Market update April 30, 2014

Inventory vs sales and price2

A frenzied market continues…

  • 33% of sales were for list price or higher.
  • The only occurrence which has prevented all-out insanity is the fact that new listings are increasing slightly. In the price range below $500,000 homes are selling faster than they’re being listed.  The absorption rate for homes priced between 0 – 500,000 is .8, so that means there is a 24-day supply of listings. In December there was a 36-day supply.
  • 66% of the homes listed last month are already sold.

Suggestion for buyers…

If you’re a buyer, and can wait a few months, there’s bound to be more inventory come July and chances are good that prices will moderate accordingly.

Suggestion for sellers…

There’s never been a better time to get top dollar and a quick sale.

Send me an email if you’d like an evaluation or have any questions bobtruman@shaw.ca

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