Hello and Welcome Back.
The Vancouver real estate market didn't show any bumps in the road over the holiday season - and on into January. Normally a time for a "breather" we endured a steady pace of viewings and had two of our listings sell over the holiday period. Our current listings are showing on an average expected in April or May. This is a good sign. Buyers are still out there - and looking. But unlike past markets - time - is being taken by all. This is more than likely the new norm for listings and purchases in the near future. Sellers who waited too long to decide to list - seeing their neighbours get record pricing - are now expecting the same. Buyers have plenty of selection and time on their side. I won't touch on world influences but the economic pressures are still there - local and global. We are still treading lightly on the financial front.
All this to say homes are selling. The most influencial factor - sellers who recognize the current market and want to move on with life. This comes down to pricing. Yes the home down the street may have fetched a great price - 2 years ago - but that was 2 years ago. The major issue with the Vancouver market is - we have been in constant flux for about the last 3 years. The press band wagon rolls through town with one day headlines and predictions and when those don't transpire - well they wait for another 2-3 weeks and try again. One day you see a trend and within a month - that trend disappears. The most positive issue we have going for us is - Vancouver itself. Migration, local ecomomy has become mainly consumer based, baby boomers downsizing to condo lifestyle, everything at your door in the downtown core areas (park the car) and our climate. There is plenty of new product on the market and more to come - just look at the cranes in the False Creek area and some areas of the city center.
So we trundle on into February - nice to see the tulips up and hunting for sun - a month where many will make the call on what the entire year will bring - regarding the real estate market. Predictions ? Not a prayer from this end. I will say that we will see another season of finding a new "balance" - on activity and sales levels. But pricing has been holding - give or take a few percent. I do remember a few national articles from last year and some major think tanks predicting 20-35% drop in home prices in great Vancouver. Ummm, still waiting to see that. But as you well know - if prices do drop then those on the sidelines will return to the dance floor and voila' - we are back into a "normal' Vancouver market. When sticking a flag in the ground in one of the top ten places to live on earth - some trends will get bucked - predictions and all.
Contact me anytime for a chat - on YOUR needs and YOUR desires. Straight talk - straight answers.