Hello Vancouver! I hope everyone has recovered from a fun long weekend. I’m going to keep this market update short because not much happens in August. All eyes are on the new Fall Market and what it will bring.
August was busier than normal, no doubt thanks to the slower Spring we had due to Covid. Already in the first week of September we’ve seen a big increase in inventory so hopefully more listings will help to ease demand, or at least, give Buyers a few more options. Good options that are priced well are still getting multiple offers, and I find units that are priced a touch high don’t have the same level of interest. Sellers, keep that in mind when you’re pricing your property. For Buyers who keep losing in multiple offers, go back and check out the properties that have sat on the market for a couple weeks – they could be priced high and offer you an opportunity to negotiate. An increase in inventory may help to ease the competition which would be welcome for Buyers.
Keep your eyes on the new listings hitting the market(I have a few great ones including #419 288 E 8th and #204 234 E 5th) and don’t hesitate to let me know if you have any questions about the upcoming market and my expectations for the next few months.
Onto the stats.
Vancouver West Real Estate Stats up to and including August 2020
The Westside of Vancouver has remained pretty steady. We saw another month with very minimal growth in HPI Price, though the price of detached houses is ever so slowly trending upwards. Otherwise, inventory is up right now, particularly condos. Townhouse inventory has been fairly steady and the number of detached houses for sale is still down from its height a few years ago. The sales to active ratio is still in a Seller’s Market for attached properties, and a Balanced Market for detached properties.
HPI Price for Vancouver West
*Unfortunately HPI Price can’t be any more specific than Condo/Townhouse/House*
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
East Vancouver Real Estate Stats up to and including August 2020
In East Van, August saw an average sales to active rate of about 28% which is firmly in a Seller’s Market and generally in line with the previous months. In general, specifically for the attached market, new inventory and sales slowed, which is common for the end of the Summer. Total inventory for detached houses is still significantly down from the last few years, while 1 and 2 bedroom condo inventory is nearing the highest they’ve been in 5 years. Townhouse inventory doesn’t change much due to it being a small market. Overall HPI went up slightly this past month, nearing the highest mark we’ve seen in the last couple years.
HPI Price for East Vancouver
*Unfortunately HPI Price can’t be any more specific than Condo/Townhouse/House*
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
It’s in your best interest to start chatting with professionals if you’re thinking about buying in the next 12 months. There is a lot of information to learn – everything from what you can afford and how you can improve your affordability, what’s expected for the Fall market, standard inventory to expect, differences in construction and Stratas, and whether or not your real estate goals are reasonable. A few ways you can start planning your eventual move include:
- Connecting with a Mortgage Broker: My top two recommendations, thanks to their skills and hard work, include Eitan Pinsky and Anais Greer. It can take some time to get all of your financials in order, and there may be some changes you can make now to increase your mortgage approval for next year, so best to chat with a broker sooner rather than later.
- Connecting with me to find out if what you’re hoping for is reasonable given your budget. If you’re just getting started in your search and want to see what’s out there, I can set you up on a Custom Search so you can follow new listings and sales. If you’re keen to really start learning and viewing properties, we can ramp it up and get you up to speed with important information and property viewings.
Feel free to contact me – no question is stupid or too soon to ask: kristi@realestatevancity.ca or 778-387-7371.
Sending you health and happiness. And please continue supporting your local East Van businesses!!!!!
– Kristi