Hello Everyone!
Can you believe it’s already June? Everyone should have their first vaccine and now we’re moving on to the second – things are looking up!
The market is chugging along. Regardless of what the numbers say, inventory feels low. The market is a bit sporadic right now – some properties are still getting multiple offers but others sit on the market and end up dropping their price. I’ve seen few scenarios where Sellers price low but don’t get the number they hope for through offers so they end up raising the price. I’ve also seen scenarios where a property sits on the market for a couple weeks, drops the price, ends up in multiples and sells for more than their initial list price.
At the end of the day, keep you focus on a property that you like that can work for you long term. You’ll thank yourself for that extra thought you put into where you’ll be living.
The new stress test rules are in place and a lot of folks have been asking about how it will affect the market. in general, it will decrease your pre-approval by about 5%, but in all honesty, very few clients buy at their maximum pre-approval amount so in reality the change doesn’t affect many people.
I think the market is going to slow down considerably in August but still be quite active through July. There are a lot of folks out there that want to buy, there’s just not seeing enough inventory to make it happen. It doesn’t feel like there is a lot of inventory right now so if you’re thinking about selling an investment property, now is a good time to do it since you won’t have much competition and Buyers who have been looking for awhile are still keen.
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 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:
Vancouver West Real Estate Stats up to and including May 2021
The HPI Price remained pretty steady in Vancouver West this past month with condos at $836k, townhouses at $1,274,000 and detached houses at $3,383,000.
Total inventory was pretty steady for condo and townhouses but the inventory of detached houses increased by 14% despite a decreasing number of new listings (which means a lot of properties are sitting on the market). Overall the number of new listings this past month decreased for each market. The number of sales remained steady so Buyers are still willing to jump in. Overall, the sales to active ratio is 15% for detached houses, 42% for townhouses, 27% for 2 bed condos and 47% for 1 bed condos.
The median days on market is still just over a week as most product that is nice and priced well will still sell quickly, and the percentage of the original price is hovering around 100%.
HPI Price for Vancouver West
*Unfortunately HPI Price can’t be any more specific than Condo/Townhouse/House*
Average Sales Price for Vancouver West
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 May 2021
East Van HPI prices remained steady for condos (currently at $636k), decreased slightly for townhouses (currently at $992k) and increased slightly for detached houses (currently at $1.7-million). Overall, condo prices have increased 7% since this time last year, townhouses increased almost 10% since this time last year and detached houses increased 18% since this time last year. The big jump was between February and March this year.
This past month the number of sales dropped but inventory levels remained steady thanks to a decreasing number of new listings, which is certainly felt across the market.
The median days on market is still only 8 days, because most (good) properties are selling after the first week. This is visible in the sales to active ratio which is at 66% for 1 bedroom condos, 43% for 2 bedrooms condos, 42% for townhouses and 27% for houses. All still very strong markets for Sellers, though Buyers are becoming pickier so you have to ensure that the property looks good and is priced well.
HPI Price for East Vancouver
*Unfortunately HPI Price can’t be any more specific than Condo/Townhouse/House*
Average Sales Price
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 – especially now that many are working reduced capacity given the current Health Orders. 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