Adlaw Appraisals Weekly Update (Sept 23, 2022)

Adlaw Appraisals WEEKLY sales to listing ratio update (September 23, 2022)

Looking at 50 different market areas, for both single family and multi family (townhomes and apartments) in the GVA, Fraser Valley and Okanagan regions.?

What is a sales to listing ratio? The ratio between the number of homes sold in the last 30 days versus the number of total listings in the market.

Why is it important? It is a point in time indicator of demand and supply of housing in a specific area and provides excellent information for buyer’s, seller’s, realtors and valuation experts who cannot afford to wait 3-4 weeks until monthly stats are available. Generally speaking, a downward market (buyer’s market)?is when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure (seller’s market)?when it surpasses 20 per cent over several months.f you have questions about real estate appraisals, please contact us today.?

Important notes regartding sales to listings ratios

*Red indicates a buyer's market (<12%), yellow is a balanced market (12-20%) and green is a seller's market (>20%)

**Statistics based on sales from September 19 to September 23, 2022 and active listings as of September 23, 2022.

***Based on MLS sales only, does not include private sales.

Fraser Valley, Greater Vancouver and Central Okanagan?(Single Family)

Where are Prices Going?

Single Family (GVA): It is mostly a buyer's market across the board in GVA and Fraser Valley for months in a row now, except for Cloverdale, Burnaby East, Coquitlam, Ladner, North Vancouver, Port Coquitlam and Port Moody all shopwing a more balanced market. All other areas are below 12% indicating a buyer's market. The average sales to listing ratio for Fraser Valley is down from 7.74% to 7.35% and up slightyl from 8.54% last week to 8.58% in the GVA. Both have been well under 12% for months which will push downward pressure on prices. Areas of greatest concern (greatest opportunity?) include: Surrey, Mission, Chilliwack, Abbotsford, Surrey, Squamish and West Vancouver with extremely low sales numbers compared to listings. (+/- 5%).

Single Family (Okanagan): Has maitained a balanced market increasing to 14.75% from 13.74% last week. Prices have decreased in some areas; however the statistics are not as robust as the GVA / Fraser Valley. Upper Mission, Mkinley Landing and West Kelowna Estates are all showing a healthy seller's market at around +/- 20%.

Fraser Valley, Greater Vancouver and Central Okanagan (Townhomes and Apartments)

Townhouse / Apartments (GVA): Multi Family units are hurting in the Fraser Valley and doing much better in the GVA. The overall sales to listing ratio in Fraser Valley is down from 13.48% last week to 12.16% and up from?12.84% last week to 14.40% in the GVA. Overall, it appears the cost of borrowing is keeping many buyer's out of the market.

Townhouse / Apartments (Okangan): This market has been balanced for the last 6 consectuive weeks with a sales to listing ratio of 23.58%, up from 2.85% last week. Prices should remain relatively flat until there is a change in demand or supply for this housing type.

In summary, interest rates are impacting sales transactions across the board, as buyers put decisions either "on hold" or look for more afforable housing in by buying a townhouse or apartment or relocating to a more affordable location.

Follow us on?Facebook?and?Instagram?for updates on the monthly price changes as well as education for those interested in the appraisal industry.

Let?our team’s?knowledge of local markets help you get the value you deserve.

Thank you for reading!

?Sincerely,

Adam Lawrenson, AACI

Owner, Adlaw Appraisals