A Message from your Real Estate Professional:
The real estate market has corrected back to the pace and possibilities of a market far more realistic than what we experienced over the past few years. Trends, however, continue to ebb and flow as always.
Not surprisingly, sales in February greatly increased over the previous few months. Listings, however, failed to keep pace in most Canadian markets. This indicator bears watching as speculators withdraw from the market, leaving serious buyers and sellers expressing true intention through negotiations and decisions.
Stats portraying national trends need to be thoughtfully considered. So-called national housing indexes such as the National Bank/Teranet House Price Index, include figures from only 6 Canadian cities. The real estate industry is local and Canadians are not a frivolous people.
If you or someone you know is contemplating buying or selling, contact me today. Together we’ll execute a successful strategy in an intelligent market.
Warm regards,
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PS – Feel free to forward this email to anyone you know who might be investigating the market. I’ll be happy to provide detailed information catered to specific needs or questions.
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Data reported by Greater Vancouver Real Estate Board. If you want to sell your home, be sure to get professional advice in determining a pricing strategy that matches your time-frame expectations.
February Market in Greater Vancouver
Residential housing sales in Greater Vancouver rose 94% in February compared to the month before, with 1480 sales registered in February compared to 762 sales in January.
Over the past 10 years, February sales have typically surpassed January by an average increase of 53%.
At the same time, new listings for residential properties continued to decrease for the fourth month in a row. New listings decreased 25.6% in February compared to the previous year and were 20% lower than January new listings.
“There are terrific opportunities out there right now, but with property listings continuing to decrease, those opportunities may be available only for a brief window of time,” said the president of the Real Estate Board of Greater Vancouver.
It took, on average, 67 days to sell a home in Greater Vancouver in February, 7 days fewer than the month before.
The benchmark price for detached properties declined 14.2% from February 2008 to $653,452. The benchmark price of an apartment property declined 13.9% from February 2008 to $333,143 while for attached properties, the benchmark price was 9.7% lower than one year ago and recorded at $426,268. VA-04/09
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King Edward Village (19)
