This is your Real Estate Market update by Coquitlam REALTOR® Krista Lapp for sales in August, 2023 for Greater Vancouver.*
Cities included in Greater Vancouver are: Coquitlam, Port Moody, Port Coquitlam, New Westminster, Burnaby, Pitt Meadows, and Maple Ridge.
For the month of August it was again a Seller’s Market, with 32 percent of properties selling. We did however notice a slower Market with less properties selling. Additionally, there was an increase to the number of days it took to sell a single family home. We experienced quieter open houses and less private showings being booked. With Buyers wrapping up the summer holidays and the two interest rate increases from previous months, those factors had an impact on buyer activity and behavior.
Total sales for August 2023 were 836. This is a 17 percent increase from last year, and a 12 percent decrease from the previous month.
The median sales price for a home in Greater Vancouver was $1,154,000. This is a six percent increase from last year, and a one percent increase from the previous month. The total active listings last month were 2,596. This was no change from last year and a one percent decrease from the previous month.
For detached homes throughout Greater Vancouver, it took on average 18 days to sell. This is up 7 days from the previous month.
For attached properties, which includes condos, townhomes, and duplexes, it took 9 days to sell. This is the same as the previous month.
With the summer holidays being wrapped up, and the announcement on September 6 that interest rates held, we will start seeing more Buyers come back to the market. At the same time many Sellers were holding off to list their property until after the long weekend, so we should start seeing more inventory come available as well.
If you have any questions about your specific Real Estate needs, or would like to know more about the Market and how it impacts you, feel free to reach out to me directly.
*Source: SnapStats and REBGV
Krista Lapp PREC* 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 over 200 sales total from 2021-2022, Krista qualified as a President’s Medallion Club Member in 2021 and 2022 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.
Born in Vancouver and raised in the Tri-Cities, Krista has experienced growing up and living in the Tri-Cities for decades. Krista knows Port Moody, Coquitlam and Port Coquitlam extensively and has loved seeing the changes and growth in these cities over the years.
Whether you are buying or selling, you can count on being represented with professionalism and integrity. Being a hands on, full time REALTOR® you’ll experience first class service, expert advice and outstanding results. In addition, Krista has had years of professional experience and education in marketing online giving her a unique perspective in marketing homes in Coquitlam, Port Coquitlam, Port Moody, Burnaby, Pitt Meadows, Maple Ridge, New Westminster and the Lower Mainland.
Krista has been rated the #1 Coquitlam Real Estate Agent in 2019-2022, #1 Port Coquitlam Real Estate Agent in 2022, as well as in the Top 100 Real Estate Agents in Canada for 2021 and 2022. RATE MY AGENT