East Vancouver Real Estate Market Update Blog – March 2017
Hello WeLoveEastVan.com readers!
First things first, some exciting news! The Zwick Chimes Real Estate Team (that’s us!) are officially the #1 RE/MAX Team in Vancouver, the #12 RE/MAX Team in Canada and the #29 RE/MAX Team Worldwide! WOW! We couldn’t be more proud of each other, and are excited to know that our hard work has really set us apart in this fluid and busy real estate market.
On to the actual real estate market… January started busier than expected and the trend continued into February. Multiple offers are a common affair, more so on entry level condo and townhouse units (under $750k or so) but multiple offers are still occurring on great or under priced houses and luxury condos, though the detached house market is the most approachable market (no doubt thanks to high inventory numbers).
Expect good listings to sell (often subject free) after receiving multiple offers following the first weekend of Open Houses. There are exceptions – occasionally a Seller will take offers anytime, and occasionally an accepted offer with subject clauses will collapse – but these are rare. In order to compete in multiple offers, you need to be knowledgeable, financially ready with a pre-approval and a great mortgage broker on your side and ready to make to a move. The good news? I’ve seen a noticeable increase in the number of listings (and good listings at that) in the last week or two, which will hopefully continue through the Spring Market to balance out the competition from Buyers.
It’s this kind of busy market where pricing strategy comes into play in terms of value. There are some Sellers that under price their home in order to increase the number of Buyers (and thus the number of competing offers, which often leads to a strong sale), there are some Sellers who price their home just right based on recent sales and some Sellers who over price because they’re confident they can get that price in this market.
Looking at the numbers, the sales to active ratio in East Vancouver was 61% for condos (it was 41% last month), 36% for townhouses (it was 22% last month), and 13% for detached houses (the highest it’s been since July).
(Green is Detached Houses, Blue is Townhouses, Orange is Condos)
Total Inventory for East Vancouver:
Sales to Active Ratio for East Vancouver:
Home Price Index (HPI) Price for East Vancouver:
If you want the specifics on each market (and there are surely some differences), check out our individual updates below:
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! Given that you’ll be competing with other Buyers who have put in the work, we can ensure that you’re knowledgable about value, construction and offers 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 simple and successful sale. If you’re looking to make a move, now is the time. You can sell your home now, when competition is low, and be ready to buy your next home during the peak of the Spring Market, when inventory is high.
To get started, give us a call, and give your mortgage broker a call as well to ensure that you’re up to date on your finances and aware of your options.
As always, if you want to chat real estate, shoot me an email