Real estate professionals use the sales to active listings ratio to examine the market and to determine whether the market is a buyers market or a sellers market. When the ratio is above 20% its considered a sellers market and below 15% is a buyers market. As you can see on the graph below, April 2016 saw the highest ratio in a decade at 64%, which means 64 out of 100 listings on the market sold that month. Sales activity in May was slightly lower, however still a strong sellers market. Sales activity typically decreases during the summer months as buyers and sellers become preoccupied with summer vacation. However this is not a typical market!
TIPS FOR SELLERS
Now is the best time to sell your property, prices are up 20% from this time last year! However you have to price your property competitively, not all listings are selling on the market. Price your property right and you may be able to sell over asking price in a shorter period of time. If you price your property too high you could miss the boat and your property could sit on the market and become stale product.
TIPS FOR BUYERS
Buying a property in this market will be competitive. See the property as soon as you can, places are selling quickly, don't wait for the weekend! Be prepared to pay over asking price and have all your ducks in a line. Talk to a mortgage broker and make sure you have your finances in order before writing an offer. In the city, subject free offers are a must right now, however in Squamish it's all about back offers. Do not be discouraged if there is an accepted offer on the property you wish to buy, back up offers will put you next in line, and lots of deals are collapsing.
As always, I am happy to chat with you about your real estate needs. Please do not hesitate to reach out to me with your questions.