East Vancouver Real Estate Update for May, 2017
Hello, We Love East Van readers!
We’ve gotten lucky with a few great days recently, and I expect that to start happening a little more often these days Units with great patios and outdoor spaces are starting to hit the market and we *should* continue to see a healthy increase in the amount of inventory available. The last few years did show either an increase or a steady amount of inventory through the Spring, so that would be a good expectation for this Spring.
Every the real estate market is busy – condos, townhouses and detached houses – for anything that has what Buyers want, which is good style (Sellers, take note – staging is worthwhile!), good maintenance, and a good space, so an influx in inventory will be very welcome. I don’t think we’ll see enough inventory to really match demand, so I expect multiple offers to remain a common occurrence through the Spring.
On that note, multiple offers can be really depressing, but to all the Buyers out there: keep trying! It’s rare that people “win” the first property they offer on, and I can guarantee that you’ll be glad you didn’t after seeing some other options. Do everything you can to make your offer appealing to the Sellers, and make sure you have a good realtor on your side to ensure you’re protected and are getting good advice.
Let’s take a look at the numbers….
The HPI (Housing Price Index) increased slightly for each market (detached vs townhouses vs condos) while the sales to active ratio dropped slightly for condos and townhouses and increased slightly for detached houses. Looking at inventory levels, the number of condos and townhouses for sale is much lower than compared to 2014/2015, but the number of detached houses for sale is far greater now than it was a few years ago, Hopefully this means we’ll see a stabilization (or drop) in prices for houses, so that 2 or 3 bedroom condo owners can make the jump into the detached market, which will inevitably lead to more condos and townhouses for sale. Keep in mind that the sales to active ratio for condos (76%) and townhouses (91%) are so high that we would need a big increase in inventory to really offset the demand.
(Green is Detached Houses, Blue is Townhouses, Orange is Condos)
Total Inventory of Homes in East Vancouver for May, 2017
Sales to Active Ratio for Homes in East Vancouver
Home Price Index (HPI) Price for Homes in East Vancouver
Check out out more detailed look into the East Van condo, townhouse and detached market:
Remember, the real estate market slows down quite a bit in the summer, so you’ll need to do what you can to take advantage of the increase in inventory while it’s here. If you are looking into buying a home and haven’t yet sat down with a real estate agent to start a professional relationship, you need to give us a call so you can be prepared. Given that you’ll be competing with other Buyers who have put in the work to be prepared, you’ll need to do the same. We can ensure that you’re knowledgable about value, construction and the offer process so you can be successful. Having an existing relationship with a trustworthy agent will ensure that your best interests are kept in mind during this busy market.
If you’re thinking about selling your home soon, talk to us! We’re a highly qualified team with a thorough marketing and sales plan to ensure a successful sale. Managing a multiple offer situation takes skill, organization and good negotiation skills to make the most of it, and you’ll want to make sure that you’re prepared for your next move.
Considering buying or selling in East Vancouver? Give us a shout, or check out our handy Guides below: