An increase in the number of buyers and a decrease in the number of homes on the market has brought a greater stability to the housing market in Greater Vancouver. “For the sixth consecutive month, new listings for detached, attached and apartment properties declined in Greater Vancouver” reports the Real Estate Board of Greater Vancouver.
Although we are still falling short from this time last year, April has seen an increase in sales of 31% over March 2009. “We’re seeing greater balance in the housing market, as evidenced by strong sales to active listings ratio of over 19%” says REBGV President Scott Russell The trend in the market is now more realistically priced homes that are on the market with the intention to sell, not fish for an overpriced sale.
Coming off an all-time high in real estate prices, too high in fact to sustain, the current conditions are seeing conditions in the market normalize.
The greater number of buyers together with less housing is creating a better balance between supply and demand which typically brings with it stability in pricing. Overall buyers and sellers should both be optimistic in light of this stabilizing trend: for buyers prices are normalizing, and for sellers, their properties are now starting to move after a tough fall, winter, and spring!
Below are the bright spots in Greater Vancouver, where sales are up compared to April of 2008:
Detached:
Vancouver West up 59.5 per cent (193 units sold from 121)
Attached:
Port Coquitlam up 69.6 per cent (39 units sold from 23)
Richmond up 17.9 per cent (132 units sold from 112)
Vancouver West up 46.3 per cent (98 units sold from 67)
Apartments:
North Vancouver up 29.2 per cent (84 units sold from 65)
0 Responses
Stay in touch with the conversation, subscribe to the RSS feed for comments on this post.