Market Update: What’s Hot & What’s Not

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MARKET UPDATE

Home sales remain steady as each month the market continues to become more active. In June, homes sales in Greater Vancouver were near typical levels, and sales volume was up 65% from May. People still want to move, and some absolutely need to. Some buyers want room for a home office now, and others need more space for a growing family. On the sales side, REALTORS® have adapted with social distanced showings by having less people in a house at a time, and using sanitizer and face masks. We’re also finding that buyers are putting in more work pre-qualifying homes prior to viewing them. We’re also now able to show more of a home as the real estate board has increased the number of photos permitted on the MLS to 40. We’re often using videos and floor plans to better showcase properties as well. Overall, we’re finding that most people have adapted to the new 2020 summer market and it is busier than this time last year. Some properties are hot, some are not, it really depends on the city, property type and price point. For the properties we typically sell, most are experiencing more of a seller’s market and quicker sales close to list price. However, this also means that many buyers, particularly young families, are experiencing frustrating ‘bidding wars’ and multiple offer situations. It really is a case by case situation as we’re experiencing multiple markets behaving differently in the same city.

– James Garbutt

REBGV – July 2020 Stats

WHAT’S HOT?

Detached houses that are well suited for young families in more affordable price points, and entry level two bedroom condos near a skytrain.

HOUSES

East Vancouver

• In the last 90 days, the average sale price for a detached house was $1.59 Million. These sales went for 99.5% of the list price on average, which indicates a strong sellers market with many multiple offer situations.

• The hottest sub areas were Fraser & Knight, with Renfrew being close behind. In all 3 of these markets the average sale price was above the list price. The Knight sub-area led the way with an average sale price to list price at 104%, and the median days on market for these sales were 7. If these trends continue, expect prices to rise in these areas.

New Westminster

• Price point and location lead to a strong demand in this city. In the last 90 days, the average sale price for a detached house was $1.30 Million, they sold for 98.2% of their list price with a median days on market of 10. Currently, there is high demand for houses under $1.3 Million and low supply at the moment.

• Hot spots include Glenbrooke North, Queens Park and the West End where in the last 90 days over 30% of the sales went for above the list price. Queens Park had the highest average sale price at $1.86 Million and the highest sale at $2.425 Million in the last 90 days.

436 Third St. New Westminster 3 Bed | 3 Bath | 3,903 SF List Price: $1,850,000 *sold in April 2020, GD represented the buyer

 

 

 

 

 

 

 

 

 

 

 

 

Coquitlam

• Affordability and central location bring a strong demand for family homes in this market as well. In the last 90 days, the average sale price for a detached house was $1.29 Million, and the median days on market for these sales were 12.

• Hot Spots include Central Coquitlam with 28 sales in the last 90 days, and Burke Mountain with 25 sales. In Central Coquitlam the average house sold for $1.41 Million, and for 98.2% of it’s list price.

CONDOS & TOWNHOUSES

Port Moody

• Mountains, water and affordability make this city one of the most desirable places to live in Great Vancouver.

• In the last 90, the average townhouse in Port Moody sold for $773,000 and 99.5% of it’s list price. Over 30% of the townhouses sold for full list price or above. This is more of a seller’s market as there is currently strong demand from young families.

• Port Moody Centre has been a hot spot! In the last 90 days, 2 bedroom condos sold for $640,000 and 99.8% of their list prices on average, with the median days on market at just 7. This indicates a strong seller’s market.

WHAT’S NOT?

Luxury suburb homes are the most obvious property type. There just aren’t enough 2+ Millionaires in the suburbs looking for homes at the moment. Of course there are exceptions to very rare and desirable properties or locations. Here we’ll take a quick look at some of the slowest markets we’re seeing in the areas we work.

Anmore

• Anmore is a beautiful community that is full of luxury homes on large properties, but currently the supply is in excess. Recently this area has averaged 2.5 homes sold per month, but currently there are 27 homes listed for sale. This indicates a buyers market, and is largely due to the current high average list price of $3.1 Million.

• Anmore is home to one of the highest sales in the Lower Mainland this year. 1080 Uplands Dr. is a gorgeous custom built 8000 sqft house that sold for $6.2 Million in May, see photo above.

1080 Uplands Dr, Anmore – Sold May 2020 for $6,190,500

Burnaby Luxury Homes

In the last 90 days the highest sale price recorded in Burnaby was $2.29 Million (which is surprisingly low) and there are

currently 93 listings above $2.3 Million. Burnaby is expensive and the demand for expensive homes is lower than the supply at the moment

Top tier neighbourhoods like Deer Lake or Buckingham Heights have not registered a single sale on the MLS in the last 90 days, and there are currently 16 active listings.

In the last 90 days, the average sale price of a North Burnaby detached house was $1.55 Million. Lower price points are much more active than higher price points.