The median days on market has dropped again. So sellers who are well-priced are seeing their properties sell faster. Find out how this is affecting buyers on today’s Monday Market Monitor.
Welcome back, again, friends, to your Monday Market Monitor for the week of October 31st- Nov 6. I make these videos weekly to keep you informed about what’s happening in the 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 to unravelling last week’s Real Estate numbers for the Real Estate Board of Greater Vancouver.
Starting with our new listings. Last week we saw 868 properties come to the market. That was just a tad bit higher than the previous week’s 840. We will probably see this number slow as we get towards the end of the month and into the holiday season.
On to our expireds now. If you have watched my videos before then, you know that at the beginning of the month, we tend to see a very large spike of listings that expire or come to the end of their term, and this last week was no different as we had 374 properties expire. This has been a typical number that we have seen for the last four months when we hit the beginning of the month, and this should drop back next week to under 100.
When it comes to price changes for last week, we had 354 of those. That is a wee bit higher than the 18-week average of 331, so not a number to write home about. But interesting to note that 64 of the properties that had price changes were all on Vancouver’s westside. So, there are some people in Vancouver looking to get that elusive fall home sale!
Time to talk sales. Last week we had 446 sales total, which is a little higher than the 18-week average of 438. Nice to see that number stable.
But the crazy number this week was in the Days on Market!
The median DOM for last week dropped again down to 13 days.
This tells us that the well-priced and well-marketed properties are moving quickly. Good news for sellers who have agents that get the number and the marketing right but not so great news for buyers since this means that you do not have all the time in the world to make a decision. You have to be looking at the new listings frequently, booking showings right away and, in most cases, not waiting to see a property till the open house since it might be too late!
On to my favourite number, which is the number of properties selling at or above list price.
We are at 23% for last week, which is a smidge higher than the 11-week average of 22.2%. This number continues to surprise me. Even with the interest rate changes and the overall slowing in the market, there is still an appetite for competition.
And this past week saw 54% of the successful sales coming in at under $1M. The entry-level market is strong, so which means that the condos and townhomes are selling well, so well that out of the 446 total sales, 309 of them were either condos or townhomes. That is 69%. Again you would expect that the entry-level buyer would be hurt by the rate hikes and inflation more, but that is not what we are seeing.
So what this all boils down to is, again, if you have a townhome or condo to sell, you are in luck; the numbers are on your side, especially if you get the pricing and the marketing strategy right!
For Buyers, make sure that you have all your ducks in a row before you start seeing and especially making offers on homes. And once you have all your financing in place, you will want to be very active in looking at newly listed homes and not wait a couple of days because that home may very well be gone!
Just one more thing.
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, 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.