Record highs were reported by Greater Vancouver Real Estate Board for last month’s real estate sales – actually the highest April on record.
There was also a surprising number of new listings, but not enough to create real balance – 11.2% below the 10 year April average. Across the categories of housing, the greatest sales activity took place in townhomes, with condos not far behind in some locations.
Board economist, Keith Stewart attributed the continuing sales activity to:- “Record low interest rates, increased household savings, a strengthening economy and a continued focus on living space during the pandemic.”
In our local cities and municipalities, we see that detached housing is now out of reach for many buyers until we go east to Port Coquitlam, Pitt Meadows and Maple Ridge. The western locations have a fast market in townhomes and slower detached sales. An interesting detail is that even when there are only 4 in 10 detached homes selling, as in Burnaby and New Westminster, the homes which did sell sold in 8 days or less! This gives credence to condition, renovations, presentation, more choice and price – a large change following on from the frenzied detached market we experienced earlier in the Spring. SELLERS – take note – all these aspects now matter and will be worth making the effort!
Port Moody attached units (condos & townhomes) are selling in greater numbers than the inventory, on average 4% over list price and within a week! This magic is achieved with new builds in the mix. Both detached and attached sellers are winners in Port Coquitlam with very healthy, fast sales in all categories.
As Coquitlam’s Mayor commented recently, the challenge now is to create more park space for a quickly increasing population. This is a challenge shared in the TriCities as more people (many in condos) want to escape their four walls to be outside.
As always in a market which has experienced such huge increases in the value of land and homes, the move is east and we see a trend of folk relocating to Chilliwack and Mission (which does have the West Coast Express as an incentive). Not to mention the locals we have lost to the other side of the country – mostly the Maritimes.
This is a fascinating time for local real estate which as we used to say – “turns on a dime”. We constantly watch and analyze those interesting differences in neighborhoods and in future potential, so that we are able to advise our clients in the best possible way. The devil is always in the details and we are happy to share the relevant details with you if you are at a crossroads and wondering….
We continue in that long tradition of trust, promising to keep you covered and we look forward to seeing you out and about (suitably distanced!) as summer luckily seems to be here early this year.
Generations Real Estate Partners:-
Michelle Hawthorne, Scott Johnson, Ray Harris, Shane Goutsis and Sheila Francis.