November home sales continue to outshine historical averages, with last month bringing in over 3,000 sales for the first time since 2015. We're continuing to see homes often selling within 1 week of list, regularly in multiple offers. Most popular right now continues to be the townhome and detached market, with keen focus towards having more space at home while many look to work and schooling from home as the new normal.
Check out the summary of Greater Vancouver November Stats below!
- 24.6% increase in sales (3,064) increase in sales compared to the 10-year September sales average and is the second highest total on record in this period
- 22.7% increase in sales compared to November 2019
-16.9% decrease in sales compared to October 2020
How does this affect overall pricing?
We generally look to sales-to-active listings ratios to determine what way prices are trending. sales-to-active listings ratio is the number of sales vs active listings in a particular area (Metro Vancouver) in a given month. Generally speaking, 12-20% is a balanced market, below 12% shows signs of possible price decline if sustained for long periods of time, while above 20% indicates potential price increases.
Check out the chart below for current Sales to Active Listings ratios
East Vancouver
Looking more specifically to East Vancouver, our neighbourhood closely represents the trends of Greater Vancouver in it's absorption ratios, see below:
Condos @ 29.1%
Townhomes @ 38.8%
Detached homes @ 28.4%
Further to this, all home types in East Vancouver are holding strong yearly price increases, see below:
Condos + 3.2%
Townhomes + 3.7%
Detached homes +10.4%
Inventory is slowing down into the early days of December already, but it's looking to be much more active than our "typical" Winter months. If you're thinking of selling, now is the time to prepare your home for January, reach out for tips and tricks to get your home showing perfectly!
Sincerely,
Chris Strand
chris@chrisstrand.ca
604.308.2344
Get to know Chris
Chris is an award winning Realtor with over 8 years of experience and a portfolio of over 800 homes sold across new development & resale.
Chris' successful career in real estate started in project sales, where he worked with local residential developers to market and sell new townhome and condominium buildings. His success in sales, paired with his natural ability to foster relationships with developers and sales teams alike, allowed him to move into a management position as the Regional Sales Manager for one of Vancouver's top real estate sales and marketing firms. Chris worked with a portfolio of renowned developers to plan and execute sales and marketing strategies for residential developments across Greater Vancouver.
With an entrepreneurial craving to satisfy and a wealth of experience in hand, building a business to be proud of was a must. This led to joining forces with Oakwyn Realty, Vancouver's most innovative brokerage and the most organic alignment.
Chris prides himself in his ability to navigate his way through any sale, making buying or selling homes a memorable and stress-free experience. Having experience negotiating the fine print on $100M+ residential developments, clients can feel confident in Chris' ability to find success in the purchase or sale of their future home.
With a wealth of experience in the industry and a passion for creating memorable experiences for his clients, Chris offers a full range of services to prospective home buyers and sellers as well as residential developers.