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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