February 2020 Market Update⭐February 2020 Market Update⭐It has been a busy start to the year for our team with lots of exciting changes and one of the busiest January’s we’ve had in several years.Patrick Weeks Real Estate is growing, and we are pleased to announce that we have two new members joining our team: Jenny Do who has taken over our role as listing manager, and Mathew Gibson, who has become part of our sales team. We have also just moved into our new Kerrisdale office at 6158 East Boulevard, so please come in (and out of the rain) and we’ll make you a cup of coffee!January has bucked the trend from recent years in the Vancouver real estate market from the normally slow sales activity. The driving force for this increase in sales has been the entry point of the market, and as a result we’ve seen a bottom-up effect unfold. With low interest rates and a decrease in prices over the last two years, buyers have come out in full force this month causing properties at entry points into the market to sell very quickly. This has created a ripple effect towards the middle of the market for townhomes and half duplexes, which are now selling again for premium prices. The net result of this is a decrease in inventory and an increase in multiple offers situations on many of our listings. The detached house market is reaping the benefits of this as well with a push in sales and a lack of new listings as sellers now wait to see if their values will rise this year. So far in 2020 we have already sold 7 properties and see no sign of a slowdown as we head into the Spring market. The market for luxury condos and detached homes is still moderately slow, as high taxes, lack of affordability and a limited flow of offshore money continue to tell this story. This market is inverse from the “top-down” market we experienced from 2004-2016, when cash was flowing into Vancouver as buyers scooped up many of the larger prestigious houses and lots in Vancouver’s West side, allowing that money to “sprinkle” down to all levels of our real estate market.We look forward to connecting with you this year. Our door is always open if you’d like to come in and talk about your real estate goals for 2020. Sincerely, Patrick Weeks Real Estate Patrick Weeks // Top 1% of Vancouver RealtorsⓇ???? (604) 803-9335???? patrick@patrickweeks.ca
Posted by Patrick Weeks Real Estate on Saturday, February 1, 2020
It has been a busy start to the year for our team with lots of exciting changes and one of the busiest January’s we’ve had in several years.
Patrick Weeks Real Estate is growing, and we are pleased to announce that we have two new members joining our team: Jenny Do who has taken over our role as listing manager, and Mathew Gibson, who has become part of our sales team. We have also just moved into our new Kerrisdale office at 6158 East Boulevard, so please come in (and out of the rain) and we’ll make you a cup of coffee!
January has bucked the trend from recent years in the Vancouver real estate market from the normally slow sales activity. The driving force for this increase in sales has been the entry point of the market, and as a result we’ve seen a bottom-up effect unfold. With low interest rates and a decrease in prices over the last two years, buyers have come out in full force this month causing properties at entry points into the market to sell very quickly. This has created a ripple effect towards the middle of the market for townhomes and half duplexes, which are now selling again for premium prices. The net result of this is a decrease in inventory and an increase in multiple offers situations on many of our listings. The detached house market is reaping the benefits of this as well with a push in sales and a lack of new listings as sellers now wait to see if their values will rise this year.
So far in 2020 we have already sold 7 properties and see no sign of a slowdown as we head into the Spring market. The market for luxury condos and detached homes is still moderately slow, as high taxes, lack of affordability and a limited flow of offshore money continue to tell this story. This market is inverse from the “top-down” market we experienced from 2004-2016, when cash was flowing into Vancouver as buyers scooped up many of the larger prestigious houses and lots in Vancouver’s West side, allowing that money to “sprinkle” down to all levels of our real estate market.
We look forward to connecting with you this year. Our door is always open if you’d like to come in and talk about your real estate goals for 2020.
Sincerely,
Patrick Weeks Real Estate