Sales week-over-week have jumped up to levels we have not seen since the week of June 4th-10th while inventories continue to rise. Find out how these data points affect buyers and sellers in the Real Estate Board of Greater Vancouver on today’s Monday Market Monitor.
Welcome back to your Monday Market Monitor for October 3rd to the 9th! Q4 Real Estate data keeps on rolling in, giving us much to discuss and examine, and this week is no different. 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!
New listings this week were up 105 listings over last week, hitting 1081, still a tad bit off the high of 1118 the second week of September. But no surprise to see these numbers remain elevated in this first part of Q2.
Expired listings are back to more consistent weekly levels as we come into the second week of October. As I mentioned in the last video, we see spikes in the expired listings at the end of months, as many listing contract terms end at the end of the month, much like tenancies.
Price changes remain at elevated levels as sellers adjust to the new market and continue to chase that elusive fall home sale which means we saw 353 properties get price improvements this week.
Which property got a giant haircut this week, and how much was it??
Drum roll, please…
A property in the British Properties takes that honour with a $3,147,000 price chop. The property has been listed for a total of 242 days, and this is not the first price change for them. All totalled since listing this particular house has cut $6,227,000 from their list price.
Talk about chasing the market down.
As you can imagine, luxury properties have taken quite a hit; in fact, the last sale of over $10M was July 18th, 2022.
Speaking of sales, the sales for last week hit a level that we have not seen since the week of June 4th. So we are back up to 519 deals for last week, with the average DOM or days on market remaining steady at 30. So, any prospective sellers out there expect to be on the market for 30 days for that elusive successful sale!
Of the 519 sales last week, 20.8% of them were at or above list price. This is down from last week’s spike of 26%; however back in line with our weekly averages.
Again it is no surprise that the most active price band was under $1M. 53% of the sales were under $1M bucks, so this is still the most competitive price band to be selling or buying in right now.
Condos and townhomes still lead the way in the sales department; however, detached properties are starting to catch up. So it would seem that lots of people are taking my advice and selling their attached properties and moving up to a bigger home while the attached market is strong and detached is still lagging. The question is, how much longer will that advantage last? Who knows. But one thing is for sure is that I will keep bringing you the numbers, so you have the best information to make the most informed decisions about your Real Estate goals!
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.
