There are more buyers than sellers in the market and this forces up prices. Property values also increaseslowly at the start of the boom, and gather impressive speed as this stage progresses. The boom phase nears completion when prices reach their maximum.
During a boom, the public is very positive about buying property. Booms are characterized by a high volume of sales and quick-selling properties. As properties are snapped up soon after they go onto the market, the boom phase sets the stage for relatively fewer listings.