Hello Vancouver!
I hope everyone enjoys a great Labour Day long weekend. August is typically a fairly slow month in real estate thanks to fewer listings and less motivation – instead of spending weekend viewing properties most Buyers spend their weekends on the Island, up in Whistler or visiting family. I’ll keep this recap short because the direction of the market will be more about what happens in September than what happened in August.
Expect to see a slight increase in new listings each week that will generally last until early December before it starts slowing down again for Christmas. If you’re looking to purchase this Fall, keep your eyes on the market and be ready to compete in multiple offer scenarios – I believe the market is going to be similar to the Spring with good properties receiving a lot of interest and selling pretty quickly. Unfortunately I don’t think we’re going to be overwhelmed with inventory to swing the market in a different direction at this point.
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 August 2021
HPI Price in Vancouver West remained steady this past month. Detached Houses have increased about 12% over the last year, townhouses have increased almost 11% since last year and condos have increased about 3%. The average sales price increased slightly for detached houses and townhouses which indicates to me that the market still has a lot of strength.
Total inventory dropped, as did the number of new listings. Sales of 1 bedroom condos and townhouses increased this past month so those markets are still going strong. Condos and townhouses still have high sales to active ratios – 52% for 1 bed condos, 24% for 2 bed condos and 41% for townhouses – 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 10% sales to active ratio, meaning it’s a bit of a Buyers Market.
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 August 2021
The overall HPI Price was pretty steady for each market with a slight uptick for townhouses. Overall townhouses have seen the biggest increase in price in the last year with a 13% increase, but detached houses are right behind at 12% – no surprise given that everyone wanted more space in the last year. Condos have increased 5% in the last year. I wouldn’t be surprised if there was a slight uptick in overall HPI this Fall after remaining fairly steady since April.
There was a decline in the number of listings this past month so expect to see an increase in September. It won’t be a significant, market changing increase, but it’ll be enough to get people moving.
Overall the sales to active ratio is still really high – it’s 18% for detached houses then increases to 33% for townhouses, 32% for 2 bedroom condos and 60% for 1 bedroom condos – all really high ratios indicating that we are under supplied. Your takeaway is that the market is STILL busy and there are a lot of Buyers out there waiting for their opportunity, so expect competition.
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.
Now is a great time to check in with your mortgage broker about your existing pre-approval. You want to make sure they have all the documents they need (including updated paystubs) to ensure your pre-approval is up to date. Interest rates are great right now so it could be a good time to lock in a new rate for the Fall.
Finally, my monthly reminder to keep supporting local businesses. We only have 4 more months in the year to use up health benefits so make those appointments. Start thinking about necessary fall house maintenance including checking your smoke detectors, dryer vent cleaning, furnace maintenance, gutter cleaning, window sealing, and ensuring any potential openings for critters are closed up.
– Kristi