2006-10-23

October 2006 Update
A significant shift in the real estate market in Vancouver has occurred over the past 2 months. There has been a ton of new listings that have hit MLS lately so we are finally seeing a balanced market. This is very good news for buyers who have been too apprehensive to jump into the buying frenzy of this past summer. Not only are we finding homes for buyers but actually are able to negotiate on price again. What a concept! This has caused prices to dip slightly in the Westside condo market although detached homes still seem to be quite hot.
Where do I think the market is headed in the next few months?
I think we will continue to see more product hit the market for the next month and then new listings should slow down around the holiday season which is normal.
For buyers, this is probably the best time in the past 2 years to buy, not only because of the selection that is out there but also because of the cooling prices.
For sellers, gone are the days of listing a property for a week and getting multiple offers. Listings need to be priced correctly and average days on the market is now back to normal at about 30 to 60 days.
For more information about the real estate market in Vancouver, contact Peter Raab, Real Estate Agent