Friday Facts Vancouver West Side

Vancouver West Market Changing

The month of April/08 has recorded continued growth in number of West Side Division listings totalling 372 this year compared to 307 last year – an increase of 21%. Notably, the growing number of listings has not abated since the beginning of 2008. You might think this the last gasp of trying to catch the best price? But that’s being negative. Currently the total of all areas sits at 14,263 residential listings. This is comprised of Detached, Attached and Apartments system wide and compares to 11,347 last year.

Sales Down

Within the West side division sales are down 25% from 162 to 121. Total active listings are at 690 compared to 469 last year, an increase of 47%.

Mandates End

I expect that during the month of May and June a number of these listing mandates will end. This may buffer the market landing it at a more reasonable level. Should this not occur, I anticipate that price reductions will escalate as the competition to sell will motivate sellers to bring prices to competitive levels. There is some evidence of reductions beginning to taking place.

Competition

More and more sellers are recognizing that in order for their homes to sell it must amongst other things, be priced very competitively.

Buyers Picky

Open houses are also an indicator of market change. While traffic at opens is good, an indication of buyer interest, the greater selection of available homes has led to buyers now being more selective in their home buying decision. If you have your home for sale, it would be wise for your Realtor® to update the evaluation. You may end up getting a higher price now by lowering your price to a more competitive asking price.

Got a Vancouver Real Estate question? I’ll do my best to answer it. Call or send me an email. Larry

About Larry Yatkowsky

Larry is a recognized real estate expert. A veteran professional, his experienced counsel leads Vancouverites in his west side community to place their trust in a man passionate about his work. Uncompromising ethics bring a balanced approach to realizing your real estate dreams.

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*Disclaimer: Statistics Courtesy REBGV. While believed to be accurate they are not guaranteed.
**Numbers provided may vary as they are dynamically posted by the REBGV.

Reader Comments:

Ines Says:
May 5th, 2008 at 7:33 pm

I am SO digging your graphs! NICE!

May 5th, 2008 at 11:10 pm

hey Ines
thanks.

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