People are curious about the real estate market, especially over the last year. The soaring prices have paralyzed some in making the decision to move, while others have embraced the opportunity and have sold for record prices. HOPE IS HERE!
Metro Vancouver's housing market is seeing significant changes. The Fraser Valley Real Estate Board reported an increase of 75.3% in new listings compared to January while the Greater Vancouver Real Estate Board reported a 49.7% increase.**
What does this mean for you? While inventory is increasing, it is still not enough to meet Buyer demand. Although sale prices remain heightened compared to previous years, we are moving towards a balanced market in many areas.** Find out if YOUR area is shifting by clicking below.
Real Estate professionals from across BC have observed the number of offers coming in for a home in the detached home market has lessened over the last month, and we are seeing less ‘subject-free’ offers than a few months ago. It is still a great time to sell and it is GREAT NEWS FOR BUYERS!
Detached Homes: with the exception of POCO & Pitt Meadows, it appears that we are moving towards a more balanced market. West Vancouver & Westside Vancouver are already in a balanced market. Check out the map: Click here
Attached homes: it’s still a pretty ‘hot’ Seller's Market out there. More people can afford to purchase condos & townhomes so the pot of people looking for these properties is higher. This can lead to more multiple offers which can drive up the prices. The hottest areas (highest sales ratios) for February were Maple Ridge, Pitt Meadows, South Delta, Port Moody & POCO. See where your city is at: Click here
SALES RATIO (HOME SELLING RATE) CHEAT SHEET:
SELLERS MARKET = >20% BALANCED MARKET = 12-20% BUYERS MARKET = <12%
Want more specifics on YOUR neighbourhood? Call me.
Source: https://fvreb.bc.ca & https://www.rebgv.org/market-watch/ Sourced on March 10, 2022
Sourced on March 10, 2022