This according to analysis by Andrew Lis, director, economics & data analytics for the Real Estate Board of Greater Vancouver: “Heading into 2023, the market continues the trend of shifting toward historical averages & typical seasonal norms”.
The Board also reports that residential home sales for the region in November showed a 52.9% decrease from the November sales last year, and a 15.2% decrease from the previous month of October this year.
Reviewing the November sales stats between Burnaby east to Maple Ridge, a common denominator is a dropping inventory – in many cases seriously dropping. Only exception is Port Moody’s attached market which is now showing a decrease in sale prices and number of sold units as a result of a sharp increase in inventory. Inventory is always connected to market trends, but at present, not the only consideration.
Where our crystal ball cannot easily forecast the future is in the realms of inflation, interest rates, immigration and political decisions. So…when we talk about reverting to traditional trends, this could be a moment in time which may not extend much into 2023 – we shall be watching for new trends caused by these outside influences – not simply inventory. Real Estate will be a complicated business in the near future. All we know is the present, but will keep you posted as we progress locally.
Strongest November market was in Pitt Meadows attached where the sales ratio average was at 38% . Pitt Meadows detached market had a strong ratio at 31%, closely followed by the Coquitlam attached market with a sales ratio average of 30%. Clearly townhomes and condos continue to be the most popular and most affordable for buyers.
As we move into the festive season, the buyers out looking are serious buyers. This is not the season inviting “lookie Lous”, So, for the sellers out there, if you can, keep your home on the market, as lots of sellers will take their homes off the market missing those buyers who really want to buy in spite of the season. When in doubt, call us for the straight goods!
It has been a pleasure to keep you informed and work with so many of you this year – thank you. We are grateful to you all – both those who bought and/or sold and those kind enough to recommend our team to others. It is such a privilege to live, work and play in our local communities.
We wish you all a Merry Christmas, a happy holiday season and the best of health and good fortune for 2023.
Your Generations Real Estate Partners:
Michelle Hawthorne, Scott Johnson, Shane Goutsis, Ray Harris and Sheila Francis.