We’re into November and the Real Estate Market is a Buyers market, if not a balanced market for certain kinds of inventory and neighbourhoods. This makes it a good opportunity for everyone to leverage their options to find a property that works before the market slows down for Christmas. This update is pretty general, so if you’re curious bout your particular type of property and neighbourhood, give me a shout: [email protected] or 778-387-7371.
This kind of real estate market is good because it gives me time to go on tours with clients to see a handful if properties at once (great for comparison sake), negotiate offers (the fun part) and take our time to make sure the property is right (the satisfying part). Buyers can find some deals and Sellers can finally leverage the opportunity to move up to a bigger property (prices will drop more for expensive properties, so even though your condo may not be worth ad much, you’re likely getting a bigger deal on the townhouse). Inventory is selling, though it typically takes a couple weeks. I’ve noticed with my own listings that I’ll meet some Buyers at an Open House and then a couple weeks later they’re calling to come for a second viewing.
As with any market, you’ll find a variety of different pricing strategies. Some Sellers are over listing their property to give themselves a buffer zone when it comes to negotiating (this typically isn’t the best plan of action, but we can talk strategy with each individual situation) and some Sellers are pricing low if they want the property to sell quickly. I heard of a couple multiple offer situations in the last 2 weeks on properties that were listed quite low, and it worked – they got multiple offers and sold for a bit more than their asking price. This definitely isn’t a strategy to rely on, as the unit itself still has to be desirable.
Take a look at the following stats for the East Vancouver Real Estate Market. Note that green is Detached Houses, Blue is Townhouses and Orange is Condos.
Inventory is coming down right now, though it was at the highest point we’ve seen in years so Buyers till have a lot of options. Prices have come down, mostly for townhouses, though detached houses has experienced a drop s well. Condos have remained fairly steady overall. As we’ve seen for months, the detached house market is a Buyers market, but condos and townhouses are a balanced market.
We’re quickly coming up to Christmas time (yay!) so the market will slow down over the holidays, with Sellers taking their property off the market, likely with the plan to re-list in the New Year. For Buyers looking to buy, we’re coming to a point where if you don’t find something in the next couple of weeks, it could be months before you see enough (good) inventory to get you moving. Don’t discount a property just because it hasn’t sold yet either.. work with your agent to find out if it was incorrect pricing (then negotiate the Sellers down) or bad luck (I’ve seen some great properties sit for no other reason that Buyers were gun shy).
I still don’t expect prices to increase in the next couple of months, but I don’t expect an overall decrease in the market considering that it’s already come down (you’ll still see some prices drop where Sellers have over priced their listing). Buyers, you have the chance to buy in a slow market, take advantage of the opportunity, especially if you plan to hold the property for a few years. Sellers, don’t worry too much about your actual sale price, rather think more about how much your next home has likely dropped in price as well.
As always, don’t hesitate to let me know if you have any questions on the market, particular properties, or what you need to do to get ready to buy next year: [email protected] or 778-387-7371.
East Van Condo Real Estate Market Stats
The Condo Market was more active in October than September, which shows that Buyers are jumping back in after seeing prices drop. Inventory is at a high point, though we’ve seen higher in 2015. Sales have dropped compared to earlier this year but overall the market is balanced. The market has been so busy the last few years that people forget that a market like this is “normal” rather than slow.
1 Bedroom Condos in East Van
– Sales to Active Ratio of 27%
– 57 sales
– average sales price of $530,105 (down from last month, similar to last October)
– 211 units for sale
– average days on market of 26
2 Bedroom Condos in East Van
– Sales to Active Ratio of 29%
– 57 sales
– average sales price of $745,260 (down from last month, similar to last October)
– 194 units for sale
– average days on market of 24
3 Bedrooms Condos in East Van
– Sales to Active Ratio of 22%
– 5 sales
– average sales price of $1,169,960
– 23 units for sale
– average days on market of 21
East Van Townhouse Real Estate Market Stats
The townhouse market in East Van is pretty varied based on what it is. Inventory is higher for 3 bedroom units than we’ve seen since 2013, but inventory for 2 bedroom units hasn’t changed much over the last few years. The sales to active ratio is really strong though it doesn’t quite feel that way on the ground. Sales prices has dropped from the beginning of this year to match the average throughout last year. Overall, the averse days on market is close to a month, so Buyers have some time to consider their options.
1 Bedroom Townhouses in East Van
– 0 sales
– 0 units for sale
2 Bedroom Townhouses in East Van
– Sales to Active Ratio of 41%
– 9 sales
– average sales price of $812,661 (up from last month, down from last October)
– 22 units for sale
– average days on market of 24
3 Bedroom Townhouses in East Van
– Sales to Active Ratio of 26%
– 17 sales
– average sales price of $933,303 (up from last month, down from last October)
– 66 units for sale
– average days on market of 29
East Van Detached House Real Estate Market Stats
The East Van detached market has generally kept dropping in activity, since mid-2017, though prices have remained somewhat steady throughout this period, though they are down slightly. Inventory is fairly high right now compared to the last couple of years, but it has been dropping over the last couple months. Days on market is well over a month, though I’ve seen some good (renovated and charming) houses sell quite quickly in the last month.
Re-Sale Houses in East Van
– Sales to Active Ratio of 10%
– 77 sales
– average sales price of $1,516,827 (down from last month and last October)
– 751 units for sale
– average days on market of 45
New Construction Houses in East Van
– Sales to Active Ratio of 5%
– 3 sales
– average sales price of $2,336,016
– 56 units for sale
– average days on market of 107