Our local Vancouver market has started out with a bang as predicted! All we are lacking now is INVENTORY! The buyer demand is high and they are buying up whatever is hitting the market. The typical year-end low inventory point January 1st was expected but the demand is outpacing the rate in which properties are hitting the market. Accordingly, as predicted, the Sales Ratio is increasing pushing all market segments into a seller’s market. With our market not being able to keep up with the demand, prices will continue to increase.
Time to Upgrade: In an appreciating market, there is no better time to upgrade into your next home. Ideally from a timing perspective, we always recommend selling in early spring when demand is high and inventory low for the best sales results. Then buy in late spring when inventory levels catch up to the market and there is more selection to choose your new home. The upgrade window is now open, don’t miss it!
Condos: If you recall, our condo market jumped into a seller’s market this past August 2019 when the sale ratio passed 20%. So condos under $1M have been hot for the past 6 months and continue to do so. Furthermore, this activity is creeping above past $1M giving a much needed boost to the higher-end luxury condo/townhome market.
Houses: Where last year the detached market was dead slow in both Vancouver West and Vancouver East. The only exception being West Side houses under $2M, and East Side houses under $1M. Already this year the activity on the West Side is creeping well past the $2M mark, and the East Side past $1.5M. Again demand is outpacing supply.
So, my market recovery prediction last year seems to be coming into play as only the first month of 2020 unfolds. The ‘hot mark’ in the activity barometer is rising, sales ratios are climbing, and inventory is lagging behind. The perfect ingredients for a strong recovery in our Vancouver market I am happy to announce. Call us now to discuss in detail the best timing approach for your property.