This may be a good time for you to learn more about the real estate housing market. While more people are steering towards attached homes, you might be able to sneak into the detached housing market.
General info about the market
When Buyers have less choice due to a lack of supply in homes currently listed for sale they are typically competing with many Buyers which creates fierce demand for homes. As a result Properties in the market will sell fast and the market value will be pushed up resulting in a Sellers market. Alternatively a market with Above average Supply will give Buyers choice and lends buyers an opportunity to negotiate and develop a Buyers Market.
Attached Housing Market
There was a steady increase in demand in November for real estate in Metro Vancouver. This is very true for the attached homes market. Condos are especially hot at the moment with townhouses almost as popular. It seems like people in Metro Vancouver are racing to get into this market.
Detached Housing Market
The detached homes market has been quite steady recently. Prices are becoming more affordable and supply is currently higher than demand. So if you are able to afford it, you should consider taking advantage of this opportunity.
In November 2017, the region totalled 2,795 residential home sales. This is a 26.2 per cent increase from November 2016, which totalled 2,214 home sales. Last month's sales were 17 per cent above the 10-year November sales average. Jill Oudil, president of REBGV, stated that while there are more listings entering today's market than last year, the home listing inventory has a long way to go before it rises to more typical levels.
Sales-to-active listings ratio
The sales-to-active listings ratio for November 2017 reached 32 per cent. This is three per cent higher since September 2017. By property type, the ratio is:
- 15.9 per cent for detached homes (+1 per cent since sept 2017)
- 36.4 per cent for townhomes (-6 per cent since Sept 2017)
- 67.8 per cent for condominiums (+7 per cent since Sept 2017)
Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period. While home prices often experience upward pressure when it surpasses 20 percent over several months. - REBGV
What does this mean for Vancouver real estate?
If you own a townhouse or condo with equity, that may be enough for you to make the jump into the detached housing market. The detached market may present a better opportunity as buyers will be able to negotiate with sellers without too much competition. Talk to one of our agents to learn about how you might be able to take advantage of the market. Call us at 604-936-1111 or email us at email@example.com. Also, check out our active listings for detached homes we currently have available.