The June report from the Real Estate Board of Greater Vancouver states that sales have “eased back from the record setting pace seen in March and April of this year”. But at the same time recognizes “strong seller market conditions”. Keith Stewart, REBGV economist declares that “The past 2 months have shown a market that’s shifting toward more historically typical conditions”. This may have some small merit in a particular market sector, but in no way shows up in our local stats from Burnaby and east to Maple Ridge and can be a misleading generalization when it comes to our market.
While the market may have lost some of its intensity in spots, our recent ‘boots on the ground’ experience has been one of competing buyers and multiple offers. Looking at the local stats gives us the reason – in almost every home category in every location, inventory has dropped significantly. New Westminster and Port Moody attached markets are the only ones showing an inventory increase. As choices dwindle, competition results.
As for returning to “historically typical conditions” – we gave up on any summer predictions long ago as we have experienced roaring markets and singularly quiet ones.
Currently hottest markets are Pitt Meadows detached (100% sales ratio average) and Maple Ridge attached (108% sales ratio average).
Across our market region there has remained one universal truth – the homes which sell, do so quickly. As always, time and price are of the essence.
So…takeaways for would be sellers are: call your favorite realtors as there are remarkable price differences within a couple of blocks sometimes. Working with local realtors assures you of community & neighborhood knowledge.
In turn, buyers need to be fully aware of the precise market in the areas of their choice – low inventory usually means competition, while an increasing number of homes on the market can buy you some time to look, consider and generally speaking, should give you a better price.
Fortunately, advising buyers and sellers is what we do best. We can keep you covered and cool as a cucumber in this market heat.
We remain your partners in real estate: Generations Real Estate Partners:- Michelle Hawthorne, Scott Johnson, Ray Harris, Shane Goutsis and Sheila Francis.