Hello WeLoveEastVan.com readers! We hope you’re having a great long weekend, and are gearing up for a new and improved (hopefully) real estate market.
Everyone, including us agents, are curious as to what’s going to happen this Fall. The additional 15% Property Transfer Tax for foreigners has made a difference in some markets, but not all, and with only one month of data (and that month was August, a historically slow month in real estate), it’s hard to get a sense of just how much the tax has affected the market. The Westside Detached Market saw a noticeable change in value; read on for our thoughts on the East Van Real Estate Market.
At the end of the day, we’re hoping to see an influx of new inventory in the Fall in order to help bring us back to a balanced market for Buyers and Sellers. Our team has a number of great listings coming out in the next few weeks, but only time will tell if that’s indicative of the upcoming market.
Onto the numbers.. we saw a slight change in the market this past month, but August typically has fewer listings and fewer sales. Every market had a comparable number of listings to the previous month, but the detached market has seen a huge jump in inventory since January, while townhouses are down over the year. The number of sales are down, which leads to a lower Sales to Active Ratio (compared to last month) for each market: Detached is at 12.6% (a balanced market), Townhouses are at 37% and Condos are at 60%.
(Green is Detached Houses, Blue is Condos, Orange is Townhouses)
Sales to Active Ratio:
*** Keep in mind that a balances market is between 0.15 and 0.20 ***
Average Sales Price:
If you’re looking for a new home, keep your finger on the pulse the next few weeks (our Custom MLS System can help with that) as there could be some great new listings hitting the market. For the Sellers out there, our Custom MLS System can also help notify you of what’s happening with similar properties to yours – the number of similar listings and their sale prices can dictate how to approach your sale.
If you’re seriously thinking of selling your home, take 30 seconds and use our free, no obligation Home Evaluation form.
On another note, our team was just named a Top 10 RE/MAX Team in Canada, and the #2 RE/MAX Team in Vancouver (based on transactions), so if you’re looking for a experience and award winning team, make sure you contact us for all your real estate needs.