May Market Update – Ready, Set, Go!
On Your Mark Get Set-GO! I can still hear this challenge phrase in my head. It was the preamble to race-on as a kid. This figurative starting pistol could be heard on the school playground, family or church picnic, or any event that turned into a competitive race.
The Vancouver and Fraser Valley real estate markets over the last 100 plus years has had moments when it literally was, On Your Mark Get Set- Go! A race to find and outbid the next buyer. Today we are in an active, steady, and balanced market throughout the Greater Vancouver and Fraser Valley. Inventory in most markets and in property types is lower than in May of 2013, with a few exceptions in the condo market. At this time it is not a Race-On market. However, it certainly appears from the numbers and STR stats that one needs to be Ready, and Set to Go when a good listing hits the market. Ready, Set, and Go means, the buyer needs to be prepared to write an offer if they feel it is good value in the market place. A well-priced listing sells within 21-30 days on the market in most areas.
Please feel free to contact me if you have any questions or would like to discuss the market in more detail. I am always available to serve. 604-807-4366 or randy@eximus.com
STR (Sell Through Rate) Formula = Sales ÷ Active Listings + Failed Listings + Sales
