Hello Vancouver!
I’m going to keep this Vancouver Real Estate market update short and sweet because we’re in the dog days of summer. As expected, we’ve seen a drop in inventory and an overall drop in activity. New listings that are priced lower than their value will still pull in multiple offers so Buyers are still out there, but there isn’t much to look at right now and many folks are away over the weekend. I expect the market to pick up steam in the Fall – new listings (I have a few lined up for September), more keen Buyers and an overall increase in activity. This activity will likely maintain until Christmas season. As for right now, if you’re in the market for real estate, don’t stop looking! This can be a good time to buy something without (much) competition. Don’t be afraid to throw in a bit of a low offer if a property has been on the market for a couple weeks.
If you’re thinking about selling your property, give me a call to chat about value, pricing strategy and the sale process. There are plenty of details to chat about and useful things you can do now to prepare for a Fall sale, 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 July 2021
HPI Price in Vancouver West remained steady this past month. Detached Houses and Townhouses have increased about 13% since last year while condos have increased about 5%. The average sales price of detached houses dropped pretty significantly since last month which is indicative of Buyers purchasing the lower end product more so than the higher end, expensive listings.
Total inventory dropped, as did the number of new listings, as expected. Sales of 1 bedroom condos increased this past month but the number of sales otherwise decreased in July thanks to less activity in the market overall.
Overall, condos and townhouses still have strong sales to active ratios so expect a lot of activity in those markets in the Fall. The detached market has seen a drop in activity and currently sits at a 12% sales to active ratio, meaning it’s a balanced market, as opposed to a seller’s market like everything else.
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 July 2021
The overall HPI Price was steady for each market. Not considering some minor changes, the HPI Price has been fairly steady since April 2021. Overall, properties are still selling for within a few percentage points or their listing, but we are still seeing big swings in price if the home is priced artificially low to receive multiple offers.
The number of new listings was saw a slight decline this month with detached houses seeing the biggest drop in inventory. Detached houses typically have the biggest swing in inventory amounts so this isn’t a surprise. There was a slight increase in the number of 2 bedroom condos listed and a decline in the number of sales – which is interesting to see – so 2 bedroom condos might be a great market to jump into for any Buyer looking to move up. There is a significant drop in inventory this August compared to last August but that’s only because last August saw a slight rise after a slow Spring due to Covid.
Overall the sales to active ratio is still fairly high so Buyers can’t expect the market to swing this Fall. There are too many Buyers out there and not enough inventory to satisfy demand and push prices down.
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 restaurants are open again. 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, garden maintenance and more. If you don’t get these jobs done now you can at least schedule a professional for the fall!
– Kristi