EAST VANCOUVER REAL ESTATE MARKET UPDATE – SEPTEMBER 2017
It’s September! Can you believe it WeLoveEastvan.com readers?!
This past 2 weeks have been a little slower than it has been (which was expected in the dog days of summer), but I predict the market to pick up in the next few weeks. You’ll see properties that haven’t sold get re-listed amidst lots of new inventory. The number of calls I’ve been getting from Buyers is still quite high, so even with an increase in inventory, I expect the market to remain quite busy with some good inventory to choose from, but competition between Buyers. I’m hoping we’ll see the market even out for a bit, where prices aren’t increasing on a regular basis and Buyers have a little more opportunity with a conditional offer, but if inventory doesn’t match Buyer demand, we’ll still see multiple offers, which often means subject free and high prices. This market is more resilient than most people think it is, and I expect it to remain pretty active unless we see a huge increase in inventory or a massive jump in interest rates.
For more listings, check out our property listings page, and coming up (stay tuned, we have everything from 1 bed condos to new 2 bed condos to renovated properties to contemporary houses), so keep your eyes on the market (or on our Instagram Page).
Surprisingly, the East Van Real Estate market was busier than expected in August, though the difference was minor: inventory it remained steady even though I expected it to go down; prices went up on average of $4k this past month for each type of market; and the sales to active ratio slightly improved. Keep in mind that the numbers vary depending on neighbourhoods and types of properties, so if you would like more information on a particular type of home or neighbourhood, let us know and we’ll give you the stats.
(Green is Detached Houses, Blue is Townhouses, Orange is Condos)
Also, be sure to check out our other market updates for East Vancouver: