Market Update & Weekly Sales to Listings Ratios (GVA, Fraser Valley)
The markets are changing, and you want to stay informed with what is happening in your specific lending areas. That’s awesome!
MARKET UPDATE: January 2023
January 2023 looked much different than January 2022.
– GVA sales volume down 55%
– GVA listings down 21%
– Fraser Valley sales down 52%
– Fraser Valley listings down 12.5%
– Values down 5-17% from January 2022 (Year over Year)
– Values are relatively flat from December 2022 (Month to Month)
WEEKLY SALES TO LISTING RATIOS (Feb 8, 2023)
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: Good news! Sales volume has improved over the last 30 days. A positive sign after 6 months of very low numbers. The attached market (townhomes, apartments, 1/2 duplex) are all showing very positive signs. Here are some key points;
- Detached is Cloverdale and Langley and now showing a balanced market 16.67% and 15.21% respectively.
- Detached in North Vancouver and Port Coquitlam also showing a balanced market of 12% and 14% respectively.
- Attached in GVA and Fraser Valley showing good overall numbers with a combined ratio of 15.05% and 15.62% respectively.
These positive numbers, if continued for 2,3 months will mean an increase to values. However, it is still too early to tell. Check out the monthly statistics for January and updated sales to listing ratios for each MLS area which is of interest to you
08-FEB-2023 ATTACHED 08-FEB-2023 DETACHED .
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 in GVA, Fraser Valley or the Okanagan? We can help! 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!
Adam Lawrenson, AACI
Owner, Adlaw Appraisals Ltd.