Is the Vancouver market active or slow?
"Housing Sales Slow to 2001 levels in Greater" was the headline in the Vancouver Sun business session on April 3rd. However, if you read the content details, the whole story doesn't have any figures to support the headline. It only said sales between Jan & Mar., 2008 was the slowest first quarter for sales since 2001. This is how the media likes to use headline like this to draw viewer's attention.
Robyn Adamache, CMHC's analyst said there are couple reasons for the slow down market:
1) Housing prices affordability
2) US financial uncertainty crisis might play a role in the market psychology.
Buyer might shift from "unmitigated optimism" to "Caution" given what has happened in the US. Greater Vancouver Multiple listings in March were up 4% compared to March 2007 with benchmark price still 12% up from last year. Fraser Valley listing inventories hit a 10 years high in March 2008, 27% above March 2007 & the sales is 25% decline from the same month a year ago. However, benchmark price is still 8% above last year. The real estate board statistic show homes are selling for 98% of the list price, which is also consistent with a seller's market. Robyn still forcast single digits appreciation There is no sign of correction this year or next year. The reason for that is low interest rates, continuous job and population growth. All my recent sales demonstrate the same analysis. 2 of my listings, one sold $172k over asking at 2.01m with 4 offers and another one sold $39k over asking @ 808k with 7 offers. Others sold range from 1% - 2% less than asking price. Having said that, there are pockets of the Lower Mainland have soft spot where buyer can purchase with a more reasonable price without competition.
We are definitely in a balance market so it's good for home owner who would like to do upgrading or first time buyer who can purchase without pressure.
To find out how to sell your property over asking price or how to purchase a property without worrying paying too much, contact Tina Mak @ 604-412-5860 or visit www.TinaMak.com today to make an appointment for Free residential real estate consultation. Tina's 16 years of professional knowlege can assist you in any market condition with the right strategy.
