The Real Estate Board of Greater Vancouver simplified the January statistics when it declared that Metro Vancouver’s housing market “continued the pattern set at the end of last year with home sale activity outpacing the supply of homes listed for sale”. This is a sweeping statement, only true in certain categories and locations.
This is why we prefer to boil down the numbers as they apply to the different categories and neighbourhoods across our market area.
The place where the above declaration of the Real Estate Board was actually true is Maple Ridge in detached homes with 6.2 homes in 10 selling at on average 7% above list price with 8 days on the market. Their inventory is holding with rising prices.
It is a pretty similar situation in Pitt Meadows – detached homes selling in 13 days, 9% above list price.
Detached homes in Port Moody were selling at a ratio of 3.3 in 10, with 69 days on the market and sale prices still on average 1 % above list price.
January saw a strong swift market in Port Coquitlam, both detached and attached – detached achieving 8% over list price with 7 in 10 homes selling in 8 days.
Burke Mountain is still a popular buyer destination in Coquitlam for both detached and attached homes – but below 5 in 10 homes selling in January. Similar results in New Westminster and even lower in Burnaby.
All of this goes to the pandemic issue of shifting housing needs, with no requirement to be so close to Vancouver and getting the best bang for the buck. We are also seeing our local home owners, who were smart, or lucky enough to buy a home a few years ago utilising the low low interest rates to move up the housing ladder – even when that means a move farther east.
This is all now history! Our real estate market turns on a dime and is quite unpredictable as it will depend on volume of inventory and future prospects post pandemic. February has had a strong start with detached homes leading the way and very little to choose from in most, although not all, locations. Watch this space as we find ourselves once more in multiple offer territory in many locations.
If you are having thoughts about relocating, or indeed, buying for the first time, let us give you the actual statistics for your specific street and neighbourhood, or the location of your choice. Always happy to chat real estate so feel free to call us. We can tailor a personal plan to suit you – our clients always come first.
Stay warm and safe as we continue in that long time tradition of trust and caring.
Generations Real Estate Partners:- Michelle Hawthorne, Scott Johnson, Shane Goutsis, Ray Harris and Sheila Francis.