Here are some graphs which clearly illustrate the state of our real estate market in the Metro-Vancouver area.
On the inventory side, listings are very similar to last year. On all three property types, the total inventory is up by around 11%:
As far as the number of days on market, contrary to the fear in continuous media outlets about a market crash across the country, the time to sell a property has not materially increased since last year. It has gone from 11 days to 14 days across all property types. Most appraisals will base the market value price of a property on an assumption that the property is marketed in an open market for 3-6 months. The 14 days is akin to real estate liquidity.
However, looking at the actual sales side of things we can see a marked slowdown which should be an indicator that prices should drop.
From a product absorption view, the sales to active listing ratio is comparable to October 2019. Sitting in the low 20% area represents a much more balanced market between buyers and sellers than what we have been accustomed to in years past.
The above statistics are for the overall Metro Vancouver market. The ones relevant to your specific housing area may be different and would be far more relevant to you. If you would like to see how your area stacks up against the rest of the market, feel free to contact me for a more customized report.
It is worth noting that in this type of market which is far more balanced, sellers need to take greater care to prepare their properties to compete with others on the market. Sometimes the available inventory is large enough that the challenge is getting your property viewed in a single buyer's tour. More than 5-6 properties in a single day is often difficult to arrange, so that if you are not in the "top 5", you might miss a buyer.