Market up market down?
Attached below is a report from the Real Estate Board of Greater Vancouver which was reported on the CTV news the other night. The news report some interesting facts regarding a "downturn" in the market. What was not mentioned in the CTV news program was that prices still continue to rise. Funny how the news is trying to create "news".
VANCOUVER , B.C. – June 3, 2008 – The Greater Vancouver housing market continued its re-balance between sales and listings last month. The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver declined 30.7 per cent in May 2008 to 3,002 from the 4,331 sales recorded in May 2007.
New listings for detached, attached and apartment properties increased 20.2 per cent to 7,390 in May 2008 compared to May 2007, when 6,149 new units were listed.
“With more property listings and a decline in the number of sales, prices are not increasing as rapidly, now down to single digits overall, which is good news from an affordability standpoint,” said REBGV president, Dave Watt. “The housing market is at a balanced state, sellers have more competition and buyers have more selection to choose from."
Sales of detached properties in May 2008 declined 33.4 per cent to 1,203 from the 1,805 sales recorded during the same period in 2007. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties rose 8.4 per cent from May 2007 to $771,250.
Sales of apartment properties declined 30.5 per cent last month to 1,244, compared to 1,789 sales in May 2007. The benchmark price of an apartment property increased 8.7 per cent from May 2007 to $389,668.
Attached property sales in May 2008 decreased 24.7 per cent to 555, compared with the 737 sales in May 2007. The benchmark price of an attached unit increased 9 per cent between May 2007 and 2008 to $478,931.
Now in reading that and seeing what is happening in the market. I am fully aware that the market has now changed. I do not feel that we are going to be having multiple offers, huge price increases. We are back to a "normal market". Properties are going to take 30, 60, or 90 days to sell. I am finding that a lot of agents as well as sellers panicing. "Massive" price drops are starting to happen which, to me, only feeds the fears of the public.
MLS.ca shall continue to be great (and as far as I am concerned, one of the best) avenues to market and sell property. High end photos and email marketing are also very important.
Tough times ahead? I am looking forward to them.