The market keeps moving along albeit at a slightly slower pace than those experienced earlier this year. There are still a good number of buyers from outside the Vancouver Island area that watch the market from a distance via websites and PCS (a customized personal search webpage) and the highly motivated ones are still getting here quickly as the Hot New Listings still selling quickly.
Now is still a good time to sell so don’t wait as you can cash in on the low inventory (but it is growing), which is typical this time of year as sales and prices ease after the hot summer markets. And if you are a concerned buyer still searching for that home then don’t relax too much and make sure that when a new listing comes on the market you call to view it ASAP or you could miss out. Expected mortgage rate increases will negatively affect the future sales numbers as the buying power of buyers shrinks with each rate increase., so keep your eyes on the home ownership prize!
Here’s a quick recap of the market until the end of August:
- The average sale price of a single family home has hit a NEW all time high of $444,338 (up 15% over the past 12 mths)
- The average sale price of a patio home reached $358,207 (up 6% over the past 12 mths)
- The average sale price of a townhome is up to $214,684 (up 12% over the past 12 mths)
- The average sale price of an apartment condo slid slightly to $245,321 (up 19% over the past 12 mths)
- The average sale price of a vacant lot is $208,153 (up an amazing 40% over the past 12 mths) and inventory remains at an all time low and the new listings expected to hit the market at higher prices due to the shortage
(Based on MLS statistics provided by The Vancouver Island Real Estate Board to August 31, 2018)
The way to buy or sell properties since June 15, 2018 has changed dramatically due to Government changes imposed by the Superintendent of Real Estate and you could be stripped of your choice of Realtor representative depending on who you and the other party have selected as their Real Estate Agent.
For more information on how this could impact you, call me today.
A quick call to our experienced team will make the buying and selling process more streamlined and smooth, call us to set your consultation today!
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.