While the numbers show a September not to Remember - perspective is the key.
September is a transition month, as much in life as in real estate. Activity in the real estate market did increase week by week as we moved through September. Over 1,000 listings expired, terminated, disappeared off the market as October 1st hit, with many more inactive listings still holding out on the market. Now buyers are engaging in the new listings coming on that are priced sharply leaving the bulk of the listings sitting quiet. Bench mark prices in all areas have seen declines since their peak this year showing that Sellers have now have to be reactive in their pricing going forward. And now Buyers have their opportunity.
How does one analyze what the media is saying? The media is always a little behind what is happening when you are right in it. They look at a months' statistics and report on that after the month is over. I believe prices are off 15% maybe more in certain areas, so new listings with prices reflecting what is happening are selling and often in multiple offers again.
With money no longer pouring in from Immigrant Buyers, the deals happening are more often with local buyers moving up or down and taking advantage of the affordability factor. This makes for a more balanced market moving forward. Moving up in popular areas right now is where you will see your best leverage on price.
Greater Vancouver: Total Units Sold in September 2012 was 1,536 – down 8% to August 2012; New Listings in September 2012 were down 6% to September 2011; Month’s Supply of Total Residential Listings is 13 Months (Buyer’s Market).
Vancouver Westside Houses: Total Units Sold in September 2012 was 86 – up 15% to August 2012; New Listings in September 2012 were down 16% to September 2011; Month’s Supply of Total Active Listings is 12 Months (Buyer’s Market).
Vancouver Westside Condos: Total Units Sold in September 2012 was 212 – down 14% to August 2012; New Listings in September 2012 were down 13% to September 2011; Month’s Supply of Total Active Listings is 10 Month’s (Buyer’s Market).
Vancouver Eastside Houses: Total Units Sold in September 2012 was 74, down 6% to August 2012; New Listings in September 2012 were down 10% to September 2011; Month’s Supply of Total Active Listings is 10 Month’s (Buyer’s Market).
Vancouver Eastside Condos: Total Units Sold in September 2012 was 71 down 5% to August 2012; New Listings in September 2012 were down 6% to September 2011; Month’s Supply of Total Active Listings is 8 Months (Buyer’s Market).
North Vancouver Houses: Total Units Sold in September 2012 was 44, down 14% to August 2012; New Listings in September 2012 were up 9% to September 2011; Month’s Supply of Total Active Listings is 11 Month’s (Buyer’s Market).
West Vancouver Houses: Total Units Sold in September 2012 was 43, up 79% to August 2012; New Listings in September 2012 were up 2% to September 2011; Month’s Supply of Total Active Listings is 13 Months (Buyer’s Market).
