May's Vancouver Real Estate Market Busy and Upredictable!

Vancouver Market Continues to Hold Steady and Favour Sellers

kels just sold.jpg

May's Vancouver Real Estate Market was typical for a Spring month in terms of the numbers of sales and general busy-ness; However, it was unpredictable and abnormally crazy for many Realtors... What do I mean by this?  Read on...

The Micro-Markets in Vancouver are becoming more and more unpredictable.  What is a Micro-Market?  A small, localized market within a larger market. I also like to refer to these as 'neighborhood-markets'.  Information on micro-markets are gaining media attention in Vancouver as some of these 'neighbourhood markets' are experiencing an unprecedented level of demand and a serious lack of supply translating into homes selling thousands, at times hundreds of thousands of dollars over list price. 

Take North Vancouver for example, in particular, Edgemont Village and Pemberton Heights.  There were 28 homes that sold in these 2 neighbourhoods in May 2011.  Of those 28 sales, 20 homes sold in 10 days or less.   14 of these homes sold for full asking price or over, a few sold for more than 25% above asking price.

These 2 micro-markets are only a small example of what's happening in certain neighbourhoods throughout Greater Vancouver.  These individualized "hot spots" make it increasingly difficult for Realtors to answer the general question of "What's going on with Vancouver's Real Estate Market?".  These hot spots also make it difficult for us to predict the future of neighbourhood market's as supply and demand is changing so quickly, almost on a weekly basis!  

 Interested in what other micro-markets are experiencing a boom?  

Mount Pleasant Detached Homes
Fraser Detached Homes
Central and Uppler Lonsdale Detached Homes, Duplex's, Townhomes
Lynn Valley Detached Homes
Downtown Vancouver 1 bedroom's - priced well
North Burnaby Detached Homes
Kitsilano - North of 4th condos, Detached Homes
Point Grey - Detached Homes
West Vancouver - Detached Homes

Richmond was a "hot spot" earlier in the year but since the tsunami in Japan, sales have tapered off and slowed... prices are dropping.  As the demand drops in Richmond, buyers have began to seek the neighbourhood's listed above as great alternatives.

For more information on the Vancouver Real Estate Market or Buying or Selling a home contact Kelsie Struch, Realtor with Century 21 In Town Realty.  Cell 778.387.6090 email


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