Welcome back. First off, congratulations to the Walenda gent who crossed Niagra Falls last weekend. Funny enough it did remind me a bit of the Vancouver real estate market of the past few months. Everyone on the sidelines - watching, waiting for something dramatic to happen - but still watching, none the less.
The May monthly statistics just produced by the Real Estate Board is in keeping with what we are seeing in the local area - from the street level. They are calling it a balanced market - but no doubt it is favoring buyers at the moment. They are back from sitting on the bus - to driving it - and they know it.
For May 2012 overall sales in the downtown areas of the West End, Coal Harbour, Yaletown and the Downtown - are reflecting lower sales than in May of 2008. Need I remind you of that interesting year. Here is a quick look at recent "May-days". May of 2007 shows 359 sales in our core areas, 2008 was a bit of a plummet at 219 but behold - when living in one of the best cities in the world and investors finally seeing the light [buying concrete and dirt] 2009 shot back up to 368 sales for the month of May. 2010 and 2011 "relaxed" - coming in at 267 and 265 respectively. Intersting to note (refer to 2008) this year the month of May is now showing 200 sales. And this year is the lowest average sales posted in May, since 2001. Point here is number of sales - not price.
We seem to be in the middle of the second and third periods. The winner of course will be the side who has the most energy left in the tank - for the third frame. Buyers are cautious but enjoying the game of low interest rates, plenty of inventory and at times, reasonable list pricing by sellers - of which its estimated - 35% of them are in a must sell situation due to life style change and employment issues. There will always be fresh meat on the market. Just stroll the area behind the Olympic Village and off Quebec and Main Streets near Telus Science World.
On the other bench, sellers are sitting with high expectations that the off shore investor flash that occured in 2011 would continue - seeing record sales. Sporadic at best, I don't think that boat made the same voyage as last year.
So we trundle on into June. Looking for prediction's ? I could make all kinds (and believe me I have heard them all within the industry - over the last 3 months) but I think it's best to leave that to folks in Las Vegas. I can only offer opinions based on specific wants and needs - and what I am seeing and "believing" from the street level. Buying a one bedroom downtown is a different game - then purchasing waterfront in Coal Harbour. Purchasing a suite at one of the new developements ? Walked in on your own ? Seeing just one side of the picture ? Thoroughly read through the Disclosure Statement of about 120 pages ? I wish you luck. You can bet developers are seeing the same sales numbers and the holding of breath continues. Sure a few places have sold out - but this also shows how many buyers were content to sit on the bench and wait for a power play. Your goal - not to get stuck killing a penalty.
Much like the third period of any game - momentum can change with just one play. Make sure your not on the ice when it happens. Contact me anytime for a chat about your plans, options and to cut through statistics. A two dollar coffee could be worth thousands.