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Vancouver Real Estate Monday Market Monitor July 18th - 24th 2022


Vancouver Real Estate Monday Market Monitor July 18th - 24th 2022

Time for your Monday Market Monitor. Stay tuned to find out what is happening with listings and sales in the Real Estate Board of Greater Vancouver.

Time to dive into the numbers for June 18th – June 24th 2022 for the Real Estate Board of Greater Vancouver.

Top of the lists is the New Listings. Last week we saw the number of new listings dropping again, with just 968 of them brought to market.
This is an expected steady summertime decline. As I mentioned before, many people are out enjoying the summer weather that we have been waiting for, so listing a home takes the back burner.
And again, listing at this time of year may not be the right idea for all sellers, mainly because you have over half the buyer pool out of town and focused elsewhere. And I don’t know about you, but for me, it feels like more people than usual are travelling or are out of town. If that is the case, then as a seller, would you not want to wait until everyone is back to ensure that your agent’s marketing captured way more of the buyer pool?
It is a decision that every seller has to make and should be aware of.

As for the expired listings, we see that number rise slightly. Last week 58 properties came to the end of their terms, and this week 67. So, some pretty steady numbers there.

What else is steadily increasing? You guessed it. Price Changes. Week over week, we have seen an almost 10% increase in price adjustments. We are back to this concept that many listings out there are trying to catch the falling knife when it comes to pricing.
It is never a comfortable position for a seller to be in, especially in a market where pricing it right matters.
Agents need to create a pricing strategy to educate sellers with real-time data about sales and listings. They need to be able to bring marketing data to their sellers to ensure they have a complete picture when they make the decision to make a price adjustment. Failing to do so could result in more wasted time on the market.

The number that surprised me most from last week is the sales. We hit 550 sales last week, which is the highest number of sales for the last four weeks, by quite a bit.
And when you dig into these numbers, shit gets a little crazy.
Of the 550 sales, 143 sold for list price or above. That is, 26% of the sales are still selling in either multiples, or buyers are looking to secure the property, and the list price is fair.
What this means for buyers is that despite the cooling in the market, you can still easily run into multiple offer situations and need to have all your ducks in a row to secure your home.
For sellers, it means Price is KING. I know I sound like a broken record, but if you want a successful home sale, you need to be spot on with your listing price or run the risk of being one of the 467 properties that had price changes this week.
And I know that is not what you want.

If you are looking for some direct and trusted advice in this market, shoot me a message. I would be happy to have an honest conversation.

That is all for our Real Estate Board of Greater Vancouver numbers for  July 18th – July 24th.

Thanks for tuning in, and we will see you in the next Collective Communique.

    Rhiannon A. Foster

    Rhiannon Foster has received numerous production accolades from previous brokerages and Century 21 In Town Realty. Most recently, she was the featured cover story in Top Agent Magazine for July 2022.