-market properties.

Well, that is all for this week’s Monday Market Monitor, and if you have Real Estate questions, we have 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!