Baby Steps And Only Two Months Old

Baby Steps And Only Two Months Old

A clearer picture is slowly emerging with West Van – stronger sales and lower inventory; North Van – increasing sales and a climbing inventory – but where will we be as the year progresses? I will now state the most common response to this and questions of a similar ilk – who knows?

A clearer picture is slowly emerging with West Van – stronger sales and lower inventory; North Van – increasing sales and a climbing inventory – but where will we be as the year progresses? I will now state the most common response to this and questions of a similar ilk – who knows?

What will life in Libya be like by July 2011? Will the Canucks win the Stanley Cup? When will we have a Christchurch style earthquake? Is health destined to deteriorate as we age? …and the fact of the matter is no one knows! This doesn’t mean that nobody has an opinion. This scribe has been known to stick his neck out and voice one (maybe too often 😉 ). The only way to be sure of an outcome is with the benefit of hindsight. This, I guess most will likely agree, is often too late to help us with a decision that we’d like to make now.

 

So, is the solution not to make decisions? Probably for many but as we know, some must be made. Deciding which events to attend at the 2010 Olympics is one that could not have been delayed ‘til June of 2010. That would mean not attending any – which of course is a legitimate decision but not one that satisfies the person who had wanted to attend some. Clearly decisions will be made with partial information and no guarantee of the outcome. Personally, my Nortel share purchase falls into that category! We regularly use the term ‘an informed decision’. A definition thereof could be – a decision made at or after the point where we convince ourselves after adequate research that we have sufficient input. In Real Estate the decision ‘to buy’ or ‘to sell’ (or defer these) should be made only when we have satisfied our personal version of the above definition. Isn’t a philosophical discussion fun! – maybe, but we do eventually get to the practical [rubber hits the road] moment and must be ready to turn right…or left…or go straight on…or put our vehicle in reverse…or…what? …shift into the ‘indecision’ of the neutral gear?

 

The key lies in the ‘informed’ part of our personal definition. The best advice is to listen to those we have defined as experienced and trustworthy, as many of these sources, people, databases as we can reasonable access within our busy time schedules and then decide. Remember that the adjective ‘decisive’ comes from the verb to decide.

 

Many a potential buyer who concluded that the “soft” market of the second half of 2010 was not the time to decide, is, and will be regretting that [in]decision? I stand by my belief (Feb Update) that “overall 2011 will be a ‘firmer’ year than 2010. ‘Firmer’ in this case meaning a year of gently increasing values and a higher number of sales in total”.

 

Now for the 2011 year to date [Jan/Feb] results for our North Shore. North Van detached homes sold are up by 33% from the previous year, attached (t/hses) up 5% and apartments even with 2010. Detached – of the 111 sold YTD, average price is down 2% and inventory Feb 28th, up by 27%. Average prices up 2% (t/hses) and down 9% (apts). Inventory (t/hse) 19% higher than Feb 28th/10 and (apt) up 15% from 2010. N/Van inventory at Feb 28th ’11 continues to be markedly higher than 2010. N/Van is now +14% in number of sales ’10 to ’11(334 vs. 293).

 

In West Van, detached number of sales for 2011 is up by 60% from last year. Average price up by 19% and inventory Feb 28th down by 1% from Feb 2010. On the condo side – sales of attached (t/hses) stand at 8 vs. 13 units; average price down 31%. Active listings down from Feb 28th /10 (36 vs. 40). Apartments sold are up 8% over 2010; with average price 7% higher than ’10 and active listings down 15% from Feb 28th ’10.

 

With the extra month under our belts – a more realistic pattern emerges. More months, more clarity.

 

Again, visit my website to see and “hear” the new developments. I continue my commitment to keep you… www.OnTopOfTheMarket.ca – the “go to” site for North Shore Real Estate analysis and jumping off point for FULL market listing information.

 

To join those wishing to get the e-mail version of this “update” – send a request now toalanskinner@shaw.ca and you’ll be assured receipt; phone me at (604) 988-7368 or visitwww.OnTopOfTheMarket.ca

March 2011 Numbers

March 2011 Numbers

“We saw an increase in demand across our region last month as more buyers entered the market in advance of the spring season,”

Demand for detached homes continues to be strong across Greater Vancouver, with particularly high sales volumes occurring in Richmond and Vancouver Westside.

For the past two months, the number of properties listed for sale and those sold on the Multiple Listing Service® (MLS®) in Greater Vancouver outpaced the 10-year average in both categories. From a historical perspective, February’s 3,097 homes sales outpace the 2,742 home-sale average recorded in the region over the last ten years.

“We saw an increase in demand across our region last month as more buyers entered the market in advance of the spring season,” said Jake Moldowan, president of the Real Estate Board of Greater Vancouver (REBGV). “The intensity of this activity varied between communities. Our statistics tell us that single detached homes in Richmond and the west side of Vancouver remain the most sought after properties in our marketplace.”

Between November 2010 and February 2011, the MLSLink® Housing Price Index (HPI) benchmark price of a detached home in Richmond increased $190,739 to $1,099,679; in Vancouver West, detached home prices increased $222,185 to $1,850,072. In comparison, detached home prices across the region increased $51,762 between November 2010 and February 2011 to $848,645.

“To effectively analyse real estate statistics for the purpose of buying or selling a home, it’s critical to focus on your neighbourhood of choice because, like we see today, conditions and prices can fluctuate significantly within the same city or municipality,” Moldowan said.

Looking across the region, the REBGV reports that residential property sales of detached, attached and apartment properties in Greater Vancouver reached 3,097 on the MLS® in February 2011. This represents a 70.3 per cent increase compared to the 1,819 sales recorded in January 2011, an increase of 25.2 per cent compared to the 2,473 sales in February 2010 and a 109.3 per cent increase from the 1,480 home sales in February 2009.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,693 in February 2011. This represents a 23.6 per cent increase compared to February 2010 when 4,606 properties were listed, and an 18.6 per cent increase compared to January 2011 when 4,801 homes were added to the MLS® in Greater Vancouver.

“With a sizeable increase in the number of properties coming onto the market for sale, there’s a good selection out there for buyers to choose from,” Moldowan said.

At, 11,925, the total number of residential property listings on the MLS® increased 14.2 per cent in February compared to last month and increased 5 per cent from this time last year.

Sales of detached properties on the MLS® in February 2011 reached 1,402, an increase of 42.6 per cent from the 983 detached sales recorded in February 2010, and a 138.9 per cent increase from the 587 units sold in February 2009. The benchmark price for detached properties increased 6 per cent from February 2010 to $848,645.

Sales of apartment properties reached 1,206 in February 2011, a 12.3 per cent increase compared to the 1,074 sales in February 2010, and an increase of 85.5 per cent compared to the 650 sales in February 2009. The benchmark price of an apartment property increased 2.2 per cent from February 2010 to $399,397.

Attached property sales in February 2011 totalled 489, a 17.5 per cent increase compared to the 416 sales in February 2010, and a 101.2 per cent increase from the 243 attached properties sold in February 2009. The benchmark price of an attached unit increased 2.3 per cent between February 2010 and 2011 to $507,118.

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