What's up with the Market?

 

December Market Stats

 

Posted January 18,2009

 

 

 

 

 

Everyday we’re asked how the markets doing. Should I wait to buy? Are prices coming down? Is it true that I should wait until the spring to buy because I heard prices are coming down? Is it a good time to upgrade?

 

 

Well, we think the best we can do to answer your questions is to show you the current market stats and provide you with a current market evaluation on the property and specific area in which you looking to make a move.

 

 

 

Here is the current market stats provided by the Real Estate Board of Greater Vancouver:

 

 

Sales of apartment/loft properties declined 53.7 per cent last month to 417 compared to 901 sales in December 2007. The benchmark price of an apartment property declined 11.7 per cent from $377,579 in December 2007 to $333,275 in December 2008. Since May 2008, the benchmark price for an apartment property in Greater Vancouver has declined 14.5 per cent.

 

 

“Trends in the latter half of 2008 showed a consistent month-over-month decrease in residential housing prices, adeparture from the rising home prices and record-breaking sales that were experienced in Greater Vancouver for much of this decade,” said REBGV president, Dave Watt.

 

 

“It’s also important to note that our December statistics show a third consecutive month of a decrease in active property listings in Greater Vancouver. That means supply is coming down,” Watt said.

 

 

 “Last month was also the first time in 27 years that Greater Vancouver homes sales for December were higher than November.”

 

 

Residential benchmark prices, as calculated by the MLSLink Housing Price Index®, declined 10.9 per cent between Decembers 2007 and 2008. Since May 2008, the overall residential benchmark price has declined 14.8 per cent in Greater Vancouver to $484,211 from $568,411.

 

 

“For buyers, lower prices haven’t been a concern as much as the perception that prices are falling. It’s difficult to identify the ‘bottom’ of the market. The reality is that people tend to buy when prices are going up, not when they’re going down,” Watt said.

 

 

In December 2008, sales of detached, attached and apartment properties totalled 924, a decrease of 51.3 per cent compared to the 1,897 sales in December 2007.

 

 

How do these stats affect the sale of my loft? If you’re selling your loft you have to make sure that you’re not only the most competitively price and your loft looks the best. You have to make sure you watch your competition for any price reduction and sales. Now if you’re buying a loft you have the luxury of having a little more time and available product to choose from.

 

 

The next step is to contact the Vancitylofts team and have us prepare a current market evaluation for the property you are looking at buying or selling.

 

 

We’ll show you how to we can negotiate the best deal for you based on our evaluation.

 

 

Please call us anytime at 604.765.772 if you have any further questions on the current condition of the real estate market!