Although these market statistics are about last month, this information can give you some insight into overall market health. Listing inventory, days on market, absorption rates and percentage of sale price to list price, etc., can help you predict future trends. Ask me how!
HOME SUPPLY TIGHTENS AMID COVID-19
VANCOUVER, B.C. – May 4, 2020
As we make our way through this global pandemic life will begin to return to normal, a new normal mind you, but life always returns and will move forward. So if you are thinking of selling or buying, whether that is next mornth or next year, we should talk. Call me 604-657-1480 and let's make a plan. Meanwhile you can see the full stats report below and let me know if any questions. Stay healthy, be safe!
The MLS® HPI is a more stable price indicator than average prices, because it tracks changes of "middle-of-the-range" or "typical" homes and excludes the extreme high-end and low-end properties.Typical homes are defined by the various quantitative property attributes. These features together become the "benchmark" house, townhouse or apartment in a given area. A benchmark property is designed to represent a typical residential property in a particular MLS® HPI housing market, such as Richmond or North Vancouver. The breakdown of each month’s real estate sales in a given area are estimates of current prices paid for bedrooms, bathrooms, fireplaces, etc. Prices for these qualitative and quantitative features are then applied to the typical house model and an index price is estimated for that month. This type of pricing model involves estimating the price of a property’s features rather than the property itself.
Note: The MLS® HPI offers only a benchmark in which to track price trends and consumers should be careful not to misinterpret index figures as actual prices. Benchmark properties are considered average properties in a given community and do not reflect any one particular property.