A balanced market takes pressure off buyers
Compared to the market frenzy of 2021 the current market may look disappointing to anyone who is thinking of selling. However, the numbers show that the market is returning to a balance that can be an advantage for both buyers and motivated sellers.
Vancouver West Side House
| April | May | |
| Inventory | 658 | 708 |
| Sales | 92 | 83 |
| Sale price | $3,759,000 | $3,600,000 |
| Price per Sq.Ft | $1,330 | $1,195 |
| Days on market | 9 | 12 |
Vancouver West Side Condo/Townhome
| April | May | |
| Inventory | 680 | 744 |
| Sales | 265 | 264 |
| Sale price | $985,000 | $958,400 |
| Price per Sq.Ft | $1,107 | $1,079 |
| Days on market | 9 | 9 |
Vancouver East Side House
| April | May | |
| Inventory | 461 | 516 |
| Sales | 108 | 94 |
| Sale price | $2,065,000 | $1,940,000 |
| Price per Sq.Ft | $911 | $806 |
| Days on market | 8 | 9 |
Vancouver East Side Condo/Townhome
| April | May | |
| Inventory | 416 | 478 |
| Sales | 221 | 203 |
| Sale price | $765,000 | $726,500 |
| Price per Sq.Ft | $907 | $907 |
| Days on market | 8 | 8 |
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Rising inventory gives buyers more choice
Vancouver continues to see rising inventory and a slight increase in days on market. As well, overall price per square foot has fallen along with average sales price.
These trends combine to take pressure off the home selling experience and give buyer and sellers more time to negotiate a far price and conditions. This benefits buyers because they are not compelled to jump at the first available property. It also is beneficial to sellers who are worried about thier ability to repurchase after the sale of their home.
As the inventory rises I expect to see competition for the most desireable homes remain strong while other properties stay on the market longer. This will press realtors and sellers to list at a price that is realistic. I hope to see an end to the strategy of listing below market value in order to create a bidding war.
Buyers can take the time to exercise due diligence
I expect to see buyers taking more time to assess a potential purchase. Home inspections will increase and subject-free offers will decrease. Buyers will gravitate to the properties that are well maintained and truly move-in ready. This can be a good thing for sellers who know the condition, amenities and value of thier home. They can be confident of their price and wait for the right buyer.
A balanced market for sellers and buyers
- Sellers are not feeling the pressure when repurchasing
- Buyers aren’t compromising by skipping inspections
- Buyers and sellers have time to agree on reasonable subjects in the contract
- Desireable properties are still selling
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