The days on market to get a successful home sale in the Real Estate Board of Greater Vancouver has dropped week over week for the last 3 weeks find out how that affects both buyers and sellers in today’s Monday Market Monitor!

Welcome back, my friends, to your Monday Market Monitor for Oct 17th – 23rd, where I unpack the weekly stats for the Real Estate Board of Greater Vancouver. For those of you tuning in for the first time, welcome you are in for a treat, and for you returning folks, thank you again for all your support.

Without delay, let’s get into the numbers because there are some interesting things happening that I want to chat about.

First, our new listings. Last week we had 986 new listings come to the market. That number is just a bit higher than our 16-week average of 917.

So nothing crazy about that number or the number of listings that expired or came to the end of their term last week, which was 92, and that number is exactly the same as the week prior. Nothing to write home about here.

When it comes to price changes, 343 properties had price improvements last week. So, there are a number of sellers out there that are getting serious about selling. In fact, the average days on market before a price improvement is 35. So, sellers are waiting a month and then looking to improve their prices.

 What that tells me is that either the agents advising clients or the sellers themselves are not in tune with market value and the competition that is on the market. Or they lack an understanding of the buyer pool, what those buyers can afford, and how to properly market to them.

A successful home sale in the market is based on 4 things. Pricing it Right, in-depth knowledge of the current market conditions, a complete understanding of the buyer avatars and exposure or marketing. 

If your agent is missing any of those, then you may very well miss out on a successful fall home sale.

Moving on to the home sales. Last week we saw 438 successful home sales, which is a bounce back from the previous week’s 414. What is actually very interesting about this number is the Days on Market for those successful sales. Turns out that the DOM number has dropped to 14. So over the last 3 weeks, we have seen the median DOM drop from 30 to 26 and this week to 14.

What does that tell us? It says that the new listings coming to the market are priced more appropriately for a quick sale. And there are a couple of great reasons to look for a faster sale right now. Firstly we are at the end of October, and no one wants to get caught having to sell over the holiday because they are creeping up.

And secondly, if your property relies on a foreign buyer to purchase it, it is now or never for you. Well, now or you wait two years. You see, come January 1st, 2023, the federal ban on foreign purchases will take effect and last for two years.

This mainly affects luxury property since there are only 0.074% of Canadians that can afford a $10M + property. So, if you have plans to sell your luxury home in the next two years, you may want to talk to an expert to see what your options are right now to get a successful home sale before that ban comes into effect.

Back to the numbers. We are holding steady at 22.37% of the listings sold last week, selling at or above list price. This is right in line with the numbers for the last 16 weeks. But interesting to note that even with higher interest rates, there is still a fair amount of competition in the market.

And it will not surprise you when I say that 56% of the sales last week were under the $1M mark. That is a solid amount of activity at that entry-level price point. Again, if you have a property to sell that fits that criteria, you have a great chance, if you price it right, of having a successful home sale.
Final stat for you. of the 438 successful home sales last week, 305 of them or 68%, were condos or townhomes. So, lots of people are taking advantage of the opportunity to sell in a strong market and purchase a detached home, taking advantage of the move-up.

Enough of me talking.
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.