Yes, according to Andrew Lis, director of economics and data analytics for the Real Estate Board of Greater Vancouver, “The market continues to outperform expectations across all segments, but the apartment segment showed the most relative strength in June.” Not only is this the case in the overall market of Metro Vancouver, but our local sales reflect the same market strength – especially in the case of apartments and townhomes.
We know that higher interest rates cannot account for this activity – it remains the result of record low inventory alongside unexpected increased buyer demand. Locally most of our inventories are remaining the same, still dropping, or having a slight uptick. Outliers here are the detached markets in Port Coquitlam and Maple Ridge, both with healthy rising inventories. In terms of sales ratio averages, the star markets are both attached markets in Port Coquitlam with a 97% sales ratio average (9.7 in 10 homes selling) and in Port Moody with a 77% sales ratio average (7.7 in 10 homes selling). Slowest local markets in terms of sales ratio averages are all in the detached market segment – New Westminster, Port Moody, Port Coquitlam and Maple Ridge – all four with sales ratio averages between 2.2% and 3.5%.
So….in terms of potential condo & townhome sellers looking at this scenario – sooner on the market is more of a sure thing than waiting (our crystal balls are a little cloudy for futures!). The general stats do not tell us that a well-priced, well located detached home in good condition can still sell quickly at a competitive price – boots on the ground tell us. Our local June experience highlighted this.
If the local experience would be useful for you, please give us a call – happy to share. Neighbourhood by neighbourhood varies, so local stats and up to date experience are critical in pricing. If there are questions you have regarding preparing your home for sale, we can help you – even when your plans are not imminent. Being prepared is half the battle and we are on your program not ours.
Buyers – please take us with you when you are looking at new builds. We know about the value of certain neighbourhoods, builders, what to look for and we are familiar with the fine print! 2 or 3 heads is always better than one – let’s get all the questions answered!
Whatever summer brings, enjoy the sunshine and these later light evenings. We hope to see you out and about.
Generations Real Estate Partners:
Michelle Hawthorne, Scott Johnson, Shane Goutsis, Ray Harris and Sheila Francis.