What's up with the Market?

July Market Stats

Posted August 24, 2008

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 another 5%? Is it a good time to sell now? 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 condos/loft properties declined 42.3 per cent last month to 966, compared to 1,674 sales in July 2007. The benchmark price of an apartment property increased 4.7 per cent from July 2007 to $381,687. There has also been a 24% increase in the number of new listings to hit the market in July 08 compared to July 07.

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!