Glorious sunshine….. it feels like we are already in the summer months but we’re not seeing the typical summer slow-down. The weather and the market are both red hot!
Home buyer competition remains intense across the region. Whether you are a home buyer or seller, it’s important to work with your local realtor to develop a strategy that will help you navigate today’s market. – Dan Morrison REBGV President.
While we are seeing more homes listed for sale in recent months, supply is still chasing this unprecedented surge of demand.
With 59 new listings and 66 sales we saw a 110% sales ratio last month which was pushed as we saw half the inventory numbers than we did in April.
Average sales price is up $25,000 over last month sitting at a remarkable $598,548.
On the ground we are still seeing multiple offers and bidding wars taking place. It appears that the demand for homes has only spurred on more buyers to hit the open houses and look for a place. It’s Vancouver’s favourite hobby! First time buyers are looking to jump onto the property ladder before it’s out of reach.
TOWNHOMES & ATTACHED HOMES
Down-sizers are running this market segment!
With a staggering 146% sales ratio last month and an average days on market down to 9 days it’s been an active market. Down-sizers coming from larger family homes tend to have have deeper pockets and cash offers and wanting to stay within familiar boundaries a snapping up a lot of duplex and town-homes in Kits.
Competition is fierce as we are seeing the lowest inventory numbers this segment has seen since February 2010.
On paper things seem a little calmer for land and single family homes but inventory numbers are higher than they have been since last June. This does not seem to be stopping people as Dollar volume of sales last year was the 3rd highest month we’ve had in the last five years sitting at a whopping $66,299.177 in dollar volume.
Average sales prices are on the way up but we had a much more balanced market with active to sales ration (market absorption) sitting at 45%. 44 listings vs 22 sales.
To all frustrated and tired buyers out there a few pieces of advise:
- know the schedule. Most selling realtors will post a listing on a Monday have a sneak peak open house Wednesday or Thursday evening then open houses on Saturday and Sunday. If you like to look of a listing talk to your agent and get to the listing at the first showing. This will allow you some time to prepare for offers which typically take place the following Monday or Tuesday and will put you in the best position to go in with YOUR strongest offer.
- Work with an experienced agent in that neighbourhood. They know the in and outs of most buildings so can direct you attention to listings worth your time.
- Stay Strong – it’s a competitive market but with the correct strategy it can still be a fun and exciting process.
Any questions please feel free contact me. Charles Filer – 604.441.7149 – Charles@LiveKitsilano.com –