Market Showing Signs Of Slowing Down?
BIG UPDATE coming through the April numbers, while April generally has lower listings and sales than March, this April saw a higher drop in sales than in listings. This indicates a slight slowing in this crazy market. Now prices haven’t been negatively effected because demand still has to drop further to match supply, however this shows clear signs that the top of the market may be near. Remember from last month, that we are in our 27th month in this up cycle, with the longest cycle on record being 30 months.
To give you a more specific example: in March a downtown condo could expect 15+ offers with the highest bid having no subjects, in April in some cases 3-5 offers came in and some winning offers actually had subject clauses. That is a very important shift, and could signal the last-best opportunity to sell and realize profit in this up-market.
The Quick Numbers..
A Look at Stats and Market Cycles/Trends
Last month I raised a big warning for buyers: be careful when getting into multiple offer, no subject situations, and consider alternatives where you are not in frenzied competition with other buyers. A great way to bypass these problems is the pre-sale new condo market. In pre-sale the price is the price, there are no multiple offers, and you even get a 7 day period after signing to change your mind, so a bonus subject clause in essence! Not to mention you won’t need an inspection because you are buying a brand new home with full warranty protection.
Our sister-site has you covered for the most exciting new developments in Vancouver and I urge you to register as a VIP or call us so that we can make sure you have early access to these projects. While you can’t get into multiple offers, a lot of buyers are now looking to the pre-sale market so the best homes sell out within days.
For a completely unique investment opportunity, I am selling my purchase in a pre-sale building which is truly one of a kind. The biggest feature here is the 2 kitchen, 2 separate space layout. Essentially one side can be rented out independent of the rest of the condo! That opens up a host of new investment opportunities and options. A photo is linked here, but get in touch with me to find out full details.