A lot of people have realized this can be a great time to buy or sell an apartment or townhouse.
Like the cherry trees, the spring real estate market is blossoming. The number of sales and new listings is rising sharply from the winter doldrums, as happens every year.
However, in spite of the activity, the total number of townhouses and, especially, apartments listed for sale has been trending steadily lower for the past few years while demand remains as strong as ever.
This is having the expected results: the median number of days to sell an apartment was only 8 days in March, and prices have been rising steadily.
- Buyers are getting in the market before it becomes completely unaffordable.
- Sellers are taking advantage of a hot condo market to cash in and buy into detached houses while house prices are still a bit soft.
Trends vary for different sub-areas and price points.
When it’s time to move, call me for current statistics for any local neighbourhood.
Statistics Source: Real Estate Board of Greater Vancouver