East Van Monthly Market Update for August 2021

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Howdy East Van!

I’m going to keep this 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 [email protected] or 778-387-7371.

Onto the stats:

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.

East Vancouver Real Estate Stats up to and including July 2021

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: [email protected] 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