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Market update: Most areas rocking & rolling well into summer


Blog by Robert Matthews | July 9th, 2015


What’s happening with the real estate market? Well, of course “that depends”!
 
As usual, some specific markets are rocking and rolling, and some, but not many, are in summer doldrums. As always, classic supply and demand.
 
Several Vancouver east side neighbourhoods have wild buyer activity, with relatively few homes for sale. The east/west side division continues to evaporate, with many East Van sale prices looking decidedly west side.

Many Vancouver west side homes are snapped up in a few days by either local or overseas buyers, yet some optimistically priced homes linger on the market for months.
 
Single family home sale prices in most all Metro Vancouver areas continue to see double digit price gains over even just the past few months. Virtually every deal I’ve done this year on single family homes involved multiple offers, including 22 offers (!) on a lovely Coquitlam home. I see many overseas buyers competing with locals for single family homes almost everywhere. View homes, or view lots, almost anywhere continue to set new highs with every sale.
 
Condo prices remain fairly flat in most areas, and are even in oversupply in some areas, although this depends greatly on size, outlook, age, neighbourhood, and much more. Once again, small differences in sales and marketing techniques can affect how quickly the condo or townhome sells, and the final price the owner receives.

Every home has a unique set of characteristics that ultimately affects its demand, and therefore its value. And how the real estate marketing and sales process is managed is more important than ever, as this can significantly affect the bottom line. If you're thinking of making a move this summer or fall, contact me to discuss the right strategies to maximize the sale price of your home.