Steady market is trending towards sellers.
Real estate listings in the Greater Vancouver area are on the rise. Listing this March have risen 9.1% from March 2013 listings, and have increased 12.4% since February 2014. The increase in listings means more supply for buyers. This is good news for buyers and sellers. Buyers have more choices, but sellers are still seeing multiple offers. A great house that is priced right can even sell within a week.
Hot neighbourhoods are popping up all over the city. Areas like Main Street, Mount Pleasant East & West, Cambie, Point Grey, and Dunbar are in high demand. Good properties are scarce here, which is creating high competition among buyers. Foreign investors and buyers are snatching up west side homes, which increases the push to seek homes in the east end. This is pushing buyers to look further east for more affordable homes. But they are being met with high prices because of the large buyer to seller ratio. It is a good time to be selling in these neighbourhoods.
Numbers are especially high in the detached housing market. Buyers are very eager to buy land and houses. They are also being more selective of properties and interest is high for properties in good shape.
The sales-to-active-listings ratio remains at 18.2% since last February.
What seemed to be a balanced market is now trending towards a sellers market.