Arbutus Real Estate Gathering Steam, But Prices Remain Down
To encourage area economic development, RE/MAX New Beginnings offering to list business vacancies to no cost to landlords
Although the sluggishly recovering real estate market is picking up steam, property prices in the Arbutus area remain down, Deborah SeBour of RE/MAX New Beginnings said in an overview of the local market at Thursday's monthly meeting of Arbutus Business and Professional Association.
"Generally, it's a very good spring for realtors," she said. "Things are moving very quickly."
Residential properties are seeing multiple offers, with an average sale price of $170,073 for a single-family home and $133,858 for town homes, SeBour said.
A residential property is on the market for an average of 153 days, she said.
According to SeBour, the market for commercial property continues to decline, both in price and in average days on the market.
To encourage business development in the Arbutus area, SeBour said that RE/MAX New Beginnings will list and market business and residential vacancies at no cost to landlords.
If the realtor's marketing lands a tenant for a property, RE/MAX will receive a one-time commission of half of one month's rent, she said.
"The listing won't cost a landlord anything," SeBour.