Hope Labour Day weekend gave a feeling of normalcy even while still in the midst of abnormal times. Ferry lineups told the tale of us all longing for a change of scenery. While kids readjust to a different kind of school life, we realtors are longing for an increased inventory to give our buyers more choice and relief from multiple offers.
Looking at the August stats between Burnaby and Maple Ridge, almost all categories in all areas have a steep decline in available homes on the market. This needs to change in order to reverse escalating prices. Over the years, we have experienced these market fluctuations which ebb and flow with inventory increases & declines – eventually resulting in the desired balance for a while. This is not something politicians can “fix” immediately post election – or indeed any time!
It would be perfect if this Fall, we returned to pre pandemic “normal” times, when many people decided September was a great moment to sell their homes with a view to move by Christmas. Only the next 2 months will give us an answer.
Highest sales ratio in our region was in Port Coquitlam townhome and condo category with 9 in 10 homes selling with an average of 8 days on the market. It coincided with a steep inventory decline. Maple Ridge showed the best overall sales numbers with a 75% sales ratio in both detached and attached categories. Interestingly, in Port Moody detached homes with only a 32% sales ratio, the successful sales happened within 12 days of coming on the market.
This speaks to sellers listing their homes realistically taking into consideration current conditions, consequently selling quickly while others linger and lose value.
As in earlier summer months, townhome and condo sales outstrip detached sales in most markets. Affordability being the driver especially with townhomes where detached prices have escalated beyond the buyers’ ability to purchase.
We know that statistics vary from one housing pocket to the next, so local expertise is essential when ascertaining both price and effective marketing. This is where the long experience of our local Generations partners is invaluable – we have seen markets like this before even if not pandemic induced. If you are considering a change of address, please contact us to examine all possibilities. After many years of crossing Canada and the US for Re/max conferences and education, we have forged strong links with other like minded realtors who take good care of our clients moving to another province or state.
So…we still have you covered whatever your situation and timetable – available to consult and brainstorm whenever you need us. In the meantime enjoy the beautiful Autumn weather, stay safe and don’t forget to vote!
We remain your Generations Real Estate Partners:- Michelle Hawthorne, Scott Johnson, Ray Harris, Shane Goutsis and Sheila Francis.