Hello East Van!
This market is BUSY!! There are multiple offers on just about everything, with the detached house market being particularly busy, and the condo market generally being a little easier to navigate. In all honesty the stats don’t really tell the story of what I’m seeing on the ground, so what’s actually happening in the market is not (or not yet) reflected in the numbers you’ll see below. It’s a lot busier than these numbers indicate.
Unfortunately inventory numbers aren’t meeting demand. Inventory is really low compared to the last few years to this competition shouldn’t be surprise, particularly with the push for everyone to find find a bigger, better, pandemic approved property. I’m also seeing a lot of properties that are listed well under their actual value, so we’re seeing 2, 5, 10, 20+ offers on good properties and a much more competitive situation than needed. I’m hopeful that we’ll start seeing agents list properties closer to their actual value in order to even out the market and decrease the competition levels. I still expect to see an increase in inventory now that we’re closer to Spring, but I don’t think it’ll be enough to change the market significantly.
Interest rates have increased slightly, so there is going to be a push for Buyers to purchase (and complete) on a purchase before their interest rate increases, so we’ll continue to see a lot of activity for the next month or so.
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 giving 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 managed, 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 [email protected] or 778-387-7371.
Onto the stats:
Overall the market saw fairly steady inventory numbers compared to last month, which is unfortunate given the need for more options. The number of new listings is in line with the norm for this time of year, but overall inventory numbers are still really low compared to the last few years which is a big reason why the market is as competitive as it is right now.
HPI sales prices raised slightly this past month over last month. Detached house prices have increased 10% since this time last year, while condos and townhouses have remained fairly steady.
The sales to active ratio is 35% for houses, 50% for townhouses, 40% for 2 bedroom condos and 63% for 1 bedroom condos. The median days on market is 8 days across the board, which gives every listing enough time to market and show over the weekend, and then wait to collect offers early the next week.
East Vancouver Real Estate Stats up to and including February 2021
If you have any questions – regardless of how simple – don’t hesitate to send me an email or give me a call: [email protected] or 778-387-7371.
Finally, my monthly reminder to keep supporting local businesses. Order take out from your favourite restaurants 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 if you’re lucky enough to have health benefits, they have renewed for the year so contact your favourite health service providers for a treatment!