Market Update – May 2019
May 2019 statistics have been released. Activity is picking up from April due to the Spring Season, but still the lowest in May since 2000. Please take the time to read through this email as I have included some additional info that isn’t available to the public, which may affect your market greatly in the near future.
According to the Real Estate Board:
VANCOUVER, BC – June 4, 2019 – Monthly *Metro Vancouver1 home sales eclipsed 2,000 for the first time this year in May, although home buyer demand remains below historical averages.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,638 in May 2019, a 6.9 per cent decrease from the 2,833 sales recorded in May 2018, and a 44.2 per cent increase from the 1,829 homes sold in April 2019. Last month’s sales were 22.9 per cent below the 10-year May sales average and was the lowest total for the month since 2000.
“High home prices and mortgage qualification issues caused by the federal government’s B20 stress test remain significant factors behind the reduced demand that the market is experiencing today,” Ashley Smith, REBGV president said.
Alex’s Inner Circle Intel
April, May, June, and July are going to be a very good indication on where our market will be for the next year or so. Right now we are seeing an uptick in activity, but Buyer habits are still to sit on the sidelines and wait to see what happens. Overall, prices are still dropping due to the higher price range markets.
Correct pricing and marketing is KEY to getting your home sold.
Just as before, I’m here to provide some detailed relevant information segmenting different markets, to make it more applicable to your situation.
At the bottom of this email, you will find a copy of the Snap Stats, which is something we utilize to benefit our knowledge to our clients. As many of our investor clients know, the price range of sub-markets are critical to the liquidity of the asset. Please do feel free to call Alex at 604-374-5534 to discuss further.
In the Snap Stats attached below, you will find the activity of the different price ranges per area. As a rule of thumb, sales ratio under 12% represents a downward pressure (Buyers’ market). Sales ratio between 12% to 20% represents a balanced market. Sales ratio above 20% represents an upward pressure (Sellers’ market).
If you are looking to make a move to sell this year, right now would be your best chance. Call or Email Alex to arrange a quick 30-minute chat to see whether it’s right for you right now. Everyone’s priorities and timing are different, and you need to equip yourself with the best and most relevant information for you and your family.
WHAT DOES THIS MEAN TO YOU?
Sellers – Your pricing need to remain SHARP. Buyers are there. There are lots of overpriced listings on the market with Sellers not coming to terms with our current climate. This is your best chance to use them as leverage. They will sit there for years, whereas you can sell yours quickly if you do it right. Most importantly, DO NOT take shortcuts to save home selling costs! We are seeing so many “cell phone pictures”, inaccurate information on MLS, and poor marketing strategies which lead to homes not selling at all. If you are looking to sell, please feel free to call Alex at 604-374-5534.
Buyers – There are a lot of overpriced properties on MLS. Don’t be tricked. However there are also some that are very well priced. This is your opportunity, but make sure you are equipped with a Comparative Market Analysis to know how a listing is priced. To get a great deal, you’ll need great strategy. I’d be privileged to assist if you are in need of expertise and representation.
Details matter in this market. You have to go in with your eyes wide open. If you need any guidance or assistance, please do reach out and call Alex at 604-374-5534, or simply reply to this email. I look forward to helping you and/or your family and friends with all your Real Estate needs.
We love our clients, and want to always show our appreciation for your kind reviews. As we grow our business primarily on referrals, we want you to be a part of the growth. For any past / current clients of Yao Real Estate Group, if you refer a client to us for a purchase or sale of a property, you would receive a 10% commission referral fee for a purchase, and / or a 20% commission referral fee for a sale of their property. Just do a mutual introduction, and we will take over. Rest assured that we will take care of your referrals with the utmost personalized attention. Once a transaction is complete, you will receive a cheque of the referral fee in the mail. It’s that easy. This is our way of saying “thank you” to all our clients for helping us grow, together.
For more details on the Referral Program, please visit https://www.yaorealestate.com/client-referral-program