REBGV Stats for October 2014

  • It’s always interesting for us REALTORS® when the monthly stats get released from the Real Estate Board as we generally find they only confirm what we’ve been feeling and experiencing in the active market over the past month. So it comes as no surprise as this months’ statistics tell us that the number of active listings is down 16.7% since September. September of 2014 was the busiest month in terms of sales in the last ten years but October had even more sales than September making it the busiest October in 10 years, too. Inventory of available property is declining, sales are at record levels. What does this tell us? Well, it tells us that this is the perfect time to sell. With the decrease of available properties, purchasers will compete for the remaining properties and that will lead to increased prices. If a large number of new properties hit the market all of a sudden, then things will change, but that has not been the way Vancouverites like to do things. Home owners seem to have deep pockets in this town and people would rather wait out any downturn rather than glut the market and sell for what they perceive to be a less-than-ideal price. I also hear from clients that many of them simply can’t imagine where they would go if they sold as everything is “so expensive”. They’re having a hard time justifying spending so much on a new property when they likely paid a fraction of that price for their current property. So if you have been thinking of selling, you’ll be happy to know there is still a good solid 40 days left of prime buying and selling activity. Now could be a great time to make the most of this Seller’s market. Once the spring market hits after the New Year, there will be many more properties for sale and you may not look as attractive to all those buyers then as you do now. We specialize on taking the stress of selling (and buying) off your shoulders so with us at the helm, you might be surprised at what you can achieve and accomplish in the next 40 days! It’s always great to be a Seller in a Seller’s market. Photo: flickr.com/ruthanddave