Hello. Well we are mid way through the month of May and here is a look at the numbers. Traditionally we would consider this month to be well into the spring market - based on historic activity levels. But as we know - the real estate atmosphere has adjusted and changed over the last two years. Yes - the economic issues of the world have filtered down to our level. No one truly believed that we would be exempt from the ravages of the USA and European Union's plight.
As of the 18th of the month - there were 1085 active listings in the downtown areas. The downtown leads the way with 392 listings - 14 sales for the month so far. Our most unique area - the West End - has 226 active listings with 20 sales so far. Yaletown shows 273 listings and 16 sales while Coal Harbour has 194 active properties with just 5 sales. This of course has a larger concentration of luxury homes.
The total numbers now have us at 19 months of inventory. This is of course a very basic average. Sales are steady but the most signifigant differance is no one - sellers or buyers on average - are in a hurry and there is no need to be. Days past saw hot properties having multiple offers in very short order. It is still happening but to a select few offerings. The most active price range is under $500,000 - and for good reason.
Record low interest rates are matching and beating local rental and lease rates. Banks - even with new lending rules - are hungry. Their return is less on these record low rates so the next thing to do is pump up the volume of clients. An absolutely perfect time to be searching for a new "first" home. I just assisted a friend with a sale this month. His rental payment was $1600 a month. His mortage for the same size suite is $1280. Add some tax and monthly condo fees, he is still under his previous rental rate. Most are asking the same thing - why not buy.
There is some good product on the market. And more to come. Just take a bike ride down Drake Street and around the Main Street and False Creek areas near Telus Science World. Cranes back on the skyline and yes - the trend is to park or do away with the car and benefit from public transit. By the way most drive in the city - I can understand it completely.
Key to real estate today - right now - is TIMING. What works for you - the reason to purchase - the area - what is in store for the location 5 or 10 years down the road - who are the neighbours - where is the market going - it goes on and on. Hence the reason to get sound strong and REAL advice from someone in the business. Ensure you contact someone who knows your area of interest - who can do more than just quote monthly statistics and be sure to check their track record.
Contact me anytime for a chat - no games here - selling or buying a home is NOT a game. It's big money and a big decision.