Newsletter E-market update
June 27, 2014
Market shifts to advantage seller
An increase in home buyer demand put Greater Vancouver in the upper reaches of a balanced real estate market in the past six weeks. The sales to active listings ratio sits at 21.5% and is the first time that this measure has been above 20% since June 2011.
While the sales for May were 6.5% below the 10 year sales average for that month, the total number of properties for sale declined 6.7% from last May. So, with fewer properties on the market and a sudden surge in demand, sellers are in a good position right now. If you are thinking of selling your home in the near future, now would be a good time to speak with a realtor. This is especially true if you have a unique home such as a penthouse as there are fewer of these types of properties available for sale right now.
This past month I experienced three interesting sales that confirm the shifting market. I got well over list price for a half duplex on the Eastside. In another case a buyer for one of my Downtown listings wrote an offer but we could not come to terms on price. A week later, the same buyer came back and gave my seller what they wanted. And, in a very unusual situation, one of my buyers lost out in a bidding war for an Eastside home. A week later, the realtor who worked for the winning buyer phoned me and asked if my buyer might like to purchase the contract for the sale of the home. My buyer jumped at the opportunity and in the end, he got to purchase the home. I have never had that happen but all three transactions show a much increased demand for property right now.
Enjoy the summer!
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