Stephen Grant, FRI, CRES, RI (BC)
The recent interest rate increase and announcements of improving markets, combined with low inventory and buyers leaving the larger cities (much higher priced) and continuing to force buyers in droves onto Vancouver Island. Sellers continue to enjoy the favoured market, but the buyers are stressed and anxious, as pressure to act quickly, bid high (often over asking), due to multiple offers. Many buyers searching MLS soon find that 60-80% of the active properties already have an offer in place or are sold and new listings are receiving offers within days of listing by the quickest buyers.
Here’s a quick recap of the incredible market:
(Based on MLS statistics provided by The Vancouver Island Real Estate Board to June 30, 2017)
The average sale price of a single family home has hit a NEW all time high of $370,916
The average sale price of a patio home reached $321K
The average price of a townhome is up to $188K
The average price of an apartment condo reached $195K
The average price of a vacant serviced lot has reached $148K but inventory is an all time low!
Get prepared for an exciting but challenging procedure buying this summer, 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.