Joan Warn

eXp Realty

Real Service in Real Estate

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A More Balanced Market

I've had many people ask me how the market is these days, with the recent slow down in the United States.  Here are some comments made by "those in the know".
Vancouver, BC May 14, 2008. British Columbia Real Estate Association (BCREA) reports residential sales dollar volume on the Multiple Listing Service® (MLS®) in BC dipped 1.4 per cent to $4.1 billion in April, compared to April 2007. Residential unit sales declined 11 per cent to 8,623 units during the same period. The average MLS® residential price in the province reached $478,044, up 11 per cent from April 2007.   

“Rising inventories are providing more choice for consumers and exerting less upward pressure on home prices,” said Cameron Muir, BCREA Chief Economist. Active MLS® residential listings in the province were up 37 per cent to 47,923 units in April. “The combination of a slower pace of home sales and some profit taking by investors is contributing to a balance between housing demand and the supply of homes for sale.”
“While homebuyers now face less competition for the homes available for sale,” added Muir, “competition among home sellers means curb appeal, interior condition and prudent pricing are necessary for faster sale.”
Homes are definitely still selling, and prices have not dropped significantly.  This current market trend just means that Buyers are able to take a little more time to decide on a purchase and Sellers have to work a little harder to make their property the one that is chosen!
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