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ROB ZWICK Monthly Market Update

 

Market Update

August 2012

With the long weekend behind us, we are officially in the dog days of summer! People are taking this opportunity to enjoy the slower pace in life, and in real estate. It's always difficult to really understand the market this time of year, since the summer is typically slower then the rest of the year. In a nutshell, this is what the numbers are telling us..

- Listings, Average Sales Prices and Price/Sqft in most areas are down, though not by much (between 1.7 and 5.4%)
- Days on Market has increased over last month, anywhere from 4 to 12 days longer
- The Detached Market in East Vancouver has seen a rise in listings and stable sales, leading to a much more balanced market
- Average Sale Price in North Vancouver has risen between 3.7 and 10.4% (for both detached and attached), yet Sales are down

With all of this said, it's my opinion that these numbers don't tell the entire story. The high-end market is soft, but if you have something special, the buyers are out there. If you're looking for a 2 bed and den townhome, or an affordable, well maintained home west of Victoria Drive, there just isn't a lot of good inventory out there right now. If you're looking for a 1 bed and den on the Westside or Downtown, there are deals to be had. What I'm trying to say is that you can't paint the entire market with the same brush, and to make a sweeping statement about the whole market is tough.

Sellers take note: there are a lot of Buyers out there, they are just embracing the opportunity to take their time in finding their perfect property, so either sit back and wait, or price your property competitively.

Buyers: Take advantage if you can and don't think that every seller out there is motivated to sell, because they aren't.

There should be lots of action in September, both with listings and sales, so we’ll see what the Fall brings us. For now, keep your eyes on the inventory (& the quality of that inventory), and go out & enjoy the sun!

Rob

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