Sales volumes and prices have been trending higher than historical for a couple of months now. I expect this to extend into the fall as we continue to play Covid-19 catch-up.
And if last night is any indication, we’re off to a flying start. I just had six offers on a listing of mine, selling for $65k over the already strong asking price. Of course much of this is the Realtor’s marketing, sales and negotiation strategies!, but market demand/supply certainly plays a part.
Strong demand continues for most types of housing at the more approachable end of the scale, with appropriately-priced condos in well-managed buildings literally flying off the shelves in some areas. Despite what you may have heard about a post-Covid “flight to the suburbs,” the Vancouver and close-in condo market is alive and well and, as mentioned, I expect this to continue into the fall.
Detached houses at the more affordable end of their category are also having a moment; no doubt due in part to the traditionally busy spring market pushed forward into summer. A number of competing factors could increase or pull back demand through the fall (e.g., low interest rates and mortgage stress test easement vs. a catch-up of Covid-19 effects and recessionary fears).
Each market, sub-market and property type will have its own trajectory. Predictions? I’d say there are just too many variables at play right now. Anyone who is saying otherwise is guesstimating or may have some sort of inherent bias. It remains to be seen how the variables will play out and how the real estate world here is affected. For now, I expect a busy couple of months.
Helping clients throughout Metro Van
You may know me from a particular neighbourhood or area. I do tend to seek new business from areas where I have a lot of history. However, I’m more than happy to be your trusted go-to Realtor in many areas of the Metro Vancouver region.
With 20 years experience and more than 600 sales throughout the region, you can trust me to look after your sale or purchase every step of the way with the utmost professionalism. Whether maximizing your sale price or bargaining hard for a well-screened purchase, you'll be glad I’m on your side.
Let’s get going!
If you plan to sell this fall, there’s no time to waste! The fall selling season is quite short, so if you plan to make a move, a September or early October start date is strongly advised. Let's get on it!