Hello Vancouver! Happy October. I hope everyone’s enjoying the weather – are we getting more sun than usual?? I hope the start of Fall has treated you well.
In short, the Fall Market has been busy! As has been the case all year, low or reasonably priced listings sell immediately and in multiple offer scenarios, whereas listings that are priced too high tend to sit on the market. The bad news is multiple offer scenarios are still common, the good news is it feels like things are starting to ease off slightly. I’ve seen a couple good listings not get offers on their planned “offer day”, particularly in the one or two bedroom market, so opportunities are coming up, but those listings tend to get an offer within the next few days.
I’ve had one of my busiest Septembers ever, and October is shaping up to be the same. The market is going to slow down just before Christmas through to January, so October and November are often the best months for Buyers in terms of inventory levels, and that’s something that I’m seeing on the ground. Buyers – particularly those looking in the detached market, the 2-3 bedroom market or anything underpriced – you still need to be prepared to compete in multiple offers. Sellers, you need some finesse in the handling of your move if you’re going to be purchasing and selling – it takes some risk and great timing and good planning.
Onto the stats:
Vancouver West Real Estate Stats up to and including September 2020
The HPI prices on the Westside have been pretty steady this year. They’ve been flat for detached houses and townhouses for a couple months, with a slight decrease in condo prices this past month after being steady all year. Condo inventory is high right now, townhouse inventory is pretty normal while detached inventory is a lot lower than normal. The number of new listings we’re seeing is pretty strong for condos, townhouses and houses which indicates a lot of turnover, particularly for houses and townhouses. The 1 bedroom market on the Westside is the busiest market with a 27% sales to active ratio, while the townhouse and detached markets are hovering around 15-20%, which is generally pretty strong for the year.
*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 Van Real Estate Stats up to and including September 2020
The HPI Price for East Van condos remained steady this past month, but rose slightly for houses and townhouses both of which have been slowly increasing since the summer. The sales to active ratio is hovering around 30% for each market which is a strong Sellers Market. The detached house market has been increasing in activity all year, but condos and townhouses have been fairly steady.
As expected, inventory numbers increased this month which is always great to see. Inventory for condos and townhouses are healthy compared to previous years but detached house inventory levels are still lower than normal. Having said that, the number of new listings is really high which indicates to me that we’re seeing a lot of turnover.
*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 sounds like these rock bottom mortgage rates will be staying low for the time being, so there isn’t a huge push to lock into a rate, but you’ll still do yourself a giant favour by chatting with a mortgage broker now to find out what you can afford, what you need to do to improve your file and if there’s anything important to know (your mortgage penalty rate? options to re-finance? etc).
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 as we move into a strange, socially distanced holiday season. And please continue supporting your local East Van businesses – get a massage! get your hair done! order from a restaurant! buy local! Your community could use your support.
– Kristi