Vancouver Real Estate - West Side Market Update
Posted August 6th, 2008 in Real Estate, Statistics
Nasty
Vancouver’s West Side real estate market is continuing it’s nasty adjustment. According to the REBGV Total Listings available are still high at 992. Think of last year at this time when there were only 466 units available.
Inventory
July’s listing inventory continued its climb topping at 289 up from 214 last year for a 35% increase in product available.
Sales to Listings
The percent of Sales to Listings sits at 30% down from the 79% experienced last year at this time.
What’s Sold
Total units Sold in July were 88 down from 170 in July 07.
Vancouver West Side Average Price
July’s average price has dropped from $1,713,761 to $1,569,417
What To Do
Eisenhower noted that neither a wise nor a brave man lies down on the tracks of history to wait for the train of the future to run over him. If you look at these numbers and think the train of continued price reductions and remarkable drop in sales is coming down the track then it’s time to sharpen your pencil and get your pricing strategy in order. There is no magic in real estate. Your home MUST be better than the other 991 and it MUST be priced lower. Put yourself in the Buyer’s shoes. Which home would YOU buy?
Got a Vancouver Real Estate question? Always happy to answer it. Call or send me an email or twitter me @yattermatters. Larry
