November kept up the activity of October, despite what felt like low inventory numbers. The number of new listings dropped this past month but it did seem like everything that was listed was priced to sell. Sellers don’t have as many weeks to test the market at this time of year (with Christmas very quickly approaching) so they’re often a little more motivated right now. The number of sales this past month remained fairly steady, as did the HPI price for condos, townhouses and detached houses in East Vancouver.
The low inventory also lead to increased sales to active numbers indicating that Buyers were out there putting in offers and securing their next home. This time of year is often a good time to find a “deal” since a lot of Sellers may want to get their sale done before Christmas rather than dip their toes in the January/February market. These Sellers may have priced their listing too high from the start, or have been unlucky with the sale up to now, and realize that they have the next few weeks to get the sale done. This sentiment goes for Buyers as well – there have been some buyers who have been looking for months now, and want to get moving, so they’re often the ones taking advantage of the opportunities. If you’re keen on a property, submit an offer! You never know how low the Seller is willing to go until you try. You won’t have any competition and interest rates are still low so you can secure a new place with great numbers to back it up.
Otherwise, I’m getting a lot of inquiries from potential Sellers and new Buyers right now. So with a bit of time and education, these folks will be pursuing their options in the Spring.
Here are some stats for Real Estate in Vancouver East. If you’re interested in learning about specific neighbourhoods, specific price points, specific types of properties or something else, contact me: [email protected].
East Vancouver Real Estate Stats
General East Van Real Estate Market
East Van Condos
1 Bed vs 2 Bed vs 3 Bed Condos:
East Van Townhouses
1 Bed vs 2 Bed vs 3 Bed Townhouses:
East Van Detached Houses
1-3 Bedroom Re-Sale Homes (likely older homes needing a lot of work) vs 4+ Bedroom Re-Sale Homes vs New Construction Homes:
Like I mentioned above, now is the time of year when everything starts to slow down, but it’s still a good time of year to get your ducks in a row. Send me a message or give me a call – let’s sit down to chat about the process, your questions, and your options – so if you’re buying you can take advantage of the new inventory that’ll hit in the New Year and if you’re selling you can be one of those great listings!
If you’d like to slowly dip your toes in the market, I can set you up on a Custom Real Estate Search, feel free to contact me: [email protected] or 778-387-7371.