The Inside Scoop....

The inventory of homes for sales in the West Side of Vancouver is currently down by 18% since October 31st.  The number of detached homes for sale is down by 22% and condo/townhomes are down by 15%.  A reduction in inventory means less choice for buyers, and possibly more stable prices if the trend continues.

Sales are still on a flat line, with 53 Westside properties reported sold this week.  New listings have declined to 73, and price changes are at 58.  The overall housing inventory on the Westside is still on the decline, down a total of 15% since October 31st.  The amount of detached homes for sale is down 20%, and attached (condos and townhomes) is down by 13%.  In spite of economic conditions, it is interesting to note that so far this month, 26 detached homes have sold, as compared to only ... Full Article...

The total number of MLS® listings in the Westside is down by 14% since October 31st.  Detached listings are down by 17% and attached (condos and townhouses) listings are down by 11% since October 31st.  Both the Bank Prime Rate and Mortgage Interest Rates are also down in the past week.  Sales activity is very steady, and prices are near end-of-2006 levels.  These are all the right ingredients for buyers.  This is an absolutely "ripe" time to buy.  Our phones are ringing just a bit more, and gi ... Full Article...

Once again, activity has been relatively stable, with 50 sales reported, 96 new listings and 113 price changes.  The largest decline in inventory is in detached homes, which is down 16% since October 31st.  I sense that we may see a bit more buying activity once we get past the holiday season.  In spite of a very soft market, I very nearly got into a bidding war the other day, on a property that had been substantially reduced in price, and suddenly looked really appealing to more than one buyer ... Full Article...

As of this afternoon, the total listing inventory in the Westside of Vancouver is down 12% since October 31st.  I am sensing a change in the market on a visceral level.  After 16 years in the business, sometimes your gut knows better than analytical statistics.  It is interesting to see what is being reported as sold this week, compared with previous weeks, where we were seeing a majority of sales only in the very bottom end of the market (under $300,000).  This week, we are really starting to ... Full Article...

One of the factors that drove the residential market to an almost screeching halt was the onslaught of new listings to the market earlier this year.  Today, the total inventory of residential properties is 3,534, down 10% from October 31st (only 5 weeks ago).  Since that date, available detached homes are down by 13%, and attached are down by 8%.  Over the past 7 weeks, we have seen an average of 45 sales per week.  This week, 62 sales were reported.  Given that we are in the first week of a hi ... Full Article...

As of this morning, we have seen a 5% drop in the total number of active listings on the market in the Westside from November 30th figures.  This translates to a 6% decline in Detached homes, and a 4% decline in condos and townhomes for sale.  It remains to be seen whether these properties will come back to the market before year end.  Historically, many homeowners prefer to not have their homes listed during the busy holiday season, particularly if they have been on the market for a while.  I ... Full Article...