We have 36% lower inventory than March 2016 Which continues to Frustrate Buyers and Sellers

The Vancouver Island Real Estate Board (VIREB area reports it has been a sellers’ market for several months now. Although some homeowners continue to be reluctant to put their home on the market fearing they will not find another house to buy.

Properly priced single-family homes between $500,000 and $600,000 rarely last longer than a day or two and generate multiple offers, with many selling above list price.

Real estate is cyclical, and consumers need to take advantage of these market conditions because they won’t last forever. When the market does correct itself – and it always does – it usually happens without warning.

The Vancouver Island Real Estate Board (VIREB) reports that in March 2017,The
inventory of single-family homes declined by 36 per cent from March 2016, with 1,023 active listings available last month compared to 1,598 one year ago. Low inventory continues to frustrate consumers and REALTORS® in the VIREB area. An additional 145 single-family properties came onto the market in March, but the increase was not significant enough to have a noticeable impact on inventory. Sales would no doubt be much higher if there were more properties available.

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