When is The Best Time of Year to Sell Your Condo in Yaletown?
Real estate markets ebb and flow, and whilst condo’s in downtown Vancouver sell year-round, taking advantage of seasonal fluctuations may earn you a higher sales price, in less time. Coinciding with the recent return of buyers returning to the Vancouver property markets, we’re taking a look at the stats, to help you decide the best time of year to sell your Yaletown condo!
Do the Seasons Make a Difference?
Before we get into the specifics of selling a Yaletown condo, it’s important to understand the trends in the wider market. In Vancouver, these trends tend to rotate depending on the seasons. Contrary to popular belief, summer actually ranks low on the ‘best time to list’ scale, as it’s either too hot, or people are too busy enjoying themselves to spend time on the property hunt.
Rather, spring usually sees the best returns for home and condo sales in Vancouver, in the least amount of time. Sales often begin to increase in late February and continue until June. It is due to a number of factors:
Improved weather and willingness of buyers to be outside
Lighting improves, brightening up your property and making it look more appealing
Winter vacations are over and everyone has settled back into a routine
Neighborhood aesthetics come to life with new growth
When buying in spring, the opportunity to move into your new property in summer becomes available, causing less disruption for kids and families.
Spotlight: Is Spring the Best Time to Sell My Condo in Yaletown?
As we return to our outdoor lifestyles in spring, the streetscapes, cafes, and patios of Yaletown begin to come alive. The ocean begins to calm, and people begin to return to the beautiful waterfront parks- David Lam and George Wainborn. But is it the best time to sell a condo in Yaletown?
When we look at data and market trends over the past 3 years, we can see that yes, the average value of property in Yaletown increases during Spring. For this example, For this example, we are using the MLS® HPI pricing chart, which tracks relative price levels by comparing price levels at a point in time to price levels in a base (reference) period. This figure gives us a better overview of market trends overall, based on pure inflation/deflation, as opposed to median sale price.
When looking at the chart below, we can see the average value in December 2017 ($887,900) and January 2018 ($909,200) are considerably lower than their Spring counterparts- $953,900 in March 2018 and $964,000 in April 2018.
Although the wider Vancouver market saw a downturn across 2019, the statistics still show an increase in the average value from January 2019 ($852,100) compared to February 2019 ($892,000).
Now, with the recent market recoveries and the return of buyers to the Vancouver property markets, a new positive market trend is being established. Again, this is reflected in the average values, and we’ve already seen an increase from the May 2019 lows at $794,700, to $841,700 in October 2019, and continuing to increase to $869,700 in January 2020.
If this trend continues, it could be a great time to consider selling your condo in Yaletown, especially as we move into the Spring property season!
Of course, to really take advantage of the property markets in Vancouver, and the latest numbers and statistics- you need someone on the ground, and that’s where the West Haven Group excels!
If you would like to know more about selling your condo in Yaletown, the current state of the market, or just need some advice- you can contact us here. We look forward to hearing from you.