Hi Everyone! We’ve made it through January and the market is picking up steam. We’re seeing new listings every week and Buyers getting excited about their options, which is normal activity for January. What’s interesting this month is the number of multiple offer scenarios we’re seeing and the differences between the Eastside and the Westside.
On the Westside of Vancouver, inventory is at decent number – generally higher than this time in 2018 and generally lower than this time in 2019. The number of condos and townhouses is at a good number for this time of year, but the number of detached houses is down compared to the last few years. I expect all of these numbers to increase as the market continues to gain steam. Overall the HPI price is similar to both last month and this time last year, though it’s trending upwards. The consistency in price over the year should be an indication that this market has staying power. Overall, the condo market is a Balanced/Sellers market – the area and product affects this distinction greatly – entry level 1 and 2 bedroom condos are getting multiple offers where the higher end market doesn’t have the same extreme activity.
On the Eastside of Vancouver, the market has some stronger legs. The HPI Price has seen a noticeable increase over last month and is in line with this time last year. It’s the inventory that’s interesting – the number of listings on the market is far lower than this time last year, with detached houses and townhouses being at their lowest numbers since 2016. Inventory levels for Detached Houses are particularly low, which aligns with the fact that we are seeing multiple offers on anything half decent right now. The total inventory for condos is somewhat low right now so I’m hoping for a big increase in good options. The number of townhouses doesn’t vary much but we need to see more options to keep the market moving. Overall, each market in East Van is a Balanced/Sellers market so be prepared for a busy market – work with a good agent (me!) and a good mortgage broker (ask me for one!).
This market isn’t easy to figure out. Some listings are getting multiple offers, and I can usually pinpoint the ones that will, but others are sitting on the market with some negotiation room. This kind of market leads to a needed reminder for Sellers – you need to ensure your property looks good, is priced right and has an agent truly trying to sell it. Call me to talk about the best plan of action for the sale of your home – you need good marketing positive open houses, market knowledge and good negotiation. It’s still early in the year, and the market still has a lot of growth to see this Spring.
Have a look at that stats for Vancouver East and West Real Estate below. If you’re interested in learning about specific neighbourhoods, specific price points, specific types of properties or other cities, contact me: kristi@realestatevancity.ca! There are big differences in market characteristics for different area sand style of homes. Ask if you’re curious!
East Vancouver Real Estate Stats up to and including January 2020
Median Percentage of Original Price for East Vancouver
New Listings for East Vancouver
Total Inventory for East Vancouver
Total Sales for East Vancouver
Sales to Active Ratio for East Vancouver
Median Days on Market for East Vancouver
Vancouver West Real Estate Stats up to and including January 2020
Median Percentage of Original Price for Vancouver West
New Listings for Vancouver West
Total Inventory for Vancouver West
Total Sales for Vancouver West
Sales to Active Ratio for Vancouver West
Median Days on Market for Vancouver West
Based on these stats, the bottom of the market was August 2019. The market has been picking up ever since, and based on my conversations with other agents, everyone seems to have some great new listings hitting the market sometime in the next few months. Like I mentioned above, the good listings come and go really quickly, so now is the time to get your financing sorted out and to start learning about the market so you can understand your options and make the most of the slowly increasing market. If you want to start learning about the market, send me a message or give me a call and let’s sit down to chat about the process, your questions, and your options.
If you’d like to slowly dip your toes in the market, I can also set you up on a Custom Real Estate Search, just fill in the form on https://realestatevancity.ca/home-finder/ or feel free to contact me: kristi@realestatevancity.ca or 778-387-7371.