How to Sell a Condo in Vancouver # 8: When to List a Property for Sale
Today, we’re going to talk about timing the Vancouver Real Estate Market and the best time to sell a condo.
Should I sell My Vancouver Condo now?
I get this question all the time and it is nearly impossible for me to answer.
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Because the decision to sell is rarely decided by what is happening in the Vancouver Real Estate Market. People decide to sell their condos because of personal, taxation, or investment reasons that may not be related to the time of year or what is happening in the market.
The best thing for a prospective seller to is to look at what is happening in the real estate market here in Vancouver. I have great Vancouver Real Estate Statistics updated on a monthly basis available.
When is the Best Season to Sell a Condo?
This question I can answer!
The time of year you list a property for sale can have a big impact on how long it takes to sell and what price. At certain times of the year, there are significantly more buyers available and the more buyers available, the more money you get for your property in a shorter period of time.
Condos in Vancouver can be sold at any time during the year, but the real estate market typically follows the pattern of seasonal variation and two seasons are particularly good times to list. That said, the overall economy has a huge influence on the real estate market and often seasons that should good to list in are not good because the economy is bad or vice versa.
Typical Seasonal Variation in the Vancouver Real Estate Market
Typically the Vancouver Real Estate Market (for this example variations in the economy are taken out of the equation) follows this annual pattern or cycle starting from January 1st:
Starting in early January, many people are still returning from the holidays and the weather is still not great. Weather is a very important factor in selling a condo, bright weather makes suites look big and gloomy weather does the opposite. This tends to be a quiet time in the market with not many buyers available.
From Early March the real estate market tends to get busier as most people are back from vacation and kids are back in school. This is when the real estate market tends to pick up and begin to get busy.
Sales Activity tends to peak in April, May, June, and July.
This is the best season to list a property for sale in Vancouver.
Most years August, particularly late August is very quiet as many buyers are on vacation or distracted by the good weather and would rather be at the beach than condo shopping.
Market volume usually picks up again in early to mid-September as the weather cools, vacations end and children are back in school. September to late November tends to be quite busy, but not quite as busy as Spring. This is the second best time to list a property for sale in Vancouver.
Starting in mid-December, market activity begins to drop off as people become deterred by the weather and distracted by holiday and family obligations.
When is a Good to Time to List My Condo for Sale in Vancouver? The Verdict!
Spring is by far the busiest time and the best time to sell if that option is available followed by Autumn, Summer, and then Winter.
Why is Spring the Selling Season?
- Buyers are plentiful and Spring tends to see far more sales occurring than any other month.
- The weather is warm and dry enough to be outside, but not so warm that Condo Buyers want to go to the beach or lounge on a patio with a cold drink. Condos are going to look their best with the brighter weather making them look large, but not get too hot as they would in Summer.
- Condo Buyers tend to be around. Kids are in school and most people take their vacations in summer and winter.
- Condos purchased in Spring can be moved into in Summer, so Buyers can use the time off then to settle and kids don’t need to change schools in the middle of the school year.
Is Now the Time to Sell Your Vancouver Condo?
When making this decision, keep in mind what is best for your needs.
Do keep in mind that the state of the economy can significantly alter the pattern laid out above and Winter can be busier than Spring.
When deciding when to sell a Condo in Vancouver, be sure to consult with Your Realtor!
Looking to Find Out How Much a Realtor Charges to Sell a Property in Vancouver
Have a look at this great Real Estate Commission Calculator!