I am often asked this question: “when is the best time to sell a condo or house in Vancouver?” Most people believe that summer is the best time of year because the plants and trees are in full bloom and the neighbourhoods look their best. It’s true that a neighbourhood becomes inviting when the gardens are in bloom, the parks are filled with people enjoying the sunny weather and the streets are alive with those walking to work or to their favorite coffee shop to meet friends. These factors may not, however, be the best parameters to help one decide when to choose to sell.
Is Summer The Best Time to Sell?
Over the decades that I have been selling real estate I have learned the following: if your timeline is flexible, you need to follow the data. Given that most sellers believe that summer is the best time to sell, the Real Estate Board always sees a major increase in the number of listings offered for sale on MLS from early spring right through to mid-August. This increase in supply coincides with buyers taking time off for vacation. Demand can decrease from mid-July to early September while the number of listings continues to increase. By tradition, the slowest month of the calendar year for Vancouver real estate is August followed by mid-December to approximately the third week of January.
So, what is the best time of year to sell a condo or house in Vancouver? Traditionally, in a balanced market the best time of year to sell is from February to the end of June and from mid-September to approximately the end of November. Real estate in Vancouver has radically changed over the past 15 years; selling a condo or house requires experience, professionalism and knowledge. Data is an important component when deciding a number of factors; pricing, days on market (average days on market for a property to sell) and marketing strategy. As I type this article I know that there are very few Mount Pleasant houses for sale and this means any new accurately priced listing will get lots of attention from buyers looking to move into the neighbourhood. This is also true for condos for sale in Olympic Village and condos for sale in Mount Pleasant. Over the years there are traditional months that are good and bad to sell in but analysing the current data is a necessary tool to know when it is the right time for you.
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Written by Don Urquhart Vancouver real estate agent since 1987