Homes for sale in Vancouver continue to come on the market, whilst buying has slowed down slightly. What this means is that buyers are now able to take a little more time in deciding on what they want and moreover, there is a natural ceiling keeping the prices from skyrocketing anymore.
Bottom line condo and home sales in Vancouver are now a buyers market. Vancouver realtors agree that there is now quite a bit of choice for buyers. No longer is there a need to rush decisions for fear that the home or condo for sale will disappear.
Prices are being kept in check as the continued increase in property listings are matched by slower sales. As many sellers attempt to get in on the high selling prices, more homes are coming on the market therefore ironically keeping the prices down.
Significant price increases took place during the first quarter of the year, but during the summer months slowed down. Prices have remained steady since May.
It is not that the sales are dropping as such, but rather that there are simply more homes on the market. Prices remain flat as more Vancouver homes for sale and Vancouver condos come up for sale.
Since September of last year there is a 1.2 percent increase on the multiple listings service. Sales, on the other hand, are the third lowest that the month of September has seen in a decade.
The sales to listings ration has moved from thirty-two percent to fourteen percent over the course of the year.
Higher numbers of listings and lower numbers of sales have therefore kept prices in check. Vancouver realtors and economic experts believe that this is helping to stabilize home prices in the region.
While the average price for all residential properties in Metro Vancouver is slightly lower now than it was in June–going from 630,921 to 627,994, this is still way up from September 2010 which saw the benchmark price at 577,144.
Detached property prices are up 13.4 percent from last year. The price of a detached property has reached 896,701.
So while it is a buyers’ market when it comes to condos and homes for sale in Vancouver, prices though steadying off are still at record levels.