Last month’s Update dwelled on cycles, and, it made me think, as I started writing this (August) one, that, exactly 6 months ago, to the day, many of us were weathering a cooler (and occasionally damper) cycle as the 2010 Olympics kicked off in Vancouver and Whistler.
A six month cycle that spanned a temperature range from near 0° C to mid 30°’s in the Fraser Valley. If only, I thought, property sales and prices would be as predictable as our usually repetitious annual range of temperature. Guess that would make life too simple!
So what of the above headline suggesting a faster heartbeat?
Discussion with my colleagues confirms this recent increase in buyer interest (the precursor to actual Demand) especially on well priced N/Shore homes. A good example of this is a listing of mine which has now sold with no less than 4 offers over a one week period. This home was listed approximately 4 months ago.
“Wannabe” buyers, some with preapproved mortgage rates, are now combing the slowly decreasing number of offered listings and finding prospective new dwellings in the appropriately priced group and making offers. Folks, here on the North Shore we have now seen the best “deals” and these are soon going to fade from the landscape.
A most important statistic (the supply side of the equation) which I have been following fanatically is, of course, the inventory of different classes of N/Van and W/Van property. We are now at a listings level with all categories – (W/Van detached excluded) that we were at in the week of Apr 19 -26. W/Van detached is mimicking May 10 -17. Those dates represented the “growing inventory” and today, with the “shrinking inventory”, W/Van is approximately 10% off the June peaks and N/Van approximately 25% lower. The strengthening demand (especially in North Van) will slow down the price softening we experienced over the past 3 months. I believe there is still a window for buyers who recognize this period as an opportunity for better “deals” than we will likely see later in the year. We will however continue enjoying our warm summer!
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.
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Alan
Alan Skinner
OnTopOfTheMarket.ca
Re/Max Crest Realty
Vancouver - NorthShore
http://www.AlanSkinner.com
Local Phone: 604-988-7368
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