Things Ain’t What They Used to Be

Places Everyone – the Concert is About to Begin

The show has been delayed before. I don’t know for certain but, the stage door has been closed suggesting the Fat Lady Concert may start in earnest. If I were a betting man I would be holding on to my suspenders. The June stats for Vancouver Real Estate are out and it’s not pretty.

Relief for Some – Pain for Others

This months stats may be a relief for those Buyers waiting in the wings but it is not going to make a lot of Sellers happy.

Dare I Say

I’m calling it a Buyers market. With 18,534 residential listings available, it’s like shooting fish in a barrel. The Buyers are picky, they know what they want and they know what they will pay. To Sellers out there, if you are sincere about selling your home don’t delay in sharpening your pencil in a big way.

Just Look at these numbers.

New Listings

June 07 – 5533 June 08 – 6546 Detached, Attached and Apartment have increased by 18.3%

Sold Detached:

June 07 – 1623 June 08 – 918 Down by 43.4%

Sold Apartments:

June 07 – 1846 June 08 – 1057 Down by 42.7%

Sold Attached:

June 07 – 775 June 08 – 450 Down by 41.9%

Soon to Disappear

The irony in all of this is that single digit price increases are continuing. This too will soon change. I say the price increase will disappear by September

Liposuction

Right now more and more price reductions are occurring. Sellers who are realistic and are prepared to shed a few dollars, stand a better chance of selling their homes now. Ultra sharp pricing that is leaner and meaner than your neighbors is resulting in faster and more profitable sales.

Chicken Little – Maybe!

These results are not the end of the world but they deserve a “Holy Cow”, which loosely translates to OMG for GenY types!

Got a Vancouver Real Estate question? Always happy to 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.

When Life Moves You - contact Larry:

*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:

RD Says:
July 5th, 2008 at 1:51 pm

So how bad is this going to be IYHO? I believe the market will drop substanially but mitigated by inflation and construction costs.

I bought a condo last year which has “gone up” since then.

I’m long term ie. way past the Olympics for sure but it will be a stomach churner.

It will be interesting to see if what is starting to happen in Vancouver will make LV, Miami or PHO look shallow in comparison.

Or is YVR the exception to the rule of gravity.

On verra!

July 5th, 2008 at 2:03 pm

@ RD

c’est à voir!

July 5th, 2008 at 5:48 pm

Well, we’ve seen this coming for a while. And now the most popular question will be when the good times are going to come back.

I’ve just seen a big price reduction already in a condo we were looking at. It’s already starting. Have a read at Vancouver a Buyer’s Market

July 6th, 2008 at 6:59 am

Just because house prices don’t rise every day of our lives doesn’t mean the world is coming to an end. I challenge anyone to find a better place on this planet to own a piece of real estate.
A little leveling off will bring some normalcy to the market place and surely that’s a good thing.

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