Last week saw the highest number of new listings come to the market in 9 weeks. Is the fall real estate selling season back in full swing?
Let’s find out on today’s Monday Market Monitor.
Welcome back to the Monday Market Monitor. We are into the 2nd week of September, and last week’s numbers paint an interesting picture!
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Let’s get this started with the new listings.
Last week was the first week in nine weeks that we have had new listings of over 1000. So, last week we had 1018 units listed and come to the market. Let’s contrast that with the week before, which was 628. If you have been following the videos over the summer, I have been reminding viewers that it is not uncommon to see listings decrease over the summer months and come roaring back in September when the summer and all the vacations are over.
I bet we stay at these June listing numbers for the foreseeable future.
As for the listings that expired or came to the end of their contract last week we hit 105, so, 105 more unsuccessful sales that could potentially come back to the market this fall.
Right in line with the last three weeks of data, price changes totalled 232, so there are some serious sellers out there that are looking to find a successful fall home sale.
But let’s get to the most important numbers. Starting with the sales.
Last week we had a dismal 355 sales, the last time we had sales this low was after the August long weekend, where there were only 333. Obviously, long weekends reduce the number of sales since most of the buyer pool is away and not focused on Real Estate. Over the next 4 weeks, I expect that these numbers will return to what we have seen over the bulk of the summer and start to creep up over the next couple of weeks.
Last week there was no change in the time a property sat on the market before it was sold, so we are still at 34 days.
Of those 355 sales, 22% of them sold at or above list price. That number has been holding steady for the last eight weeks. It will be interesting to see what happens with the number over the next eight weeks.
Finally, the number you should not be surprised by is the number of sales under $1m. Out of 355 sales, a whopping 208 of them were under $1M.
This is the most active price band in all of the Real Estate Board of Greater Vancouver. I spoke about this in my last August Market update that the overwhelming majority of areas in the Real estate board of Greater Vancouver for condos and townhomes are still in Seller’s markets. And if you are planning to sell your condo or townhome and move up to a detached, this is the right time…you sell in a seller’s market, and then you buy your detached in a buyers market. This is ideal for a person or family looking to get more space.
That is all for this week. If you want to have a more in-depth conversation about the Vancouver Real estate Market with one of the best Realtors in Vancouver, then reach out because I love talking about Real Estate.
Thank you so much for tuning in, and we will see you in the next video.