Hot! Hot! Hot!
That’s what I and every realtor has been saying for the past few months and the market has hit a new high point this year in June. In fact, in terms of unit sales, June was the third highest sales month in the past 16 years. Keep in mind that all these sales are occurring while we have fairly average volume on the listings side.
How long will this last? That is the question on everyone’s mind these days. My thoughts are that if you have been sitting on the fence to sell you are very likely missing the boat. Interest rates are playing a big part in this rally and they have been going up on the fixed side of things. Once these pre-approved buyers run out and the new set of higher-rate buyers kick in we could be in for slower sales.
That said, if we see a rush of listings out there from Sellers who were slow to pull the trigger in the past couple of months we may see prices slip as supply catches up with demand. Right now, we are in a cautiously Sellers market. That is, Buyers want in but are not willing to do anything to get in (most of the time). We have seen listings generate as high as an astounding 29 offers. We have seen listings get over 500 parties viewing them in a weekend (yes, these are extreme cases), but we have also sen listings which continue to expire or not get any offers. Sellers can be bold… but not obscene with prices these days.
Here are the latest stats (if you are reading this in the feed then you have to click through to see it):
Vancouver, BC 