It's hard to believe we're already into the second month of 2013. It seems I've barely packed away the Christmas decorations and New Years confetti. Yet here we are.
Taking a look at the real estate stats for January 2013 shows a continuation of the same trend we've seen for the last seven months - sales activity at below historical averages in Greater Vancouver. We have seen an overall decline in home prices of about 6% since reaching a peak in spring 2012. Additionally, the total number of properties currently listed for sale on the Greater Vancouver MLS has declined for the fourth consecutive month.
“It appears many home sellers are opting to remove their homes from the market rather than settle for a price they don’t want,” Eugen Klein, REBGV president said.
Having said all that, in speaking with many of my colleagues in the field, we all have buyers that are very keen to buy, but with a declining inventory of homes to choose from, there are not a lot of options. The great new listings that have come on the market since the new year are getting scooped up fast. The low inventory is creating pent up demand among buyers and I think we will see better activity come the spring.
So, if you were thinking of selling your property, now may not be a bad time to do so.
If you'd like more information or have any questions, I'm always happy to chat. You can reach me at this address or on: 778 317 9909.
Here is the quick snapshot: