Numbers don't lie! There seems to be an uptick with Detached Home Sales (North Vancouver) in the last 2 weeks.
Take a look at the chart below. You'll notice that the START of September was actually a heavy first few weeks of sales. This would contradict the September Stats Release (containing 1/2 of August Data). Actual Sales has shown to have significantly increased from the downward trending August and Summer as a whole.
If the first week of September is a measure of the the SPRING Market, then we can actually see we have had a "Better than Summer" Spring Market. As I write this summary, It's Wednesday October 9th. I ran these numbers on Monday October 7th, and these numbers updated the 1-3 weeks prior with newly populated "Sold" data. It's vastly different from last weeks chart by the volume of sales in the first week or two of September.
This means that the week prior (Sept 30th) data didnt yet have the sales for the first few weeks of September (The offers written, accepted and subjects removed can take up to 15 days and an additional few days to report those sales from our Brokerage Office to the Real Estate Board). This 'lag time' is why Weekly Summaries are important to observe changes in our local North Shore Real Estate Market.
Look at the upswing in the red line during the first 2 weeks of September. Big Upswing! Yes, the line dips after that but next week that sold data will be updated and (As my dotted yellow line predicts) we will see a general increase in sales.
Why is this important? Because we Realtors have been grasping for any good news for our Sellers! And... it may be the shift in the market from the trough-like Summer to a slight uptick we've been anticipating as a response to the last few Bank of Canada rate cuts.
IF YOU'RE A SELLER - You're thinking about how these inventory and sales charts play out over the next 60 days
IF YOU'RE A BUYER - You may have been waiting for the bottom of the market to settle, we may have already passed that point. Time will tell but the short-term outlook seems to favor this market shifting with interest rates in the next few months.
** This is not investment advice. This is simple review of Data analyzed from the Real Estate Board of Greater Vancouver and the MLS system.