The Inside Scoop....

Once again, we see the magic number of 44 reported sales for the week.  New listings are down to 131, and most of those properties are newly constructed condos in the Downtown core.  There were 169 price adjustments, and the active listing count is 3,808, relatively unchanged for many weeks. 

November is traditionally a slower market period, but nonetheless, people still buy homes in Nomvember and December.  Sellers who have had their home on the market a while, might be wondering what the heck is going on.  (Maybe it’s the agent’s fault).  But here are some important numbers.  From 2000 to 2007, the number of sales for Detached homes in the month of November averages 117.  In November, 2008, only 13 Detached homes have sold.  If we look at the condo market, the average ... Full Article...

This morning, I attended the Annual Meeting with members of the Westside Division, and the Board of Directors of the Real Estate Board of Greater Vancouver.  The meeting was well attended by perhaps 200 or so Realtors®.  Events like this are a good chance for us to network and share our opinions on the market.  Have you ever wondered what it would be like to be a fly on the wall in a room full of Realtors®?  The comments echoed go something like this:  "The people who are buying right now are g ... Full Article...

Sales remain static at 44 this week.  New listings have dropped to 151.  The active listing count is up ever so slightly at 3844, which is attributed mostly to (Downtown) post-construction re-sale units coming to the market.  The inventory of detached homes is down slightly.  New inventory of condos in the desirable neighborhoods of Kitsilano and Fairview has been pulling back over the past several weeks.  We should see prices start to stablize in these neighborhoods.

In the past 30 days, the median price of a Detached house on the Westside was $1,220,000.  Median days on the market was 27, with a 91% sell to list price ratio.  The highest sale was $3.55 mil, and the lowest was $751,000. In the past 30 days, the median price of an Attached (condo or townhouse) home on the Westside was $408,000.  Median days on the market was 41, with a 94% sell to list price ratio.  The high price was $2.2 mil, and the lowest was $215,000.  Clearly, quality properties, pric ... Full Article...

In spite of "the sky is falling" headlines that one can't escape from, there has been relative stability in the market over the past 5 weeks.  Doom and gloom media figures are comparing market statistics of last year's stellar numbers, with statistics from a correcting market, and global economic instability.  It is fair to say, however, that homes are still selling, and life goes on.  Last week, in spite of 2 massive downtown projects being completed, and several units in those projects coming ... Full Article...

An update from my last report on West Side listings counts: From September 1, 2008 to date, the number of listings withdrawn from the market is now 1,953.  In spite of new listings constantly being added to the market, this number is keeping the listing supply hovering around the 3,800 mark.

Buyers ask me this question often.  The answer is simple - "when no one else is".  Right now, while everyone is sitting on the fence wondering where the bottom is, shrewd investors are out there, making offers, some unsuccessful, but some are picking up good properties at 2006 prices!  Consider that right now is the time where conditions are perfect for buyers: 1.  We have seen a signifcant price correction in the market. 2.  Your choice of homes could never be better.  Right now, we have a 28 ... Full Article...

The market, although marketedly different from one year ago, has remained fairly consistent over the past 3 weeks.  We haven't seen any wild swings like the stock market.  The number of new listings to the market is up slightly (243) however, a large number of these are in a newly released conversion project in the West End, so the number of resale listings coming to the market has actually declined.  We saw 254 price changes, and 50 sales.  In the past week, we saw 3 properties sell at $3 mil ... Full Article...