Weekly Market Update

This is our archive of past weekly market updates.  Each week, our goal is to share with our clients who are active in the market some actual examples of negotiations or sales so that they can get an idea of the pace of market activity in real time.
July 24, 2020
Here are this week’s stories:

  • A 9 year old, 728sf 1 bed, den and solarium unit near Main and 16th had been listed 2 months ago for $725,000. A price adjustment two weeks ago to $699,000 brought renewed interest and the sellers ultimately accepted an offer with subjects for a final sale price of $683,000.

  • The recommendation to stop open houses has been withdrawn and we are starting to see a few more open houses on the weekends. In condo buildings, many neighbours have been less than thrilled about open houses. In houses, it seems to be working well. For the most part, we are still using pre-scheduled bookings as a way to bring buyers into homes and it remains the safest way to do business.

Overall, the market appears to have some very strong segments and some very slow product types. It is currently our forecast that the market will continue to move at a reasonably fast pace for the coming weeks, but more and more inventory coming on the market will temper the burst of sales that occurred right after the “lock down” ended.

July 20, 2020
This week in the market we saw a continuation and even an acceleration of the spring-like conditions that we’ve observed over the last 4 to 6 weeks. Although inventory has risen a bit, buyer activity seems to have increased at least by the same amount (and possibly more). The end result is that the feeling on the ground for buyers is that the market remains extremely competitive and speed is of the essence.

  • An 8 year old 1 bed and den 688sf East Vancouver condo was listed for $625,000. After a week of showings, the sellers received 6 offers and sold their home for $670,000 subject free.

  • A 29 year old 3 bed, 3 bath 1653sf Downtown condo was listed for $1,850,000. After 8 days of showing activity, the sellers received and accepted an offer with a week of subjects. The buyers ultimately removed subjects and the home sold for $1,760,000.

July 9, 2020
We’re seeing all the signs of a regular spring market over the past week: Inventory is creeping up, sales are keeping pace and the weather is mediocre. Without open houses, it’s tough to gauge the strength of the market for next week because we are only seeing “ready now” buyers. We aren’t seeing people early in their search.

However, this is what we saw this week:

  • A 3000sf house on a 32 x 121 lot in East Vancouver that has been nicely updated was listed for $1,599,000. It sold with 3 offers for $1,676,000. In the previous week, similar houses were getting over 10 offers. This is probably an indication that more homes are for sale, not an indication that there are fewer buyers.

  • Many downtown condos have been seeing slow activity lately. After modest price reductions, showings have picked up and some sales are happening.

  • We listed a 1 bedroom 680sf condo in Kitsilano. We were able to find the 2nd place buyers from the last round of multiple offers in the building and get our clients more money than the previous sale, selling it at $545,000.

The real estate board has withdrawn is recommendation that Realtors no longer hold open houses. Many Realtors are going to continue the practice of scheduled appointments between 2pm and 4pm, instead of going back to open houses.

June 29, 2020
Welcome to the “Spring” market! It’s been a very busy couple of weeks in the market and we wanted to get everyone a sense of what’s going on:

  • A 1416sf, 30 year old ½ duplex in Kitsilano was listed on Monday for $1,638,000. First showings were Tuesday morning at which point, 10 groups saw the home. Those showings led to 5 offers being presented to the seller that evening, with the sellers choosing to accept a subject-free offer for $1,703,000 that night.
  • A 665sf, 9 year old 1 bed and den condo near Fraser was listed two weeks ago for $628,000. After 4 days of showings, they received 5 offers and sold subject free for $655,000
  • A 2688sf nicely updated heritage home on a 33x124 lot in Hastings Sunrise was listed for $1,749,000. After a week of showings, they received multiple offers and sold for $1,952,000.

Clearly, there is a fair bit of pent up buyer demand fueling the current market as evidenced by the relative speed (and number) of offers.  

June 8, 2020
This week:
  • The fully renovated 2 bed, 1 bath condo we told you about last week (listed for $389K) received 6 offers on Tuesday and the seller accepted an offer with a short subject removal period. Subjects were removed on Saturday and the sale price was $401,000.
  • A 1 bed and den, 13 year old condo with 765sf in Coquitlam was listed for $468,000. After 8 days on market, an acceptable offer was received and the potential buyer is currently working through their due diligence during the subject period

Generally, our entire team has noticed an increase in the number of sellers starting to ask about listing their home and getting their home ready to sell. The market has been starved for listings for the last 2 months and so this is likely a sign of some inventory “finally” coming to the market.

