Wow, how times of changed. During the last six months we have seen an incredible turnaround in the Metro Vancouver market. The real momentum is in the entry level market. When I say that, I mean that entry level into each type of home. Consumers are using this time to upgrade, either moving from a 1 bedroom to a 2 bedroom, or a condo to a townhome etc.
So, because of that, we are seeing the entry level of products not lasting long and going into competing offer situations. My last three listings of $408K, $589K, and $1.8M, all have received 98% - 104% of asking.
Now, I don't want to sound like a realtor that is always touting the positive, this could all end as fast as it started, however I really don't see that end in sight. When you hold a two day open houses and get 100 groups through, there is demand in the market place. Say 50 groups are just browsing and one group buys the place, that leaves 49 more groups out there looking.
What has happened, is the group of buyers that held out in the Fall and Winter markets, are now eager to pull the trigger on a purchase. Low interest rates have also really, really helped affordability, but those rates have now edged up in the last week. They are still very low, but it's higher than what we have seen in the last 6 months.