Multiple Offers Surge for Vancouver Condos, Particularly on the East Side
The Vancouver condo market continues it’s upwards surge into parabolic territory. In my Vancouver Condo Report June 2017 I highlighted that new listings fell year over year, and inventory plummeted 20% year over year. This has created a flurry of bidding wars, price discovery has been thrown out the window.
Multiple Offers Increasing
Multiple offers seem to be expected on just about any condo. Sales over asking price have been rising. In June, sales over asking price for Vancouver West condos hit 54%, that’s above last years 49%.
Not included on this chart is the East side of Vancouver, where the madness was even more severe, 143/237 condos sold over asking price, or 60%.
Sales to Actives Ratio Still Increasing
The sales to actives ratio hit a whopping 82% in June which is indicative of an insanely hot sellers market.
Days on Market Still at Record Low
Naturally, days on market has remained low, currently sitting at 8 days. The standard procedure of listing it and giving it one week exposure before multiple offers is very prevalent. Buyers are being forced to speed up much of their due diligence and come in subject free in many cases.