New listings dropped significantly week over week as we head to the holiday season. Find out how this will affect both buyers and sellers on your Monday Market Monitor.
Welcome back to your Monday Market Monitor for the week of November 15th – November 27th, 2022, where I review the highs and lows of last week’s numbers from the Real Estate Board of Greater Vancouver.
Remember, I make these videos weekly to keep you informed about the Vancouver Real Estate market, so if you are finding these of value, do me a favour, hit the thumbs-up button and then hit subscribe so you can stay in the know.
Let’s get down to business!
Listings last week dropped significantly from 773 the previous week down to 621. This is a 12-week low in listings for us… we had not seen these few listings since the last week in August, when we dropped to 628 new listings.
Of course, we are headed into the holiday season, so inevitably, we will see a significant slowdown in the new listings. And, of course, in the number of listings that expire or come to the end of their term.
While not the lowest number we have seen in the last 21 weeks, we did have 79 listings expire. Next week we should see a pop-up in that number as we will be at the end of the month, which, if you follow these videos, you will know this is a typical cycle for us.
Moving right along to price changes. Interestingly enough, there was a notable decrease in this number. Apparently, there are only 258 Sellers out there that are looking for a successful fall home sale right now.
One of the most intriguing properties that got a haircut was an apartment building on Cornwall; seven units just steps away from Kits Beach. It got a $390,000 haircut, from $4,388,000 to 3,998,000.
This is the time in the video that we talk about successful home sales.
Last week there were 371 successful sales, which is 63 fewer than the previous week.
There is one thing of note happening with this sales number that I want to touch on. Because I actually feel that we should have more sales happening in the marketplace but
Sellers are digging their heels in. We had an offer last week where we could not agree on a price, despite the fact that the listing had to reduce its price and had been on the market for a while. They just felt their price was right. Well, they are still on the market, and our buyers found a new home.
Not to mention excellent properties are just not hitting the market right now. We have an army of buyers right now and almost nothing to show them.
So, sellers take note while we are slowing into the holiday season, buyers are still looking and are keen to purchase. And while the time it took to get a successful sale rose last week to 20 days from 14 the previous week, there is still an opportunity for well-priced properties to achieve a successful sale.
And of the 371 successful sales, 14.3% of them sold at or above the list price last week. The last time we saw this percentage hit a low like this was mid-August.
Time to chat about how all the sales breakdown. Starting with the number of sales under $1M. Of the 371 sales, 50% of them were under $1M. Leading the way in the sales were townhomes and condos at 246, leaving 125 sales in the detached category.
Again that entry-level product is a solid bet for a successful home sale right now.
So to recap for the buyers out there. Product is dwindling so if you are looking and have a deadline understand that you may have to compromise on what you are looking for or make the decision to chill a bit till after the holidays.
For sellers, if you are debating as to whether to sell or not right now, that will all depend on the kind of property you have to sell and how serious you are about achieving a successful sale. Putting a property on the market just to test the water is not something you should be doing right now.
I am not sure if it is for you, but if you want to have an in-depth conversation about the Vancouver Real Estate Market and how these stats will affect your fall 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.