Hello East Van
Can you believe it’s already June? Everyone should have their first vaccine and now we’re moving on to the second – things are looking up!
The market is chugging along. Regardless of what the numbers say, inventory feels low. The market is a bit sporadic right now – some properties are still getting multiple offers but others sit on the market and end up dropping their price. I’ve seen few scenarios where Sellers price low but don’t get the number they hope for through offers so they end up raising the price. I’ve also seen scenarios where a property sits on the market for a couple weeks, drops the price, ends up in multiples and sells for more than their initial list price. At the end of the day, keep your focus on a property that you like that can work for you long term.
The new stress test rules are in place and a lot of folks have been asking about how it will affect the market. in general, it will decrease your pre-approval by about 5%, but in all honesty, very few clients buy at their maximum pre-approval amount so in reality the change doesn’t affect many people.
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), decreased slightly for townhouses (currently at $992k) and increased slightly for detached houses (currently at $1.7-million). Overall, condo prices have increased 7% since this time last year, townhouses increased almost 10% since this time last year and detached houses increased 18% since this time last year. The big jump was between February and March this year.
This past month the number of sales dropped but inventory levels remained steady thanks to a decreasing number of new listings, which is certainly felt across the market.
The median days on market is still only 8 days, because most (good) properties are selling after the first week. This is visible in the sales to active ratio which is at 66% for 1 bedroom condos, 43% for 2 bedrooms condos, 42% for townhouses and 27% for houses. All still very strong markets for Sellers, though Buyers are becoming pickier so you have to ensure that the property looks good and is priced well.
East Vancouver Real Estate Stats up to and including May 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: [email protected]city.ca 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, spring garden planning and more. And your health benefits have renewed so contact your favourite health service providers for a treatment!