Market Update – January 2020
Dear Reader,
January 2020 statistics have been released. Selling rate in Metro Vancouver decreased from 25% in December to 17% in January. Supply remains low, pushing up the activity. Although market value is still down from a year ago, it is making a slow rebound especially in the areas in and around Metro Vancouver. The current state of the market is what I call an “Honest Market”. Sellers who are overpriced, will not be able to sell. Buyers who want to lowball, will not be able to buy. It takes both sides to be sincere and honest to come to an agreement. In other words, it’s the perfect market to Sell and Buy (to move).
As previously mentioned, in 2020, we are expecting the market to trend back to a more balanced behavior. Prices will fluctuate but overall should trend around the same mark. If you are planning on a move, it would be much easier than last year to plan the transition. If you have been a Buyer on the fence, it’s time to get off the fence and get into the market. Are you or anyone you know thinking of Selling or Buying this year? Please reply to this email or call/text Alex at 604-374-5534 for a brief conversation to discuss options. Knowledge is value.
According to the Real Estate Board:
VANCOUVER, BC – February 4, 2020 – Home sale and price activity remained steady in Metro Vancouver* to start 2020 while home listing activity declined in January.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,571 in January 2020, a 42.4 per cent increase from the 1,103 sales recorded in January 2019, and a 22.1 per cent decrease from the 2,016 homes sold in December 2019.
Last month’s sales were 7.3 per cent below the 10-year January sales average.
“We’ve begun 2020 with steady home buyer demand that tracks close to the region’s long-term average,” Ashley Smith, REBGV president said. “Looking at supply, we’re seeing fewer homes listed for sale than is typical for this time of year. As we approach the traditionally more active spring market, we’ll keep a close eye on supply to see if the number of homes being listed is keeping pace with demand.”
Alex’s Inner Circle Intel
Supply and Demand is going to continue at a balanced rate this year. We may see slight pick ups and declines over the course of the year, but it should all balance out with a slight increase in the early Spring time. This is the time to make a move if you have been planning on it. Planning is the first step. Whether up or down, we are in more of a stable (honest) market now. Time to make some decisions with your family and let us help! If you are indeed looking to Sell your home or buy a new property or both, please contact us ASAP to get a complimentary valuation / analysis, so you can be ready as soon as the timing is right.
As usual, we are here to provide some detailed relevant information segmenting different markets, to make it more applicable to your situation.
At the bottom of this email, you will find a copy of the Snap Stats, which is one of the tools we utilize to provide value to our clients. Please do feel free to call Alex at 604-374-5534 to discuss in more detail with regards to your specific areas.
In the Snap Stats attached below, you will find the activity of the different price ranges per area. As a rule of thumb, sales ratio under 12% represents a downward pressure (Buyers’ market). Sales ratio between 12% to 20% represents a balanced market. Sales ratio above 20% represents an upward pressure (Sellers’ market).
If you are looking to make a move of any sort, Call or Email Alex to arrange a quick 30-minute chat to see whether it’s right for you right now. Everyone’s priorities and timing are different, and you need to equip yourself with the best and most relevant information for you and your family. Plan early, so you know when to execute for the highest profits.
WHAT DOES THIS MEAN TO YOU?
Sellers – Market it fully, and PRICE IT RIGHT! Most sold homes in this market, are getting within 2-5% of the listing price. This is when an experienced Realtor can make a difference. Buyers are waiting for your home to come up for sale, and you have to make them see it, and want it. Make sure you fully understand the relevant market prior to proceeding. If you are looking to sell, please call Alex at 604-374-5534. You want the LOCAL EXPERT on your side!
Buyers – If you are looking to purchase a property, be sincere in your offers. Dragged out negotiation processes will hurt you. Do your homework, talk to your realtor, and understand where the market value is. Worst thing to do right now is to “stay on the fence”. Get off the fence, whichever side you decide to get off on. Whatever you do, do it soon. This market will not stay forever. You still don’t need to overpay, but be sure you are READY and DECISIVE. Opportunities are still available, and you need to make sure you are going in with a realistic mindset by being equipped with a Comparative Market Analysis, and to be more ACTIVE in your search. If you are looking to buy, please call Alex at 604-374-5534. We would be privileged to assist if you are in need of expertise.
DETAILS MATTER
Details matter in this market. You have to go in with your eyes wide open. If you need any guidance or assistance, please do reach out and call Alex at 604-374-5534, or simply reply to this email. I look forward to helping you and/or your family and friends with all your Real Estate needs.