Soo January and thus far in February have seen a REALLY busy Real Estate Market. This month’s stats are a good reminder that the stats don’t tell the whole story, and what’s actually happening in the market is not (or not yet) reflected in the numbers. The first half of January was fairly slow which is one reason why the stats aren’t indicative of the extremely busy market we’re seeing.
We have been seeing multiple offers on anything good since the Summer, but it has jumped to another level this year. Unfortunately inventory numbers aren’t meeting demand, so we’re seeing 3, 5 10, 20+ offers on good properties. I’m seeing a lot of properties priced too far under their value, which is what’s leading to the really significant number of offers, but even if Sellers were to price something within reason there are still going to be Buyers ready to snap it up. There’s the occasional over priced listing that sits on the market, so if you’re having trouble winning in multiple offer scenarios, circle back to the overpriced listings to see how much you can negotiate it down.
In order to have success in this market, you need to be prepared for multiple offer scenarios. Multiple Offer Scenarios have been happening since 2014 so this isn’t too unusual, but it feels especially busy at the moment. That means seeing properties as soon as possible so you know you like it enough to offer, having your financing as close to an approval as possible, doing a pre-inspection, completing all of our due diligence with regards to any building documentation and asking every question you have so you feel comfortable submitting a subject free offer. That offer then needs to be a great price, often offering the Seller their preferred dates and with some finesse in presentation and negotiation. For more information on multiple offer scenarios, check out my blog: About Multiple Offers.
If you’re thinking about selling your property, give me a call to chat about value and the process. I understand the intricacies of marketing a property expected to receive multiple offers and negotiating the best contract possible for you. There is a lot more to it than opening the door and receiving offers, and the better the situation is handled by me, the better your final price will be. There are plenty of details to chat about so don’t hesitate to contact me if you’d like to get started kristi@realestatevancity.ca or 778-387-7371.
Onto the stats:
Here are some thoughts on the Vancouver East and Vancouver West Real Estate Markets. If you’d like numbers or information regarding particular neighbourhoods, or types of properties, don’t hesitate to ask.
Vancouver West Real Estate Stats up to and including January 2021
The number of new listings increased this past month but inventory levels are still lower than the last few years. We should see an increase in inventory over the Spring.
The sales to active numbers are still strong, showing about 16% for houses, 18% for townhouses, 19% for 2 bedroom condos and 28% for 1 bedroom condos. Nice to see the 1 bedroom condo market is still busy because that keeps the market active.
Prices of Westside properties stayed fairly steady this past year, despite the increase in activity. I’m sure we’ll see a bigger increase in price reflected next month once the February stats are out.
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 January 2021
Inventory dropped in December, as usual, and we saw an increase in January but it along the same trends as previous years, but the amount of inventory isn’t enough to satisfy Buyer demand.
The sales to active ratio this past month were really high – easily a Sellers Market with each type of product showing a 22% or more absorption rate.
It looks like average and median prices remained somewhat steady for condos, though townhouses dropped in price and houses increased fairly significantly even though the HPI Price for townhouses and detached houses only showed minor changes in value. I expect to see a much bigger change when the February stats come out.
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
If you have any questions – regardless of how simple – don’t hesitate to send me an email or give me a call: kristi@realestatevancity.ca or 778-387-7371.
Finally, my monthly reminder to keep supporting local businesses. This time of year is always slow for restaurants, and more so this year. Order take out from your favourites to show them some support. It’s also a good time of year to start working on some home projects – everything from exterior touch ups, gutter cleaning, furnace and duct maintenance, grout cleaning and resealing, carpet cleaning, spring garden planning and more. And your health benefits have renewed so contact your favourite health service providers for a treatment.
– Kristi