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Vancouver Real Estate Monday Market Monitor September 12th - September 18th 2022


Vancouver Real Estate Monday Market Monitor September 12th - September 18th 2022

The Real Estate Board of Greater Vancouver is almost back to seeing the same number of new listings hit the market as we did in June.
With all this new inventory will we start to see the days on the market creep up for sold properties? Stay tuned in for your Monday Market Monitor to find out!

Welcome back to your Monday Market Monitor as we look back at the September 12th – 18th number for the Real Estate Board of Greater Vancouver. I make these videos weekly so if you never want to miss one hit the subscribe button so you can know all the facts about the market when you are talking to friends or neighbours.

The big headline this week is that we are starting to see the number of new listings jump back to the levels that we saw in June. So, this past week we saw 1118 new listings hit the market. We have need seen weekly numbers that high since the week of June 4th, 2022.
With all the new product coming to the market, some of them will be relisted properties possibly from the summer that did not have a successful home sale. And we should expect to see the properties that expired or came to the end of their contract from this past week, of which there were 109, filter back onto the market over the next couple of weeks, consequently pushing up the weekly inventory levels up again.

Last week there were 282 properties that saw price improvements. It is a slightly higher number than the last three weeks but right in line with what we have been seeing as sellers who really want to find that elusive successful home sale this fall.

If you saw last week’s video you know that our weekly sales were dismal at only 355 units and I attribute that to the long weekend. Apparently, the market had a long weekend hangover that ran right into the first week of Back to School because this past week, we only got an extra 5 sales on top of that number, bringing us to a total of 360 properties sold last week.
So the big question is… will the market sales pick up at all to match the amount of product hitting the market.
This remains to be seen however, there are are still multiple offers happening in the market.
In fact last week 19% of the units that were sold went for list or above.
So, there are units coming to the market that are being priced sharp and priced to sell, and if you are a homeowner looking to make a move, the strategy that your agent builds you needs to be price centric. Remember, there is more inventory, so more competition.

Finally, I have been talking about this for the last 6 weeks now. The most active price band is under $1M. Last week 205 of the 360 sales were under $1M. So, more than half. If you are looking in this price range you have competition so again, you are the people that need your ducks in a row before you start writing offers because as you now know there is still 19% of the product being sold at or above list price.
And I said it last week but it is worth repeating if you are looking to upsize from your condo or townhome in to a detached house, this is the time to do it because condo and townhome sales are strong and the detached market is soft so you get to take advantage of selling in the seller’s market and buying in a buyers market.

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 home sale, then reach out because I love talking about Real Estate.

Thank you so much for tuning in to your Monday Market Monitor, and we will see you in the next video.

    Rhiannon A. Foster

    Rhiannon Foster has received numerous production accolades from previous brokerages and Century 21 In Town Realty. Most recently, she was the featured cover story in Top Agent Magazine for July 2022.