What’s Happening? Metro Vancouver Market Update

After 2018 started off with a bang, buyers are becoming weary of dealing with multiple offers and are now hanging back. In turn, properties are sitting on the market for a few more weeks instead of selling in a few days for way over asking price.

 

 

The Real Estate Board of Greater Vancouver (REBGV) reports that:

 

 “Residential property sales in the region totalled 2,833 in May 2018, a 35.1 per cent decrease from the 4,364 sales recorded in May 2017, and a 9.8 per cent increase compared to April 2018 when 2,579 homes sold.


There were 6,375 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in May 2018. This represents a 5.5 per cent increase compared to the 6,044 homes listed in May 2017 and a 9.5 per cent increase compared to April 2018 when 5,820 homes were listed.


The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 11,292, a 38.2 per cent increase compared to May 2017 (8,168) and a 15 per cent increase compared to April 2018 (9,822).


The total number of listings available today is 17.2 per cent below the 10-year May average.”


Pricing your home in today’s market has to be done with a strategy. Many people are pricing their home with yesterday’s prices and it’s important to get ahead of the market and make your property stand out.

 

Did you know that even in a busy market only 85% of properties sell? Today the average of properties selling is at 60%.

If you’re thinking of buying, why wait for the market to pick up. If you’re ready now I suggest you start looking while you have less competition.

 

If you’re thinking of selling as I mentioned before, price your home right and get ahead of the market.

 

Have any questions? Give me a call. 778.988.7487

 

Stats Centre Report for Metro Vancouver is now available. To view it, click here.

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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.