New listings and new sales in the Real Estate Board of Greater Vancouver are down week over week. Find out how that affects detached home sales on your Monday Market Monitor!
Welcome back to your Monday Market Monitor for October 10th to the 16th! As you know, week-over-week, our Real Estate numbers are rapidly changing. Trends are emerging and falling away, so for prospective home sellers or buyers, it is essential to know what challenges, if any, you will be facing in the marketplace.
You need the education to back up your decisions, and that is precisely why I make these videos to keep you informed! If you find these videos of value, please give this video a thumbs up and consider hitting the subscribe button, so you don’t miss any of the vital information we are bringing you!
Now let’s get to the numbers, starting with New listings. Last week we dropped back down to 977 new listings from 1081 the previous week. Over the last 15 weeks, the average number of listings hitting the market weekly is 913, so this week is right in line with our 15-week average.
Ninety-two properties expired or came to the end of their term last week, which, just like listings, was pretty normal last week.
And the same can be said of price changes. They were right in line with weekly averages, so we saw 336 properties that got price changes last week. Sellers are still looking for that elusive fall home sale and having to reprice and adjust to this new market.
Interesting to note that 131 of the 336 properties were detached. I would have expected that number to have been higher; however, it seems that many detached sellers are holding steady with their prices.
Except for the property that saw the biggest haircut last week…it was a contemporary six bed seven bath in the British Properties on almost half an acre that took a $1,500,000 price reduction.
That brings us to the Solds. Last week there was 414 sales total, which is basically 100 less than the previous week. But what is interesting is that the DOM or days on market to get that successful home sale doped from 30 to 26, which means that the properties that are more likely to sell are newer to the market. This again leads us to pricing and how important it is. Remember, in this market; PRICE IS KING!
There is still one number that keeps surprising me every time I make this video, and that is the number of properties selling at or above list price. Last week we had 22.75% of the properties sold sell at or above list price.
This has continued to be a consistent number over the previous 13 weeks, so there is still competition for fantastic properties that are priced sharply.
In truth, when you look at the properties selling, many are properties that are renovated, where there is little work to be done, and 57% of the properties that sold last week were under $1M. I do not think that this number will change. I believe that we will continue to see high numbers of attached properties sell.
Entry-level product is still in hot demand, and if you are a seller thinking about moving from a condo or townhome to a detached property, this could very well be your opportunity. Last week 72% of the properties sold were attached, aka condos or townhomes.
It has been years since the move-up market has had this kind of advantage over the market!
As for buyers, make sure to have your ducks in a row, just in case that perfect property comes along, because you are probably not the only one looking at it, especially if it is under the million-dollar mark!
Well, that is all for now. I am not sure if it is for you, but if you want to have a more in-depth conversation about the Vancouver Real estate Market and how these stats will affect your fall home sale, 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.