East Van Real Estate Market Update for May 2021

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Happy May East Van!

We’re deep into the Spring Market. The nicer days makes looking at properties a lot more appealing, and we’re seeing an increase in inventory.

The market is in an odd place right now. We’re seeing everything from competitive multiple offer scenarios to properties not receiving any offers. I’ve had quite a few Buyers see success with conditional offers too. A lot of it comes down to product and pricing strategy. Anything that is still priced obviously low will receive multiple offers and certain types of product (particularly affordable, sub-$1.2-million family homes) are still really popular with Buyers. If you’re thinking about listing your property, you need to work with someone who truly understands the market because Buyers are finicky and raising your price after listing low is never a good strategy, and not getting a price you expect AFTER already buying your next property can be really detrimental to your financing.

The detached market is still going strong with solid prices, though I’m starting to see a lot more opportunity for Buyers with fewer competing offers, and no doubt because the detached market has seen the biggest increase in inventory.

I expect the market to stay active this year.. there are still far too many Buyers out there waiting for their opportunity. It’ll slow slightly in the summer once a few more people are vaccinated and focused on having fun rather than buying real estate, but it’ll pick up again in the Fall. Keep your eye on the market this Spring – we see a lot of great units listed during the Spring because everything looks better in the sunshine.

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:

HPI Increased slightly across the board, with the HPI Price of detached properties increasing by $140k (8.7%) since the start of the year, the HPI Price of townhouses increasing by $100k (11.7%), and the price of condos increasing by about $35k (5.7%). The number of sales in April dropped from the record high in March, but overall the number is still very strong compared to past months. Total inventory for detached houses has kept increasing, but has been stagnant for condos and townhouses. The sales to active ratio is still incredibly high indicating that there are still a lot of Buyers out there and more inventory is still needed.

East Vancouver Real Estate Stats up to and including April 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] or 778-387-7371.

Finally, my monthly reminder to keep supporting local businesses – especially now that many are working reduced capacity given the current Health Orders.  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!

– Kristi