June 1, 2020
With the re-opening of many stores, has come (as expected) an increase in buyer confidence and buyer activity. Here are some examples:
  • The house in Southlands we told you about last week has finally met the right match and the buyer ended up buying the house for $2,685,000
  • A fully renovated 2 bedroom, 1 bath 44 year old condo in North Burnaby was listed on Monday for $389,000. The seller has opted not to review offers until Tuesday and the suite has had a steady stream of buyers coming to view it (it’s vacant - so, COVID precautions are a bit easier to manage!)

May 25, 2020
We haven’t had a chance to send an update for a bit and we wanted to do so with a few stories…

  • A brand new 2 bedroom 1157sf townhouse in Kits was listed for $1,448,000. After approximately 1.5 months on the market, the sellers accepted an offer just over $1,400,000.
  • A 3,490sf 65 year old house in Southlands on an almost 16,000sf lot is currently listed for $2,775,000. The sellers have had 3 sets of buyers present acceptable offers but none have yet to remove subjects.
  • A 3,638sf 64 year old house in North Vancouver on a 14,639sf lot was listed for $1,699,000. After 5 days on the market and a busy weekend of showings, the sellers entertained 2 offers and accepted a subject free offer for $1,710,000.

What is clear from these examples is just how differently the market is functioning depending on price point and product type. As always, we encourage you to get in touch should you have any questions or want to discuss your specific questions.

May 3, 2020
This week in the market, we saw some signs of life returning in a fairly substantial way. Specifically:

  • The buyer who walked away from an offer two weeks ago (in our April 17th update), came back to the seller of the property and struck a deal at a reduced price from their previously accepted offer. However, this deal had an extremely short subject period and the home did sell this time.
  • The property in Kits from our April 27th update (where the buyer walked away from that deal) received multiple offers over the weekend and the seller accepted an offer with subjects due to be removed tomorrow.
  • We saw buyers write an offer on an older house on a large lot in Burnaby. They were able to negotiate an accepted offer at 94% of the list price and have a subject removal scheduled for tomorrow.

All in all, it does appear the uncertainty that existed in the marketplace at the beginning of April is starting to disappear and there seems to be enough certainty that some more deals are actually going through.

April 27, 2020

As another week passes in these unusual times, it’s time for another update as to what’s going on in the market.

  • We saw a buyer walk away from an accepted offer on the 1 bedroom condo in Kits we talked about last week
  • We saw a handful of clients return to a more active role in the market by either listing their home or resuming their search (including a few physical showings of homes)

We really try and keep these weekly updates mostly anecdotal, but the reality is that the market is slow enough right now that there’s not as many anecdotal stories as we’d like. So, we thought we’d present some quick stats to help with an understanding of the current pace of things…

In Vancouver, the first two weeks of April 2020 saw 25 detached homes sell and 68 attached homes sell. The first two weeks of April 2019 saw 95 detached sales and 258 attached home sales. So, it is clearly a “smaller” market than is typical for this time of year.

April 17, 2020

As we get through another week of our collective experiment in social distancing and staying at home, we wanted to get you another quick sense of what is going on in the real estate market:
  • We saw a buyer walk away from an accepted offer after being unable (or unwilling) to sort out their financing after 2 full weeks of subject removal time
  • We saw a buyer enter into an accepted offer on a 1 bedroom, 565sf, 31 year old condo in Kits listed for $539,000 after the home had been on the market for 11 days (subjects are still pending on that).
  • We saw a 109 year old house on a 33x122 lot on the East Side of Vancouver list for $1,249,000. They received and accepted an offer for $1,224,000. The buyers ultimately removed their few subjects within 5 days of accepting the offer.
Indeed, the market is still moving, just at a very different pace than a month ago and in what feels like different directions depending on the price point and the product type. Taking a less data driven approach, all of the agents on our team (and indeed many agents in our office) report talking with people over the past week who seem to be wrapping their head around our current living situation and deciding that they are going to make a move (in many cases, this was a decision they had made before COVID-19). While we’re certainly not back to normal, it seems likely that we’ll trend towards a bit more volume than we’ve seen the last few weeks.

