Sales to Listings Ratios: December 9, 2022 (GVA, Fraser Valley, Okanagan & Vernon)

The markets are changing, and you want to stay informed with what is happening in your specific lending areas. That’s awesome!

Adlaw Appraisals WEEKLY sales to listing ratio is attached and provides an update for 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.

SUMMARY:

The ratio of sales in the last 30 days versus total active listings is up across the board..slighly. Very slightly. Houses in the GVA / Fraser are still hovering around 8-10% and Townhomes/ Apartments are in the 15%. Although 12-20% is considered balanced, the activity we are seeing today is definitely that of a strong buyer’s market.
Areas worth noticing for single family:
  • Surrey is up from its lows of 4-5%
  • Squamish, Sunshine Coast and West Vancouver doing very poorly at 3-4% (3 to 4 sales for every 100 active listings)
  • Ladner is at 5% with only 3 sales and 60 actives
Areas worth noticing for Townhomes/ Apartments:
  • Strong numbers in Chilliwack and Cloverdale
  • Very low numbers in Mission
  • GVA is healthy, excluding Sunshine Coast , Tsawwassen and West Vancouver
  • Only 20 sales in Vernon in the last 30 days.
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.
Single Family:
Fraser Valley Average = 7.46% (last week) 9.53% (this week)
GVA Average = 8.06% (last week) 8.47% (this week)
Okanagan = 11.84% (last week) 12.25% (this week)
Vernon = 22.22% (last week) 22.91% (this week)
Townhome / Apartment / Half Duplex:
Fraser Valley Average = 12.89% (last week) 14.32% (this week)
GVA Average = 13.27% (last week) 14.51% (this week)
Okanagan = 13.95% (last week) 15.80% (this week)
Vernon = 24.14% (last week) 21.98% (this week)
Check out our weekly posts on our Facebook Group and check out the ratios for each MLS area which is of interest to your. If you have questions about the ratios in a specific market or real estate appraisals in general, please contact us today! Need a real estate appraisal? We can help! https://www.adlawappraisals.com/order-appraisal/

 

Thank you for reading!

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Owner, Adlaw Appraisals Ltd.