Vancouver Real Estate - SFH West Side Week in Review
Posted August 16th, 2008 in Real Estate, Statistics
Active Listings
975 - Average Price, $2,079,009
Expired
11 - Average Price, $2,844,909
Sold
1 - Average Price, $1,390,000
Price Reduction
323 Sellers reduced their price.
Some Thoughts
Market reductions are in full force where approximately 1/3 of the Active listings on the West Side of Vancouver are actively reducing prices. BCREA’s announced that provincially we have 63% more listings than last year. The price reduction reaction seems inevitable. With so much competition to sell your home one of the most powerful actions that will draw a buyer is a very competitive price. There is still a lot of inventory to sell and it’s unrealistic to assume we will arrive at Oz for some time.
Continued price reductions and slow sales will prevail for a number of months. Wolfe and Kwan from Merril Lynch(1) may well be right in their latest report that we are over valued by 35%. Anything is possible but the numbers for now, appear to be heading that way.
Got a Vancouver Real Estate question? Always happy to answer it. Call or send me an email or twitter me @yattermatters.
Larry