April 4, 2020

A few things that we saw in the market this week:

  • A 5 year old, 3090sf house in North Van was listed for $1.8M at the beginning of March. It had been on the market a few times previously over the last 2 years for prices as high as $2,190,000 in August of 2018.  After a strong initial weekend, the seller considered two offers and accepted one.  After about a week, the potential buyer did not remove subjects.  After waiting a couple more weeks, the seller was presented with a different offer and chose to not even respond to the offer as they are now “expecting above list price”…. the home remains on the market.
 
  • A 2 bed, 2 bath 947sf condo at UBC had been on the market starting in April of 2019 (originally listed for $788K and then lowering their list price to $728K).  A buyer made an offer last weekend which the seller refused to provide a counter offer on and the home has now been taken off of MLS.

 

Some quick stats to help people understand the general impact on the current activity in the market:

  • There are currently 2,526 homes (both detached and attached) listed in the City of Vancouver
  • The month of March saw 547 sales recorded for the same period of time, with 179 of those listing after March 15.

So, while it is abundantly clear that the pandemic has caused our market conditions to change, there are still people buying and selling homes in Vancouver and indeed, we are continuing to see new clients start the process.   

March 27, 2020

While the impact of COVID-19 continues to reverberate through everything in all of our lives, we wanted to keep you up-to-date on what we’ve been seeing.

  • We have a buyer client who now has an accepted offer subject to the sale of their home (it’s unusual for us to be able to do something like that in the Vancouver market!) on a 2 bedroom condo on the west side of Vancouver
  • We saw a 523sf, 40 year old 1 bedroom in Kits come on the market on Friday.  Prior to any showings happening, the tenant informed the listing agent that they weren’t feeling very well and so there have been no showings and the property will likely come off the market.
  • On the West side of Vancouver, we saw 106 new attached listings come to the market in the last week (vs. 180 the week before and 163 the week before that). Other product types/areas saw similar decreases in new listings.

It’s abundantly clear that the volume of both listings and sales is going to be slower than seasonally typical and what our expectations were as of 3 to 4 weeks ago.  Indeed, COVID-19 is proving to be a game-changer for just about everything.  

However, what has been interesting is to see that real estate can continue to be transacted for those who want to do so.  Real estate and the related processes were labelled as an essential service by the Province yesterday. Indeed some people are still buying and selling through these uncertain times.
 
March 12, 2020

This week we saw:
  • A 686sf, 1 bedroom condo in a 26 year old building near Boundary and Canada Way was listed for $399,800. Our client was able to see the home prior to any public open houses (on day 4 of the listing) and we have an accepted offer with subjects due to be removed tomorrow.
  • A 986sf, 2 bedroom condo in a 13 year old building at UBC was listed for $898,000.  After a weekend of open houses, the sellers received 4 offers and ultimately accepted an offer with subjects due to be removed on Monday.
  • A 72 year old, 2016sf home on a 33x129 lot in Dunbar was re-listed (last on the market in January for $2,488,000) for $1,899,000 on Friday. Our client wrote an offer above asking price, and was informed that the seller had decided not to deal with their offer until some (as of yet undetermined) time in the future.

 Each of these stories demonstrate to us a settling into a much faster pace by both buyers and sellers than we have seen in a couple of years.  As always, we would urge some caution to sellers who may be inclined to get a little too comfortable when market conditions swing towards their benefit.  We would also continue to urge caution with buyers to do the necessary due diligence on anything they might be writing an offer on (regardless of market conditions).


March 9, 2020

This week we saw:
  • We listed a 1,936sf 67 year old house on a 66x122 lot in South Burnaby for $1,299,000.  After waiting 7 days, we ended up receiving 37 offers on the property and the home sold subject free for $1,703,000.
  • The 1,033sf West Side townhouse we profiled last week had the buyer remove subjects and has now sold for $867,000 after 38 days on the market.
  • A 1,003sf 12 year old condo in the centre of Port Moody was listed for $649,800.  After 6 days, the sellers looked at 5 offers and sold subject free for $681,000.


