Sales to Listings Ratios: November 18, 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: 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.
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)
Thank you for reading!
Owner, Adlaw Appraisals Ltd.