March 2018 Real Estate Market Update

March 2018 Real Estate Market Update

Although the overall activities in the market indicates that we are still in a sellers’ market, when we closely look at the numbers we recognized that there is definitely less buyer demand in the market especially for properties over $1.2 Million. As a result there has been fewer transitions on the detached market and the two bedroom and greater condos and townhouses.

This a great news for people who are interested in the detached market and more expensive condos has as this provides a fantastic opportunity for buyers to negotiate and get better price.

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Let’s take a look at the overall residential activities in Greater Vancouver:

  • There were 4,436 new listings added this month, which is a 5% increase compared to last month, and a 7% decrease from last March.
  • 2,512 properties were sold this month, which is a 14% increase compared to February, and a 30% decrease from last year.
  • The ratio in March was 30%, a 3% increase compared to January, and a 13% decrease from last year.
Understanding the market trends and the market types (Buyer’s market, Seller’s market, and balanced market) are the two key factors to consider before a real estate transaction. Knowing when to sell, buy, or more importantly, knowing when to hold all actions for the right moment, can make the biggest investment of your life the most profitable one. Vivid Real Estate market report will provide you with all these market types and much more, allowing you to make an informed decision about the next steps you could take in the real estate market.

Wondering if now is a good time to buy or sell?

Contact me today to get more information on the market situation, and let me help you determine the best call of action.

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If there are any questions that you have about buying or selling a home or you are just looking for some real estate advice, feel free to call me anytime or fill in the form below.