Stephen Grant, FRI, CRES, RI (BC)
The continued interest rate increases are getting attention of many buyers. But higher end home buyers still seem unaffected as they are paying cash, or mostly cash, as many are coming to the Island after selling expensive homes in other large City markets to take advantage of the affordable prices Vancouver Island has to offer.
The low inventory and good number of buyers continue to create multiple offers in certain lower price ranges. Sellers of homes in the busiest ranges are holding offers for 2-4 days after listing a home on MLS to try to increase the selling interest and increase the potential sale price by pressuring motivated buyers.
Typically the markets cool down with the temperature of fall and winter and this season appears to be on track as sales activity is slowing somewhat, as are the number of new listings. This is a concern to the buyers still without a home at this point in the year.
Here’s a quick recap of the incredible market:
- The average sale price of a single family home has hit a NEWall timehigh of $385,489
- The average sale price of a patio home reached $338,368
- The average price of a townhome is up to $192,170
- The average price of an apartment condo reached $205,681
- The average price of a vacant serviced lot has reached $148,292 but inventory is at anall timelow which may hurt new home supply in the coming year
(Based on MLS statistics provided by The Vancouver Island Real Estate Board to August 30, 2017)
Get prepared for a more challenging fall/winter season, and a quick call to our experienced team will make the process more streamlined and smooth. So call for your buying or selling consultation today, because tomorrow (in this market) may be too late!
Stephen Grant, along with (son) Devyn Grant are both licensed Realtors, along with unlicensed team members (wife) Diana Grant, Maureen Russell and Shannon Block they make up the Grant Marketing Group at Royal LePage Advance Realty. Call or text Stephen at 250.287.1287 or Devyn at 250.203.7688 or visit www.GrantMarketingGroup.ca for more information.