On Your Mark Get 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.”

What a difference a year can make. It was last May that I wrote this introduction for our monthly stats package. The market was showing some signs that it was heading for a seller’s market. Inventory was shrinking and demand was increasing for many of the sub areas and property types throughout Greater Vancouver and the Fraser Valley. The most notable being single family detached homes. Here is the intro from May 2014….

“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.”

That was then and this is now. For April 2015 a well-priced or the median listing is selling in 11-21 days, depending on area and property type. Single family homes being the most active with the median listing selling in 11 days in Greater Vancouver and 14 days in the Fraser Valley. Today, the buyer is certainly in a race. A race to write an offer before somebody else does or a race to out-bid another buyer in a multiple offer situation.

In this hot, active, multiple offer market it is imperative that you have a competent, professional realtor that knows the specific market that you are buying or selling in. There is no substitute for experience and knowledge. Happy buying and selling and 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  ​

If you would like to receive a copy of the statistical market report contact us here.