Where are we at today in our evolving market you ask ?
It appears that detached homes over 1M market have stabilized although if priced well, are still selling relatively quickly by historical standards. Greater Vancouver is still very desirable and always will be so that gives us a great foundation. Detached homes are losing some of the frenzy we’ve seen over the last couple of years…much easier for buyers to make informed decisions and forcing sellers to price in a more cerebral manner.
Town homes are still fairly hot and especially so under around $600K in the suburban areas. They will still see multiple offers if priced well and looking great.
Condo’s are our Gold market currently and still really frustrating for buyers in the entry level market. Anything under $400K could still see double digit offers and they tend to be won by cash/subject free offers which generally can’t be submitted by first time buyers.
In summary, still a Sellers market with low inventory levels that seem to be driving our prices but slowly stabilizing from the top down.
Let’s see where we’re at month to month to keep our finger on the pulse of our Real Estate market.