Weekly Sales to Listings Ratios (November 18, 2022)

Weekly Sales to Listings Ratios (November 18, 2022)

Summary: Another week with detached housing in the GVA and Fraser Valley showing low sales to listings ratios. Surprisingly, the Okanagan is showing a large downward trend to 11.95% which is down from 14.02% last week. Showing, even the more affordable areas are seeing a lack of demand. Townhomes and apartments are still showing decent numbers 11-14% in the Lower Mainland and much higher in the Okanagan, 20-24%, making multi-family in the Okanagan still a buyer’s market. Will be interesting to see for how long.?

Single Family is showing continued price declines, but not at an alarming rate. It is unsure how sellers and buyers will react to the new normal of 5% to 6% interest rates in an era where most individuals were accustomed to 1.5% to 3%. The increased rates over a relatively short period of time are causing uncertainty in the markets, resulting in lower demand compared to supply and a downward pricing trend across the board.?

Stay tuned for a market price updated in the first week of December.?

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Below is a summary of the average sales to listing rations for Fraser Valley, GVA, Okanagan and Vernon markets compared to the previous week.?

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.A balanced market is considered anywhere between 12% and 20%.?

Single Family:

Fraser Valley Average = 7.70% (last week) 7.79% (this week)

GVA Average = 9.84% (last week) 8.83% (this week)

Okanagan = 14.02% (last week) 10.95% (this week)

Vernon = 19.43% (last week) 19.42% (this week)

Townhomes and Apartments:

Fraser Valley Average = 12.90% (last week) 11.62% (this week)

GVA Average = 15.71% (last week) 13.96% (this week)

Okanagan = 19.35% (last week) 20.26% (this week)

Vernon = 19.80% (last week) 23.16% (this week)?

See https://www.adlawappraisals.com/news/ for historical weekly stats, news as well as monthly market updates. .

Need a real estate appraisal in the Greater Vancouver, Fraser Valley or Okanagan areas? We can help! https://www.adlawappraisals.com/order-appraisal/

Thank you for reading!

Adam Lawrenson

Owner, Adlaw Appraisals Ltd.