We all have friends, colleagues or family members who like to share their predictions about what direction the real estate market is going. Are prices going up or are they declining? Everyone has an opinion and it is difficult to know who is right and who to listen to. I believe that no one has a magic crystal ball that can see into the future to predict if prices are going to rise or fall. So the question is: "How do we make the right decision and/or time our real estate purchase properly?"
We do have monthly reports from the Greater Vancouver Real Estate Board that allow us to analyse market sales statistics and prices. I post these on my website as soon as I receive them for everyone to view. The latest report indicates that sales continue to be strong and that prices have recently risen.
Over the past few months I have noticed that the supply of condos listed for sale within a certain price range is drying up. On my website you can search for condos under $300k in the Vancouver Downtown, Kits, West End and False Creek areas. It is updated automatically from MLS on a daily basis, so the information is accurate. In early April 2009 there were 120 condos listed for sale. Today, there are only 41 in that price range. That is a reduction of about two thirds. The Law of Supply & Demand tells us that if Supply Decreases (less listings) and Demand Increases (sale #s up) then Prices will Increase also.
Click on the following link and take a look at the latest Sales Statistics Package to decide for yourself where this market is going:
As always, feel free to contact me should you have any questions, want to discuss your real estate options, or have a friend or family member that can use my assistance with their real estate needs.
I hope to hear from you soon!
Cortney Lessard
REALTOR®
604-616-2678
Cortney@Cortney.ca