{"id":18260,"date":"2021-07-22T10:10:00","date_gmt":"2021-07-22T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=18260"},"modified":"2021-07-21T10:46:32","modified_gmt":"2021-07-21T17:46:32","slug":"active-listings-dropped-setting-up-for-a-competitive-september","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2021\/07\/active-listings-dropped-setting-up-for-a-competitive-september\/","title":{"rendered":"Active Listings Dropped, Setting Up for A Competitive September"},"content":{"rendered":"<p style=\"text-align: justify;\">The number of new listings coming onto the Vancouver market has been on a decline, a trend that could alter market activity in the coming months, according to new insights.<\/p>\n<p style=\"text-align: justify;\">So far in July, 1,692 properties have been sold in Greater Vancouver alongside 2,491 new listings, as per mid-month data published by Dexter Realty\u2019s Broker and Chief Economist, Kevin Skipworth, last week. This comes as a \u201cstark contrast\u201d compared to the mid-point of last month, when 2,028 properties had sold and there were 3,405 new listings as of June 15th. Even at the mid-point of May, 2,183 properties had sold as 3,758 new listings came online.<\/p>\n<p style=\"text-align: justify;\">Although sales are down by 17 percent from last month\u2019s mid-point, Skipworth said that new listings are down 27 percent, leading to a decrease in the total number of active listings in the market.<\/p>\n<p style=\"text-align: justify;\">\u201cWith this trend likely to continue, we could see total active listings drop below 10,000 to start September for only the second time in the last 25 years,\u201d he wrote in the monthly email update.<\/p>\n<p style=\"text-align: justify;\">Skipworth reported that active listings for detached homes have declined by eight percent since the mid-point of June. This stands in contrast to the period between mid-May and mid-June when listings were up by two percent. Active listings also jumped 13 percent between mid-April and mid-May. Previously, sellers had been inclined to list in the active detached market, but this phenomenon \u201cis very much slowing,\u201d according to Skipworth, particularly in Greater Vancouver\u2019s suburbs.<\/p>\n<p style=\"text-align: justify;\">The same trend has also been observed in the attached segment of Vancouver\u2019s market, which includes townhomes and condos. The number of attached listings has dropped by four percent in the last 30 days, previously up by five percent between mid-May and mid-June, and up by eight percent between mid-April and mid-May, Skipworth said.<\/p>\n<p style=\"text-align: justify;\">Skipworth noted that the decline in new listings is diminishing an already-low active listing count across Metro Vancouver. Homebuyers are continuing to take advantage of low interest rates, and housing demand for returning post-secondary students this fall \u2014 both on the resale and rental side \u2014 is increasing.<\/p>\n<p style=\"text-align: justify;\">\u201cSales in July will once again be less than 4,000 for the month, but likely still at a level that is above average for July and only slightly down from June,\u201d said Skipworth.<\/p>\n<p style=\"text-align: justify;\">\u201cAll things considering, there is still strong activity in the real estate market but that could be hampered by the lack of listings as we move through the next month and a half,\u201d he added.<\/p>\n<p style=\"text-align: justify;\">Heading into the remainder of the summer, Skipworth said that townhomes are the most sought-after property type in the market with very limited supply.<\/p>\n<p style=\"text-align: justify;\">The sales to listings ratio is currently set at 117 percent in Port Moody, with more sales than new listings reported so far in July. The number of active listings in North Vancouver has also dropped to its lowest point since March, which Skipworth anticipates will create a competitive September market when buyer engagement grows. Similarly, New Westminster is on track to have its strongest sales month since March, but the number of new listings would set this community up for a competitive September as well.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2021\/07\/vancouvers-active-listing-10k-second-time-25-years.html\" target=\"_blank\" rel=\"noopener\">Vancouver&#8217;s Active Listing Count Could Drop Below 10k for The Second Time in 25 Years<\/a> by Michelle McNally | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The number of new listings coming onto the Vancouver market has been on a decline, a trend that could alter market activity in the coming months, according to new insights. &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2021\/07\/active-listings-dropped-setting-up-for-a-competitive-september\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-18260","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Active Listings Dropped, Setting Up for A Competitive September &#8226; 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