The Inside Scoop....

The total number of active listings is down again this week, presently at 2,484.  Inventory has been dropping steadily since the middle of March, 2009.  There were 251 new listings this week, and 217 sales, so the list to sale ratio remains pretty tight.  Buyers have discovered that they are not so in charge as they were in the months of November, December, January.  There is a lot of speculation that we are experiencing just a blip, and things will cool off in the summer.  Who really knows?  P ... Full Article...

Over the past week, the number of sales has actually out-paced the number of new listings.  There were 200 properties reported sold in the Westside, versus 182 new listings.  The total listing count is down again, to 2,514.  As inventory tightens up, and sales increase, prices are remaining stable.  However, in some categories, buyers are finding it difficult to buy.  Where inventory is very tight, we are seeing bidding wars again, on "gem" properties that are priced at or slightly under market ... Full Article...

In a nutshell, the market continues on a very balanced trend.  We had 247 new listings in the past week, and 217 sales.  The total listing count is down again this week, at 2,582.  I am working with a Relocation client this weekend, and of the properties I selected to show them, about half of them are sold or have accepted offers.  This is in the $500-600,000 price range for a larger 2 bedroom condo.  This segment of the market was virtually dead 5 to 6 months ago, and now things have definitel ... Full Article...

A lot has changed since February/09.  It is amazing to me how many people I've recently met, who perceive that the Westside real estate market is still on a downward trend (a 6 month old perception).  I was involved in a multiple offer situation the other night, with my first time buyer.  We looked at all the comparable sales, and felt the property was very sharply priced.  When we were informed that there would be other offers, we increased the offer price by a respectable amount.  At the end ... Full Article...

Listing inventory has been relatively stable through March and early April, and in the past 4 weeks, we have seen a trend of declining listing counts.  All things considered, we are enjoying an active spring market, with a good balance between new listings and sales: Week Ending 5/8/09 5/1/09 4/24/09 New Listings 223 253 222 Sold Listings 197 179 196 Total Inventory 2628 2652 2783 Year to date, 101 properties over $2 mil have been sold, with 22 of those over $3 mil.  The highest price o ... Full Article...

The Real Estate Board of Greater Vancouver has just released the Housing Price Index for April, 2009:     April, 2009 1 Yr Change 3 Yr Change 5 Yr Change Detached $ 1,237,674 - 14.4% 11.0% 58.6% Attached $   641,206 - 12.2% 18.9% 52.7% Apartment $   430,318 - 12.9% 8.6% 40.5% Comparing March to April, 2009, the number of new Detached listings are up by 29.8%, Attached are down by 7.6% and Condos are down by 6%.  Sales are up compared with last month.  The number of Detached homes sold is  ... Full Article...

Even though the new listings in the Westside are up from last week, 253, vs. 222, and the sales are slightly off (179 this week vs 196 last week), the overall inventory of homes for sale is at the lowest point since January 2, 2009 (at 2,652).  There is a good demand for condominiums under $325,000 as first time buyers and investors are back in the market, and the good listings are selling quickly.  The same is true of houses under $1 mil. 

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