East Van Monthly Market Update for October 2021

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Hello East Van!

I’ve been working to get this update out before the Thanksgiving Long Weekend – I hope you enjoy your time off! The market has picked up since September, but not necessarily in the way I was expecting. Inventory still feels really low right now, which is frustrating for me and some of my Buyers who had hoped that a slow summer would lead to a busy Fall. I had expected to see a bigger increase in inventory this past month but inventory levels have remained low, which means Buyers are still competing on the good or well priced properties. If you’re looking to sell, now is a good time because there isn’t much competition but there are still a lot of Buyers looking to settle in before Christmas. This week should be slow for new listings because of the upcoming long weekend, but I’m hoping that the weeks after Thanksgiving will give us the inventory we’ve been waiting for.

Otherwise this market has been a bit of a mix. I’ve seen some properties get some surprisingly high price points, likely from Buyers who have struck out on too many properties previously. Entry level detached houses and 2+ bedroom townhouses are the most active markets. I’ve also seen some properties sit on the market – these are typically going to be the properties that feel a bit overpriced from the start – Buyers are knowledgeable enough to understand value and aren’t keen to compete when a property feels like it’s priced on the higher end. Overall, the lack of inventory isn’t necessarily leading to consistently increasing prices, which is great for Buyer’s still looking to get into their market.

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, so don’t hesitate to contact me if you’d like to get started [email protected] or 778-387-7371.

Onto the stats:

Average sales price and HPI bother remained steady this past month, with a slight uptick in 2 bedroom townhouses.  Overall the inventory levels show that inventory has remained fairly steady this past month except for detached houses which has been dropping since June. The number of new listings did increase in September compared to August, which was expected, but not as significant as we all hoped. The Sales to Active Ratio still shows a sellers market, with 26% for detached houses up to 51% for 1 bedroom condos.

From the Real Estate Board:

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,149 in September 2021, a 13.6 per cent decrease from the 3,643 sales recorded in September 2020, and a 0.1 per cent decrease from the 3,152 homes sold in August 2021. There were 5,171 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2021. This represents a 19.2 per cent decrease compared to the 6,402 homes listed in September 2020 and a 28.2 per cent increase compared to August 2021 when 4,032 homes were listed. 

East Vancouver Real Estate Stats up to and including September 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.

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 rest of Fall.

Finally, this is the best time of year to cozy up at a restaurant in the evening and enjoy a night out – keep supporting your local restaurants as they lose their extra patio seating. It’s also a good time to start considering Christmas presents and what you can do to support local! 

– Kristi