October kept up the activity we saw in September, which is great since it’s a balanced market for Buyers and Sellers. Inventory hasn’t been especially deep and I’m sensing a lot of Buyers are starting or re-starting their searches and getting familiar with what’s happening in the market. I expect this interest to carry over into the new year and keep the Spring Market busy as well. Interest rates are still quite low so it’s a great time to be pre-approved.
There hasn’t been a lot of inventory this Fall – a part of that is because listings are selling, and a part of that is because of the changing market. The market slowed down significantly in 2018 to the point where nothing was selling, which isn’t a great time to list. Now that the market is picking up, Sellers have more confidence that their listing will sell. This confidence leads to more listings, which leads to excited Buyers, which leads to more activity, and the market keeps rolling from there. This lower than average inventory is why good listings are still selling quickly and often in multiple offers.
When the market finally picks up after a slow down, First Time Buyers are always the slowest to come back to the table which can create a bit of a log jam in the market. I find they’re always a bit more nervous and slower to move than people who have gone through the process before, and for good reason, it’s a big decision! My message for First Timers is to get pre-approved with a mortgage broker and to start taking to a realtor. Realtors have so much history of buildings, understanding of value, knowledge of stratas and it’s our job to help you find a unit that works great for you. You don’t have any obligation to buy and don’t worry about wasting our time – it’s our job to help you.
Historically, this year of year is when you can find a deal! There are a lot of Sellers who have likely had their property on the market for a little while now, and likely have some negotiation room built into their asking price, so try an offer and secure your new place while Competition is low and interest rates are good.
Yet again, the stats show that prices (based on HPI Price) remained steady the last month, which is down about 7% from this time last and more from the height of the market in Spring 2018. Inventory is also down from this time last year, but like I mentioned earlier, part of that is because more listings are selling right now and part is because we’re not seeing as many new listings – 17% fewer new listings compared to this time last year. The sales to active ratio is really strong right now – 22% for Vancouver West and 27% for Vancouver East. In my view, that seems to apply to newer listings as there are still some listings sitting on the market due to a high asking price.
I don’t foresee prices increasing over the next little while but I also don’t see them decreasing. I’m anticipating a slow time over the holidays with another increase in activity next year, so if you’re keen to buy soon, embrace the next two months, otherwise you’ll be waiting for things to pick up in February.
Here are the basic stats for Vancouver East and West. If you’re interested in learning about specific neighbourhoods, specific price points, specific types of properties or other cities, contact me: kristi@realestatevancity.ca!
East Vancouver Real Estate Stats up to October 2019
New Listings for East Vancouver
Total Sales for East Vancouver
Sales to Active Ratio for East Vancouver
Vancouver West Real Estate Stats up to October 2019
New Listings for Vancouver West
Total Sales for Vancouver West
Sales to Active Ratio for Vancouver West
Like I mentioned before, at this time of year there are going to be a lot of properties that have been on the market for awhile! Many of these Sellers may be keen to sell and would rather negotiate the price rather than drop the price, so try an offer. If you’re looking for a deal, this is the time of year to find it!
If you haven’t already, 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 to hit the market. I’m happy to give you a referral to a great mortgage broker, just contact me: kristi@realestatevancity.ca
– Kristi Holz