Happy New Year Everyone! We hope you had a lovely holiday season and are comfortably settling into the new year.
As expected, the Vancouver Real Estate market slowed over the holidays with very few new listings and sales. Sellers benefit when as many Buyers as possible see their property for sale, so new listings are often postponed until the first week in January, or beyond if Sellers need time to prepare their property for sale. Given that inventory numbers were quite low last year, the influx of new listings this month is nice to see for the Buyers who didn’t find a property in the fall.
The market was slow in December, though prices were steady across the previous month and showed a big increase over last year. Here is a graph detailing the average sales price of all properties in East Vancouver over the last few years. Focus on the trends over the last few years rather than the price:
For potential Sellers out there – we always suggest you get your property on the market sooner rather than later in the New Year. Not only is this to beat the market and take advantage of strong (read: high priced) comparable sales from the fall to support a strong selling price for your property, but the number of new listings should continue to increase through to the Spring, so the sooner you get yours on the market, the less competition you’ll have. If you’ll be buying a new property after selling your current home, selling early in the year gives you a chance to take advantage of buying in the Spring Market when inventory is often at it’s highest (if you wait to long to sell, and thus buy, you might be faced with less inventory in the Summer months).
For potential Buyers out there – the best time to start educating yourself is now. Whether that’s speaking with a mortgage broker to get a handle on your finances and what documents you need to be pre-approved, or if that’s going to open houses over the weekend, or connecting with a Real Estate agent to learn the first few steps in buying your first home, start now before the market picks up in the Spring. There is no pressure when it comes to buying – I’ve had clients who I’ve worked with for over a year, to others who have bought less than two weeks after they first start looking.
Take a look at our specific market updates:
Don’t hesitate to contact us if you have any questions. We are a team of 6 top agents working across Vancouver, ready to help you reach your real estate goals this year.