Vancouver Real Estate Report - February
December's Months of Inventory (MOI) for detached homes worryingly punched through to over 14 months in December but dropped back to just over 9 months in January. It is a difficult time of year to read too much into a single month's numbers as both listings and sales begin to climb in early spring and the pace of each is not necessarily aligned. Increasing sales volumes outpaced the increase in active listings in January. If you are thinking about selling, it means that February will likely be the best time in 2013 to maximize your net proceeds of sale. Once listings volumes surge over the next several months, the increase in active listings will very probably overwhelm sales and drive the MOI up again.
What remains clear is that a strong long-term trend of increasing active listings and decreasing sales volumes continues to exist. Unless this trend is reversed then the Vancouver market will continue to see prices fall.
SELLERS (especially of detached houses): The time has come and gone to sell at the top of the market but this EARLY spring market is the next best thing. PLEASE DO NOT HESITATE TO CALL ME FOR A PROPERTY EVALUATION.
BUYERS: Spring will bring a dizzying volume of listings to choose from and plenty of vendors willing (or those who are compelled by circumstance) to negotiate in earnest. If you need a long-term home it is a fun time to be shopping (though it's been tiring with so much to see).
I am presently selling ALDER CROSSING a boutique development of 12 homes in Fairview Slopes that includes two bedroom and den townhomes with roof-decks (great views) and several studio apartments (inquire about the genuine investment opportunity here). Framing is almost finished and these homes will be complete for this summer. All homes are 16' wide and the townhomes are set over 2 levels for great use of space. If you are interested please register at: www.aldercrossing.com or give me a call.
Remember that Months of Inventory (MOI) is a measure derived from the number of active listings during a given month divided by the number of sales that month. It indicates the theoretical length of time it would take to sell all of the properties on the market if nothing changed. Historically, 0-5 months of inventory has generally implied upward price pressure for the ensuing six months, 5-8 months of inventory meant a flat market with respect to pricing and over 8 months of inventory has, for the most part, precipitated downward price pressure.
Do not hesitate to call me if you have any questions and please pass this and my contact information along to any friends or family who might benefit from my services.
Sam Wyatt - Vancouver Realtor
RE/MAX real estate services
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