By December 6, 2018—
Anyone else feel Jack Frost nipping at their nose? We could all use a cup or two of hot cocoa just about now to keep the cold at bay. And speaking of cold, it’s been a pretty cool season across all home types. If you haven’t taken a look already yourself, according to the Real Estate Board of Greater Vancouver (REBGV), “home demand remains below long-term historical averages in Metro Vancouver housing market.”
What does this mean?
It means that home buyers are playing it cool and treading carefully. They are taking a “wait-and-see approach” to see the direction of the real estate market. This careful patience from home buyers is helping home prices slowly dip across all property types from the record highs we’ve had the last year.
The detached homes in Kitsilano showed fewer sales, which resulted in lower average sales price and in homes experiencing slightly longer periods on the market. Long story short, homes cost less and are selling slower. Buyers have really been biding their time with finding the right home.
Of the five homes that sold in November, only one was at asking price. The other four sold within 92% of the list price or higher.
It’s not just the detached housing that’s experiencing a dip. If you take a closer look, you’ll see that condos, townhouses and duplexes are also showing similar signs of a cooling buyer’s market. But look even closer and you’ll notice that there are small indications of upward pressure from sales of undervalued homes.
Eleven homes sold at asking price or above. These homes range from studio apartment to 3 bedroom duplexes. And all of them selling no later than 14 days after being listed on the market.
We’re intrigued by the turn the market is taking and can’t wait to see where it’s headed next. If you have any thoughts or predictions on the market trends, we’d love to hear them. Leave a comment below or contact us to let us know what you think!