The sale/listing ratio is 41.4%. When this number is at 50%, it means we are in a balanced market. A balanced market is when the supply of homes equals the demand for home. The above stats show we are leaning slightly towards a buyer’s market, where there are more listings than sales and therefore a greater supply. Overall this would have a slight downward pressure on prices.
So why is it that some homes sell quickly and for above asking price? Every area in Victoria and the Capital Region is different. For example, there are some places where the supply of homes is very low and there is a pent up demand of buyers waiting for listings to come up in that area. As soon as a listing hits the market (and is priced reasonably), people jump at the opportunity to own the home.
If you are interested in moving to a certain area of town and are worried you will miss an opportunity, please fill out my buyer request form here and I can set up an automated search that will send you notification when a new property hits the market that matches your criteria.
