Mid-Summer Buyers Market

The REBGV monthly stats for the month of July are out and they are not shocking in any way shape or form. We are in a buyers market and the numbers below reflect that. What does this mean? Its a great time to be buying a home. Lots of Sellers are not seeing an offer. Why? They are priced too high.
This sometimes makes Buyers fee they should just keep waiting and waiting. The prices aren't crashing they are just pulling back. If you see the house you like, don't be affraid to make a fair offer. But putting an offer of $500,000 on a $600,000 house isn't going to do the trick - that's just wasting everyone's time. The offer will be sent back with a big line crossed through it!  Your Realtor (ahem) will know the market and the price range it will likely sell.
 
The best homes are still going to receive the most attention. On the selling side, how are you going to make your home stand out? Is it priced sharp? Does it have features competing homes don't have? What is your Realtor doing to market your home?
 
If you or someone you care about is thinking about selling their house or buying a new home, give me a call, 604-New-Home (639-4663). We can discuss your reale state goals and how best to acheive them!
 
Skim through the stats below and let me know if you have any questions.
 
Allan
 
 

August 4, 2010

REBGV Stats

Homebuyers and sellers less active in July

Home sales activity in Greater Vancouver was quieter last month than
most Julys over the past decade, with residential sales, prices, and
the number of homes listed for sale trending downward in recent
months.
 
The Real Estate Board of Greater Vancouver (REBGV) reports that the
number of residential property sales in Greater Vancouver totalled
2,255 in July 2010. This represents a 45.2 per cent decline from the
4,114 sales in July 2009, the highest selling July ever recorded, and
a 24.1 per cent decline compared to June 2010.
 
Looking back further, last month’s residential sales represent a 3.7
per cent increase over the 2,174 residential sales in July 2008, a
41.8 per cent decline compared to July 2007’s 3,873 sales, and a
17.5 per cent decline compared to July 2006’s 2,732 sales.
 
“With the pace of home sales and listings easing off in our market,
we’ve begun to see a levelling of home prices from the record highs
seen in the spring, creating greater affordability,” Jake Moldowan,
REBGV president said. “Activity in today’s marketplace is clearly
trending in favour of buyers.”
 

The number of properties listed for sale on the market has been
trending downward since spring, with 4,138 new listings in July
compared to April’s peak of 7,648. New listings for detached,
attached and apartment properties in Greater Vancouver on the Multiple
Listing Service® (MLS®) declined 17.9 per cent in July 2010 compared
to July 2009, when 5,041 properties were listed for sale.

At 16,431, the total number of property listings on the MLS® in July
declined 6.5 per cent compared to last month and increased 33 per cent
compared to July 2009.
 
“It’s currently taking home sellers who work with a REALTOR®, on
average, 45 days to sell their property, which is a historically
healthy timeframe for people on both sides of a transaction,”
Moldowan said.
 
Since spring, housing prices have decreased 2.8 per cent compared to
the all-time high reached in April when the residential benchmark
price was $593,419. Over the last 12 months, the MLSLink® Housing
Price Index (HPI) benchmark price for all residential properties in
Greater Vancouver increased 9.1 per cent to $577,074 in July 2010 from
$528,821 in July 2009.
 
Sales of detached properties in July 2010 reached 908, a decrease of
43.7 per cent from the 1,614 detached sales recorded in July 2009 and
a 9.8 per cent increase from the 827 units sold in July 2008. The
benchmark price for detached properties increased 11.5 per cent from
July 2009 to $793,193.
 
Sales of apartment properties reached 979 in July 2010, a decline of
42.7 per cent compared to the 1,708 sales in July 2009 and an increase
of 1.3 per cent compared to the 966 sales in July 2008.The benchmark
price of an apartment property increased 6.2 per cent from July 2009
to $387,879.
 

Attached property sales in July 2010 totalled 368, a decline of 53.5
per cent compared to the 792 sales in July 2009 and a 3.4 per cent
decline from the 381 attached properties sold in July 2008. The
benchmark price of an attached unit increased 8.6 per cent between
July 2009 and 2010 to $490,995.