EAST VANCOUVER REAL ESTATE
The Spring Market has certainly heated up through April and we are seeing strong signs for continued activity moving into the Summer months. It appears that we are finally seeing the effects of what we’ve been discussing the past few months: an increasing supply of homes, both in quantity and quality, allowing many eager (and patient) home buyers to jump into the market. This cause and effect has lead to interesting pricing scenarios and a very fine line in setting market price. Sharply priced listings are selling extremely quickly, with many examples of multiples offers of late, while Sellers who are ‘testing the waters’ with prices above current market valuations are seeing their listing sit on the market for lengthy periods. The Vancouver marketplace is an educated one… Buyers know a good deal when they see it and the know when something is over-priced. Price it well and it will sell.
Looking at the Vancouver market as a whole, the sales-to-active ratio is sitting just over 15%, which puts us in a balanced market for the second month in a row. The last time we saw this ratio at or above 15% was in May 2012, so to all the Sellers out there: the Buyers are back. Looking into the specific market segments:
Our subjective interpretation of the market is clearly playing out in the numbers as well. If you have a property that is suitable for a young family then you’re most likely sitting in a Seller’s market. Many of our Buyers who have been looking since the fall have finally secured their new home, or are actively looking. We’ve experienced quite a few multiple offer situations in the last few weeks, and it seems that the Buyers who are best prepared are the most successful.
This is only the beginning of the Spring Market, so things should continue to move for the next few months. Call us if you have any questions or want to get in on the action.