Hello East Van
I hope everyone got through the heat wave! I know a few people were thrilled that their new place had AC given how rare that is to have in Vancouver but for everyone else (me included!) I hope you found some ways to beat the heat.
We’re into July now, and the market naturally slows down in the summer (think fewer listings and fewer Buyers). I think July will still remain somewhat busy before things really slow down in August. This past long weekend was quite slow – as expected – but some new listings will bring everyone back to the table.
The number of new listings dropped from May to June (almost 100 fewer new detached listings!) and I expect the same to happen again this month. Overall, we’re still seeing more new listings this year than we did the past few years so the market is still pretty active.
Overall the sales to active ratio is still really strong – 22% for detached houses up to 76% for 1 bedroom condos, and overall some of the highest numbers we’ve seen since 2017.
As I mentioned last month, we’re seeing a variety of pricing and offer strategies. A lot of units are still pricing low to reasonable with a specific offer deadline in anticipation of multiple offers, but there are some properties that don’t sell after the first week and some properties that end up dropping their price. Helpful to have an understanding of how the Seller priced the unit so you can plan your strategy.
I think the market is going to slow down considerably in August but still be quite active through July. There are a lot of folks out there that want to buy, there’s just not seeing enough inventory to make it happen. It doesn’t feel like there is a lot of inventory right now so if you’re thinking about selling an investment property, now is a good time to do it since you won’t have much competition and Buyers who have been looking for awhile are still keen. September should pick up again as is usually does.
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 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:
The HPI price remained steady for condos (currently at $636k), increased slightly for townhouses (up $20k to $1,013,000) and decreased slightly for detached houses (down $13k to $1.696-million). Overall, condo prices have increased 8% since this time last year, townhouses increased almost 14% since this time last year and detached houses increased 16% since this time last year. All markets at their highest HPI Price ever…. if you ignore the $13k difference between this month and last month for detached houses. Detached houses are seeing the biggest difference in price between their next highest HPI Price (which was around April 2018 for each market).
This past month the number of sales dropped for detached houses and 1 bedroom condos, but they increased for 2 bedroom condos and townhouses. Inventory levels remained steady with an overall decrease in the number of new listings.
East Vancouver Real Estate Stats up to and including June 2021
*Unfortunately HPI Price can’t be any more specific than Condo/Townhouse/House*
If you have any questions – regardless of how simple – don’t hesitate to send me an email or give me a call: kris[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 scheduled someone for the fall!