Market Update – November 2019
First of all, Happy Holidays!! We are nearing the end of the year, as the November 2019 statistics have been released. Demand activity is back to normal, but supply is still low. Those clients that have been speaking to us over the last year and a half knows, that in a declining market, moving UP makes the most financial sense. And now, in this month’s Statistics Package, you will see we are almost at the tail end of it, where detached houses and townhomes are starting to pick up more than the condominiums. Again, this is the predicted “move-up” market due to the shift of demand.
According to the Real Estate Board:
VANCOUVER, BC – December 3, 2019 – After a quieter first half of 2019, home buyer activity has returned to more historically typical levels in Metro Vancouver*.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,498 in November 2019, a 55.3 per cent increase from the 1,608 sales recorded in November 2018, and a 12.6 per cent decline from the 2,858 homes sold in October 2019. Last month’s sales were four per cent above the 10-year November sales average. “We started to see more home buyer confidence in the summer and this trend continues today,” says Ashley Smith, REBGV president. “It’ll be important to watch home listing levels over the next few months to see if supply can stay in line with home buyer demand.”
“In today’s market, the intensity of home buyer demand depends on neighbourhood, property type, and price point,” Smith said. “To better understand the changing trends in your neighbourhood and property type of choice, it’s important to work with your local REALTOR®.”
Alex’s Inner Circle Intel
Demand activity is back to normal, but supply is still low. The clients that have been speaking to us over the last year and a half knows, that in a declining market, moving UP makes the most financial sense. And now, in this month’s Statistics Package, you will see we are almost at the tail end of it, where detached houses and townhomes are starting to pick up more than the condominiums. Again, this is the predicted “move-up” market due to the shift of demand. In this next year, we should be seeing a slight fluctuation of prices, but we do not foresee a strong uprise in prices anytime soon. This is the time to make a move if you have been planning on it. Whether up or down, we are in more of a stable market now. Time to make some decisions with your family and let us help!
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 provide value to our clients. Please do feel free to call Alex at 604-374-5534 to discuss in more detail with regards to your specific areas.
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 of any sort, we are in an ideal market to do so. 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 – Demand is there, however we are still seeing a vast amount of expired listings. Your pricing and marketing need to remain SHARP. Barring any unorthodox challenges such as an excess supply in your area, problems within your home, things WILL SELL in this market. Make sure you fully understand the relevant market prior to proceeding. If you are looking to sell, please call Alex at 604-374-5534. You want the LOCAL EXPERT on your side!
Buyers – You now have competition. Don’t waste time negotiating too much. Do your homework, talk to your realtor, and understand where the market value is. Worst thing to do right now is to “stay on the fence”. Get off the fence, whichever side you decide to get off on. You don’t need to overpay, but be sure you are READY and DECISIVE. Opportunities are still available, and you need to make sure you are going in with a realistic mindset by being equipped with a Comparative Market Analysis, and to be more ACTIVE in your search. If you are looking to buy, please call Alex at 604-374-5534. We would be privileged to assist if you are in need of expertise.
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