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Vancouver Real Estate Monday Market Monitor September 26th - October 2nd 2022


Vancouver Real Estate Monday Market Monitor September 26th - October 2nd 2022

Sales in the Real Estate Board of Greater Vancouver are starting to creep up week over week. Stay tuned to find out which areas are hot right now on your Monday Market Monitor.

Welcome back to your Monday Market Monitor for September 26th to October 2nd. That is right, folks, we are officially into October. I mean, where did September go?

Data for last month’s sales should be out shortly, and you will be able on catch my next video talking about that probably tomorrow but for now, let’s talk about last week’s numbers. Starting with new listings.
Our new listings were 976 last week, a little less than the previous week, and 142 off from the high we saw of 1118 listings that hit back in mid-September.

As for expired listings or listings that came to the end of their term, well, there were many of them. In fact, there were 379 of them. Looking at the data, we are seeing spikes right around the first of the month because we had this happen in September and in August, which explains these big swings when we usually are averaging about 78 expireds.

Sellers are chasing that successful fall home sale, which is evident in the Price Change numbers. Last week there were another 309 properties that got price improvements, which is in line with our weekly averages.
The biggest haircut was on a detached home on Joyce Street, which was a whopping $400,000 reduction.
So Sellers now have to adjust their prices to this new market if they want a successful sale.
I say it in every video PRICE IS KING, especially for detached homes, and we will touch on that in a bit.

Let’s last sales. Last week there were 408 sales, creeping up just a tad from the low right after the long weekend in September. Of those 408 sales, 307 were on condos or townhomes, and 99 of them were detached. This is why those detached homes must be priced for the market and why condos are townhomes are leading the market right now. This is perfect for the move-up buyer looking to sell the condo or townhome and move up to a detached… the chance to do this has never been better.

Our days on the market last week popped up to 30 days, but this number is nothing to write home about since it is in line with the averages we have seen for the last 11 weeks.

Despite the all-around drop in the market, one number still manages to surprise me, and that is the number of listings that sold at or above list price.
Last week 26% of the sales were at or above list price, so people are pricing aggressively to ensure a successful home sale. And it will be no surprise to you when I say that the most active price band was under $1.5M. 83% of last week’s sales fit that category. This should not be a surprise, given the 307 sales came from attached properties.

But it is worth noting that for all the chatter about interest rates, isn’t it interesting that the entry-level product is where the sales are coming from. You would think that the entry-level buyer would be hit the hardest, but that is not what the numbers are telling us. This is something worth pondering a bit.

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 expert advice.

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.