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Market Watch

Blog by Tony Hepburn | August 16th, 2008

New Market Creates Opportunity for Savvy Sellers & Buyers

After record breaking units sales in 2007, listing inventory has increased and the pace of sales has gone back to normal levels. The good news overall is residential prices continued to climb.

New listings for detached, attached and apartment properties have increased 24% in July 2008 compared to July 2007.**

In Greater Vancouver, the number of sales of detached, attached and apartment properties in July 2008 has declined an average of  44.3% from units sold during the same period in 2007. The benchmark price for detached properties is up 5.4% from July 2007. The benchmark price of an attached unit increased 5.7% between July 2007 and 2008. The benchmark price of an apartment property increased 4.7% since July 2007.** 

Vancouver ’s Westside remains steady despite increased inventory and slower unit sales. The benchmark prices for our neighbourhood over the past three months have increased modestly. The detached benchmark is $1,390,585, up 2.8%. Attached properties have risen 3.1% and the apartment benchmark has gone up 1.1% in three months.

Now, more than ever, you will need the services of a full-time marketing specialist to successfully sell your home for top dollar. Marketing time has lengthened as inventory rises which means not just any Realtor will do. 

We have been selling homes like yours since 1990. When you are ready to make a move...give us a call for a complimentary consultation.  Believe us... the right agent does make a difference.

**Excerpts REBGV Press Release August 5, 2008