October 2019 Market Update- Vancouver Real EstateOctober 1, 2019
As usual the latest market stats will appear in my monthly Stilhavn newsletter. If you are not receiving it yet and would like to, please do let me know. This (below) is more just my personal view on the market from the trenches.
I am delighted to report that the volume of sales since early September has recovered a little faster than I had anticipated, and while still below 10 year norms, the stability that I was projecting to return early next year may be arriving early. Prices for now continue to soften, but as sales increase and the unsold listing supply reduces, more balanced market conditions seem to be establishing themselves.
I am generally fortunate to have clients who recognize the importance of pricing accurately and trust that I have the knowledge in my market of choice to be able to identify that magic number! All my recent listings (including those featured below) sold within the first few days of listing, including one in a competing offer scenario which pushed the sale price over list. That would certainly not have been news in any other year recently in Vancouver, but it is right now. What was even more encouraging was the sheer volume of inquiries, viewings, and traffic at the open house. It suggested a latent depth / pent up demand, which again could be good news for the market coming moving into the New Year.
As a buyer, the biggest opportunities still lie the further up the market you look. Trading up to a Westside detached home or into a luxury condo, are areas where you will still find sellers very eager to “make something happen”!