A seller’s market is typically characterized by low interest rates, many qualified buyers and fewer homes for sale.
Conversely a buyer’s market is simply when there are many more homes for sale than there are buyers.
To measure market activity, the Real Estate Board of Greater Vancouver has a unique tool – a sales-to-listings ratio which measures the balance between demand and supply:
- a ratio of three sales for five listings means we are in a seller’s market (also known as a ratio of 55 – 60%)
- a ratio of less than seven sales for every 20 listings means we are in a buyer’s market (also known as a ratio of less than 35%).
Vancouver is incredibly still a buyers market with home price appreciation, bidding wars and don’t think about putting any conditions on your offer, or it just won’t be considered.
Thankfully things in the Okanagan are a little calmer. According to the Okanagan Mainline Real Estate’s October statistics “overall sales of all property types in the Central Zone were up 9.7% over the same month last year. Year-to-date sales activity improved by 6.7% compared to the same period last year (January through October) to 5,060 units from 4,730 in 2014.”
Basically the month of October was strong,“The inventory of homes for sale was down 8.6% in October compared to the same month last year. The combination of rising demand and fewer homes for sale has created sellers’ market conditions in some communities and product types,” said Miller, OMREB President. However overall the market is in good balance with strong activity, yet without the craziness of the Vancouver market.
Please contact me for more specific professional advice …
Sally Hollingsworth is a REALTOR® with Coldewll Banker Horizon Realty in Kelowna, BC. For more information visit her website at www.SallySellsKelownaHomes.ca or call her at 250 864 7548.