Summer has come and gone. Now it’s back to school and back to work, with fall and winter around the corner. August is always one of the slowest months in Real Estate – everyone seems to focus on fun rather than real estate, so we typically see fewer listings, fewer sales and not much motivation from Buyers. Last month was slower than July so this wasn’t a surprise, but I did still sense some motivation from Buyers, a trend which I think is going to continue into the Fall.
I’ve had a lot of conversations recently with new Buyers, old Buyers looking to get serious, and Sellers who are getting ready to sell.
A lot of people are looking to make the jump from their current home to something bigger, and there’s no better time to climb the property ladder then when sales start to pick up after a slow market. This is the best time because you have a lot more confidence that your current property will sell, and also have a more options to choose from when you’re considering your purchase, without intense competition from other Buyers. Typically, affordable units tend to hold their value longer than more expensive units, so the hope is that the price gap between your current home and new home has narrowed during the slow market (and the stats support this thought.. houses have seen a bigger drop in price than condos and townhouses).
My expectations include:
- a lot of new listings in September. The past two days have seen my notifications blow up with new listings!
- a lot of price drops from older listings that haven’t yet sold
- Buyers taking advantage of the low interest rates
- a lot of transactions, which is good for both Buyers and Sellers
Here are some basic stats for Vancouver East and West going back 3 years, including last month. The stats show a good sales to active ratio, for condos and townhouses, with houses being a bit slow. Keep in mind, the stat for houses also includes the significant number of tear downs and major reno projects on the market. The number of good, livable houses for sale isn’t high. If you’re interested in specific neighbourhoods or other cities, just let me know!
East Vancouver Real Estate Stats for August 2019
Vancouver West Real Estate Stats for August 2019
With an active market, I do expect the good listings that are priced right to sell quickly. If you’re somewhat serious about buying, now is the time to get your mortgage pre-approval done and start working with a real estate agent so you can jump on the good listing you’ve been waiting for. Let me know if you have any questions: firstname.lastname@example.org.