The Real Estate Board of Greater Vancouver’s June numbers are in, and it’s still clearly a seller’s market out there. “While we’re starting to see more properties coming onto the market in recent months, the imbalance between supply and demand continues to influence market conditions,” said Dan Morrison, REBGV president.

While the sales-to-active listings ratio was lower last month than it has been since February, overall last month’s residential property sales were 28.1% above the 10-year sales average for June, totalling 4,400. It ranks as the highest selling June on record. “Since March, we’ve seen more homes listed for sale in our market than in any other four-month period this decade,” Morrison concluded.

June 2016 By The Numbers:

New Listings (detached, attached, and apartment): 5,875

1.2% increase from June 2015

6.6% decrease from May 2016

Total Active Listings on MLS®: 7,812

35.9% decline from June 2015

1.1% increase from May 2016

Sales-to-Active-Listings ratio: 56.3%

Benchmark price for all residential properties: $917,800

32.1% increase from June 2015

Benchmark price for a detached property: $1,561,500

38.7% increase from June 2015

Detached property sales: 1,562

18.6% decrease from June 2015

Benchmark price for apartment property: $501,100

25.3% increase from June 2015

Apartment property sales: 2,108

18.8% increase from June 2015

Benchmark price for an attached unit: $656,900

28.1% increase from June 2015

Attached property sales: 730

7.2% increase from June 2015

For a complete comparison, visit rebgv.org. Want to sell, buy, or require a consultation? Contact me today.

*REBGV Editor’s Note: Areas covered by Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, New Westminster, Pitt Meadows, Maple Ridge, and South Delta.

You don't have to search too far to know that Vancouver's housing market is red hot. Home prices continue to edge higher towards record levels. Single family homes are seeing the most appreciation.

With prices moving higher, what's the best strategy when pricing your home?

Our advice: if your home is located in an area of strong demand and low supply, price your home on the low side to create multiple offers.

Buyers will always gravitate towards a property that is priced lower and where there is a frenzy of activity. Human nature tells us that people always want what's in high demand! If there is a frenzy of activity on your home you can bet there are always 1 or 2 buyers who have already been outbid on 1 or 2 other houses in the past. Those buyers tend to be very motivated and more emotional with their decision making process. An emotional buyer will typically pay you more than the buyer who is bidding purely based on numbers. 

Multiple offers also set the seller up for more straight forward offers. The idea in a multiple offer scenario is to bring the seller "subject free" bids with dates and terms to the seller's liking .

Also critical to the process is to not allow offers to be presented until a fixed date –at least 1 week after the home hits the market. Carefully consider a buyer that offers you a price after just 2 days on the market. The seller wants to ensure that before all offers are presented, all qualified buyers would have seen the home. We want to try to attract as many bids as possible.

On Vancouver's West and Eastside we have seen many homes employ this strategy with tremendous success!

If you are contemplating the sale of your home, a well seasoned realtor who works in your neighbourhood will be able to guide you in the right direction. We would be happy to give you an assessment, just give us a call at 604-657-7936.

Happy selling!