Here is a quick summary of what happened in the Vancouver Real Estate Market during the month of September.
If you would like a complimentary copy of the complete report, including neighborhood-level sales and price statistics, please give me a call at 778-558-9948 or email me at email@example.com.
Bonjour Dear Friends!
Number of sales: 2,495 or 64.1% increase compared to 1,520 sales recorded in September 2012, which was the lowest number of sales seen in nearly three decades. September had 0.8% decline in sales compared to the 2,514 sales in August 2013. Sales are 1% lower when we take a look at the 10-years sales average.
Percent of original list price received at sales: 95.3%, which is 0.9% higher than September 2012 at 94.5%.
Sales-to-active-listings ratio: 16% vs 8% in September 2012 and the 7th consecutive month over 15%. An upward pressure on price occurs when the sales-to-active-listings ratio is around 20-22%. The market is currently at a balanced level and a lot stronger compared to the Buyer market experienced last year in August.
Total inventory: 15,703 compared to 18,706 last year in August, a 16.1% decrease.
Average days on market: 60 days vs 58 days in September 2012. Keep in mind that well-priced properties can sell fast, which is why savvy Buyers need to be ready when they come across the home that they have been waiting for.
Has the Real Estate turned a corner?
Interesting quote from Phil Soper, President and Chief Executive of Royal LePage: “We believe the Real Estate market stimulus previously provided by low interest rates will be replaced by a strengthening labour market and true economic recovery.” The British Columbia economy remained steady in September, with very little change in employment numbers. The news came at the same time we heard that Canada’s jobless rate, fell to 6.9% per cent, it’s lowest level since December 2008.
In my opinion, job growth is always great news as it increases the confidence consumers have to make important financial decisions, such as Buying, Selling or Investing in Real Estate.
The real question is: how is your personal confidence about the economic growth coming next year? Many economists are still debating that question. Something to keep in mind is that Real Estate has proven to be a great strategy investment for a long term approach.
To access the complete Greater Vancouver Housing Market report (PDF) for the month of September 2013 for your specific neighborhood and area, please give me a call at 778-558-9948 or email me at firstname.lastname@example.org.
How to read the report? My monthly market update will give valuable information and the answer the following questions:
– What is the sales ratio of where I live or where I want to live?
– What is the trend on inventory, price and number of sold properties for the last 13 months?
– Who can help me better determine my market value and help me use SnapsStats to my advantage? FRANCIS!
***Sales Ratio over 21% is considered a Sellers Market
***Sales Ratio of below 14% is officially a Buyers Market