Sales to Listings Ratios: October 28, 2022 (GVA, Fraser Valley, Okanagan)
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: It is still a buyer’s market for single family homes in the Fraser Valley and GVA and now Okanagan with a more “balanced” in the Vernon Areas. This has been a consistent theme now for months. With townhomes and apartments, it is a balanced market overall, with Okanagan doing very well in terms of sales to listings. Surrey, Sunshine Coast and West Vancouver all are a shwoing heavy buyer’s market. Burnaby and Coquitlam areas are doing better, and showing a balanced market.
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 = 8.27% (last week) 7.87% (this week)
GVA Average = 8.96% (last week) 9.28% (this week)
Okanagan = 12.83% (last week) 11.79% (this week)
Vernon = 17.81% (last week) 16.20% (this week)
Townhomes and Apartments:
Fraser Valley Average = 13.75% (last week) 14.35% (this week)
GVA Average = 15.29% (last week) 14.89% (this week)
Okanagan = 16.33% (last week) 19.68% (this week)
Vernon = 22.86% (last week) 18.87% (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!
Owner, Adlaw Appraisals Ltd.