The colder weather and rainy days we’ve seen the last week are indicative of a change in season, both in the weather and in real estate. September always adds an element of life to the Vancouver Real Estate Market – while everyone spent August enjoying every drop of summer, September becomes a month filled with routines and a new list of goals to accomplish by Christmas. What will be interesting this year is to see how the Fall market reacts after the we saw strong sales yet low inventory this summer.
We typically see an increase in new listings (and re-lists of properties that hadn’t sold previously) after Labour Day through October. Our team has a number of listings to go up in the next few weeks, though we also have a handful of sellers who are on the fence about selling, only because they aren’t confident in what they’ll be able to buy, so expect a lot of Sellers to be listing their current home after they have already purchased their next home or Sellers who sell before buying, but ask for flexible completion dates with whoever is buying their first home.
Otherwise, the sales to active ratio is 32.5% for East Van properties, which indicates a Seller’s Market. Average and median prices are up for condos and detached houses, though they’re down for townhouses. Here are the numbers, and keep in mind these numbers include properties across East Van so it’s taking into account everything from Champlain Heights to Mount Pleasant.
Detached Houses – Average Price $1,290,209
Townhouses – Average Price: $746,963
Condos – Average Price: $449,865
Take a look at our more specific real estate updates:
One thing I want to mention to all Buyers out there – one of the best things you can do for yourself right now is to ensure that you are working with a Real Estate Agent and Mortgage Broker. The real estate market is busy, with a lot of the good properties selling quickly, and often over it’s asking price. In order to be successful in a market like this you need to have a trusting relationship with professionals who can ensure you’re knowledgeable and prepared. Say you see a great property on the internet, realize you love it when you swing by the weekend open house and hear the agent is accepting offers Sunday night. If you haven’t yet spoken with a mortgage broker about your finances, or haven’t had an agent detail the buying process for you, or don’t have the know-how to read through strata docs with a fine tooth comb, you’ll be setting yourself back when it comes to the offers. Thinking you’ll have the listing agent put in an offer on your behalf isn’t doing yourself any favours since their focus is the Sellers best interest. Sit down for coffee with an agent to talk about your goals – our team is a great option (with the success to prove it) but you are free to interview different agents until you find the right fit. Remember, it’s our job to help you find a great property when you’re ready.