This is your Real Estate Market update by Coquitlam Realtor® Krista Lapp for sales in January 2023 for Greater Vancouver. Cites included in Greater Vancouver are: Coquitlam, Port Moody, Port Coquitlam, New Westminster, Burnaby, Pitt Meadows and Maple Ridge.
While the market shifted to a balanced Market what I experienced last month was multiple offers on both the selling and buying side and open house attendance reminiscent of early 2022. Let’s take a look at January numbers.
During the month of January 18 percent of properties sold which means it’s a balanced market. Total sales for January 2023 were 371, which is a 56 percent increase from last year and a 23 percent decrease from the previous month. The median sales price for a home in Greater Vancouver was one million twenty thousand dollars which is a 17 decrease from last year and a three percent decrease from the previous month. The total active listings last month was 2035 which is a 63 percent increase from last year and an 18 increase from the previous month.
The total active listings last month was 1,723 which is an 80 percent increase from last year, and a 29 percent decrease from the previous month.
Detached Homes:
For detached homes throughout Greater Vancouver it took on average 24 days to sell which is up three days from the previous month.
Attached Homes:
For attached properties which includes condos, town homes, and duplexes it took 25 days to sell which is up five days from the previous month.
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Again we saw another interest rate increase in the month of January with some confidence that it would be the last one. As we move closer to a Spring Market we are seeing more inventory come on the market.
I’m also experiencing pre-sales at certain price points moving quickly and in high demand. We are one month in with the home buyers rescission period being implemented which allows buyers to have a three-day right of rescission to walk away from a contract. I have not seen any impact with buyer behaviour since this came into effect.
If you have any questions about the Market and your Real Estate plans, feel free to reach out to me directly.
Krista Lapp
Lapp Real Estate Group
(604) 725-2494
Keller Williams Elite Realty, Coquitlam, B.C.
Click HERE to view over 300 sold properties on REW.ca
About Krista:
Krista Lapp is a Licensed REALTOR® based in Coquitlam and living in Burke Mountain.
Creating valuable relationships and happy clients has always been at the heart of Krista’s beliefs. With over 25 years of sales experience and being a successful entrepreneur, her level of professionalism, customer service, sales & marketing and integrity always result in exceptional client satisfaction.
With 106 sales in 2021, Krista qualified as a President’s Medallion Club Member which recognizes the Top 1% of Real Estate Agents for sales out of over 14,000 in Greater Vancouver. In 2022, her team was #1 in ALL of Canada for dollar volume of sales with Keller Williams for Team Category, with over $118,000,000 in closed Sales Volume. She is also in the Top 1% for sales at her brokerage Keller Williams Elite Realty.
Krista has been rated the #1 Coquitlam Real Estate Agent in 2019-2022, as well as one of the Top 100 Real Estate Agents in Canada for 2021 and 2022. RATE MY AGENT
Krista provides Real Estate services in Coquitlam, Port Coquitlam, Port Moody, Pitt Meadows, Maple Ridge, Langley and the Greater Vancouver area.