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What is a Seller's Market?
A Seller's Market is what happens when there is a slump in available properties. We define this as having less than 4 months 'supply' of properties for sale on the market. This is what is currently happening in Vancouver - in some submarkets, the supply is as low as 3 or 2 months.
For example, last week we listed a 1950s Dutch Colonial home. Within 5 days, the property received 19 bids, which drove the price up to 2.5M - more than $500,000 over the asking price. This is definitely a sign of a seller's market - you've got all these buyers chasing a property because there's very few available. We're seeing many bids on well-priced properties, driving prices higher. In the last 12 months, we've seen many properties sell for 10-15% above their asking price.
So that's what a sellers' market is. If you have any questions, reach out to us at any time. Please subscribe, we'd love to have you aboard. Stay tuned for our next video, where we'll discuss what a buyers' market is.