Feb 28, 2020

This week’s story is mostly of a market that’s clearly gotten busy.  Some examples:

  • A 37 year old 3 bedroom, 3 bath townhouse in Fairview on 1,412sf with tasteful renovations throughout was listed for $1,489,000. The sellers received two offers on their 5th day on market and accepted an offer with a short (3 day) subject removal period. The property ultimately sold firm for $1,515,000.
  • A 27 year old house with a suite on a 33x127 lot in East Van was listed for $1,559,000.  The sellers received two offers on their 5th day on market and the deal is currently still subject (subject for 5 days).
  • A 37 year old townhouse on 1,033sf had been listed for 28 days for $899,000.  After having seen and rejecting a couple of offers, the sellers found an acceptable offer (at a higher price than they had previously seen) and the property now has an accepted offer, subject until March 5.


Feb 20, 2020
This week we saw: 
  • A 786sf, 2 bed, 2 bath condo in Marpole in a 16 year old concrete building was listed for $599,000.  It had been listed last Spring for $625,000 and failed to sell then.  After 6 days on the market, they received 2 offers and sold subject free for $605,000.  
  • A 2816sf, 4 bedroom up, 1 year old house between Cambie and Main near 16th on a 33x122 lot was listed for $3,489,000.  After a week on the market, they received two offers and sold subject free for full price
  • A 1061sf, 3 Bedroom townhouse in a 44 year old complex in North East Burnaby was listed for $435,000.  After 4 days on market, 2 above list price offers were received.  One offer was accepted and during the subject removal period, a renegotiation occurred whereby the buyer ultimately removed subjects and purchase the home for $432,500. 

 

Feb 14, 2020

This week we saw:
  • A 2 bed, 2 bath 894sf, 45 year old condo in Kitsilano came on the market on Wednesday (last week) listed at $828,000 and by Friday, the seller had received a subject free, above list price offer of $840,000 which the seller accepted.  Depending on which version you’d like to believe, the seller may have missed out on further uptick (by missing out on a bunch of buyers who might have come over the weekend) or accepted the best offer that was likely to come even though it was the only offer that could write in that timeframe
  • A 2 bedroom and den condo with 918sf in a 13 year old building on campus at UBC had been listed for approximately 6 months for $898,000 during which time, the seller received several offers under $800,000 that were unacceptable based on the price being offered. After doing a price adjustment to $875,000, 3 new buyers came forward with much higher offers and better prices, and there is now an accepted offer in place.
  • A 4,300sf brand new house in Coquitlam (on a 5100sf lot) had been listed since August with list price decreasing (from $1,990,000 to just above $1,700,000 as of 2 weeks ago).  Our clients wrote an offer on the home and the seller was unwilling to budge enough in negotiations to make it make sense for our clients. The home remains available (and our clients will find something else). dddd

Feb 7, 2020
This week we saw:
  • A new 2,493sf house (with a 2 bedroom basement suite) on a 32 x 112 lot in East Vancouver has been on the market since mid-October.  Originally listed for $2,488,000, the price was reduced to 2,398,000 a week ago and they now have an accepted offer with subjects for a week.
  • A 2 bedroom, 1 bath with 736sf in a 30 year old complex in East Vancouver was listed for $460,000.  After 6 days of showings, 4 offers were received and the property sold subject free for $490,000

Jan 31, 2020
This week we saw...
  •  A 26 year old 1 bed, 1 bath condo with 668sf in Downtown Vancouver was listed for $499,000.  A total of 5 offers were received and the condo ultimately sold for $550,000 subject free.  A caution on this sale, however, is that it is our belief that this particular strata has a substantial amount of work coming which will likely translate into special assessments.
  • A 13 year old house on a 33x122 lot in North Burnaby had been listed for 2.5 months.  They received an offer on Tuesday, accepted it that evening, and have subject removal scheduled for today (Friday). 



Jan 17, 2020

This week we saw...

  • A 1  bedroom, 490sf condo in a 21 year old building in downtown Vancouver listed for $499,000.  They received 14 offers and accepted one offer with one subject and a backup offer.   The buyer with the first place offer ended up not getting approved for the purchase and thus was unable to remove subjects.  The backup offer was ultimately able to remove subjects and the property sold for $550,000.
  • An updated 70 year old house in North Burnaby on a 33x122 lot was listed for $1,199,000 and saw 20 offers.  They accepted an offer with a 4 day subject period and subjects removed yesterday.  The sale price was $1,322,000.

If you want more detail on any of these scenarios or want to chat about anything in our market, please don’t hesitate to reach out to us.

 

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Keith Roy & Associates

Phone: 604-210-2933

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RE/MAX Select Realty

4806 Main Street   Vancouver,  BC   V5V 3R8 

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