Buyers have the pick of the lot as more homes are being listed
below historical averages. Despite this, we are seeing that activity is starting to pick up. Here’s what Kitsilano’s stats are saying about the real estate market.
Attached Housing Market
There was a noticeable increase of newly listed homes during the month of January compared to the previous month. This is telling us that there are many sellers who want to sell their homes. But there is also some upward pressure that is still present. This pressure is keeping the sale prices at fairly flat rates compared to December. The state of the detached market can seem a bit confusing. The current sale stats could be indicating that a certain type of house is more popular than others. For a better understanding of what is happening in the market, we suggest contacting us directly. We can give you access to information only a licensed professional can provide.
Detached Housing Market
Coming into the new year, we saw that sales volume remained constant from December 2018. However, almost all of the sales were homes that were listed during the month of January. Of the homes sold, four of them were at or above asking price. This could be due to several factors. There is the possibility that the sellers listing their homes are more in line with current market conditions. We are seeing buyers seizing the opportunity to purchase affordable housing. We could also consider the fact that there were more duplex and townhome options than the previous month. After a bit of a slow season in December, sellers are now ready to put their homes on the market. There were almost four times more new listings in January than in December. Of course, the number of listings continue to surpass the number of sales by quite a bit, but this gives buyers more choices and more room for negotiation.
Information taken February 6, 2019 from REBGV and MLS by Nick Chen PREC* deemed accurate from the respective sources. Nick Chen PREC* is the provider of the data and analysis to the writer for the purposes of creating an informative article providing informative publicly available information in a condensed manner. All data is presented to show a snap stat of the real estate market at the given time, further detail requires in-depth consultation and appropriate disclosures with a licensed real estate professional.