WHERE’S THE BEST OPPORTUNITY?
LET’S CHAT OPPORTUNITY: It’s what every buyer and seller is looking for. Of course which one finds it easiest is often defied by the overall market conditions we are in. Looking at the numbers this month thus far, the market has seen a shift as we near the end of 2019’s first month.
MOST FAVOURABLE AREAS TO BE BUYING In each municipality covered in our weekly review, we looked at how many units have come on market month-to-date, how many units total on market - and contrasted these figures to how many condo sales have been recorded since Jan 1st. The result is a figure we like to call the Absorption Rate - how much of what comes on the market, sells. The lower the figure, the stronger of a buyer’s market we are in, the better the opportunity for buyers. As of January 23rd, we’ve ranked the best markets for buyers as follows (from most to least favourable):
MEDIAN PRICE POINTS AND….. HOW MUCH UNDER THE ASK? Yes that’s right - in a stark contrast to this time a year ago, we are actually seeing properties selling (in some cases well) below asking prices. This does not mean Seller’s reading these figures must panic! It just highlights the importance of pricing smart, and adjusting to the market as time progresses. In a shifting market, you should be measuring the traffic on your listing, and adjusting the price point accordingly. Many properties selling at larger gaps under asking prices, are doing so because listing prices are weeks out of date of the current market. Below’s map, shows both the median price points of condos sold month-to-date, as well as on average, how much under the asking condos have sold.
FINAL WORDS Buyers, there’s opportunity about. Study the market carefully and understand what trends are telling you about how much you should be offering. Sellers - do not panic - if you are thinking of selling in the next couple of months - price sharply and understand the direction the market is forecasted to go during the lifespan of your listing. Owners - the market goes up and down. That’s how it always has been and always will be. This is not a time to panic, it’s simply a time to stay put, keep an eye on the market and remember that real estate is a long-term game. Sooner or later - the market will adjust, flatten, and before you know it prices will be on the rise again.
Questions? Call or text me: 604-710-5270.