Local experiences and the Real Estate Board of Greater Vancouver confirm that home sales have “mounted a surprising comeback, rising near levels seen last Spring before eight consecutive interest rate hikes….” Yes – the absolute power of record low inventory defies the political tactics to slow a hot market. Despite the 3 day recission period, buyers are competing to purchase homes with subject free offers.
The TriCities market has been a fine example of this over the month of April and continues in May. They beat out the markets both to the west and east of them. The Port Coquitlam attached market showed the greatest sales ratio average at 82% of its listings sold while its inventory continued to drop substantially. Not far behind was the Port Moody attached market showing a still dropping inventory along with a 70% sales ratio average.
Pitt Meadows and Maple Ridge detached markets are on their own with significant inventory increases – otherwise we saw dropping or stagnant inventories in the other markets.
Real estate markets change on a dime, so hesitant sellers – this is not the time to fiddle while Rome burns! We don’t know when suddenly inventories will climb back up, but we do know that at this moment in time sellers are back in the driver’s seat with the opportunity to sell quickly at a good price. We are happy to answer any of your market questions – this is not our first rodeo and the safety of our clients are always our first concern.
Happy Spring, let’s hope that we have some consistent sunshine soon.
We remain your local real estate resource:
Generations Real Estate Partners – Michelle Hawthorne, Scott Johnson, Shane Goutsis, Ray Harris and Sheila Francis.