Buyer confidence is back and the market is picking up!
We are coming off a very interesting and abnormal year in Greater Vancouver Real Estate.Last year started off very slow! In March the headlines read ‘Vancouver home sales hit 33 year low!’However, as the year progressed, buyer activity increased. July was the turning point where sales started outperforming the previous year and we finished the year off very strong with home sales in December up 88% compared to 2019 and above the 10 year average.
We expect a busy year ahead and a significant increase in single family home sales.It’s early in the year, but so far we have experienced more multiple offers and quicker sales.
What does this mean for your home?
Inventory is low to start the year and there are lots of buyers looking to make the jump from strata to single family in New Westminster! Our recent sale at 220 Durham St, at the end of January, received 4 offers in 2 weeks on market and sold full price subject free!
May 2012 Market Update for Victoria Hill, New Westminster: ONNI’s master planned community Victoria Hill is surrounded by greenspace and very centrally located to Downtown New West, Shops, School, and Parks. Here are the most recent MLS Stats from Jan. 2012 – May 2012. Townhomes: 5 Sold Average Sale Price: $563,500 Average Price per Square Foot: $314 Average Days on the Market: 15 Condos: 28 Sold Average Sale Price: $356,300 Average Price per Square Foot: $413 Average Days on the Market: 49 Highest Sold Townhome: $640,000 Highest Sold Condo: $547,900 So far for 2012 we have sold 7 properties in Victoria Hill and have our 8th offer pending. If you are looking at making a move in Victoria Hill please dont hesitate to call us. For more information about the surrounding area, amenities, and the development so far check out Onni’s Master Planned Community online here.
VANCOUVER, B.C. – February 2, 2011 – The Greater Vancouver housing market remained in balanced market conditions in January, although higher levels of buyer demand were seen in some of the region’s largest communities. The number of properties listed for sale and those sold on the Multiple Listing Service® (MLS®) last month outpaced the 10-year average in both categories for January. “There was a healthy balance between the number of home buyers and sellers in our market in January, but there’s always variation in activity from region to region,” said Jake Moldowan, president of the Real Estate Board of Greater Vancouver (REBGV). “We’re seeing strong sellers’ market conditions in areas like Richmond and the west side of Vancouver.” Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price of detached homes increased 22.6 per cent in Richmond and 12.2 per cent in Vancouver West. In comparison, detached home prices across the region increased 2.7 per cent over the same period. “When you’re looking to buy or sell a home, it’s important to familiarize yourself with the wider trends in the market. It’s equally important to seek out knowledge of your local area so you understand current market conditions in your neighbourhood,” Moldowan said Looking across the region, the REBGV reports that residential property sales in Greater Vancouver reached 1,819 on the MLS® in January 2011. This represents a 4.2 per cent decline compared to the 1,899 sales recorded in December 2010, a decrease of 5.4 per cent compared to the 1,923 sales in January 2010 and a 138.7 per cent increase from the 762 home sales in January 2009. Click on the link below for full Stats Package: rebgv-stats-package-january-2011