Year End Market Snapshot
Market Snapshot 12/31/2009
Now that we've reached the end of another calendar year, we tend to think of starting anew. The real estate market doesn't cast off last year's behavior just because it's a new calendar year, however. Knowing that where we've come from affects which direction we're headed, we tend to look in the rearview mirror to see where we're going. Think about that for a moment - going forward and looking in the rearview mirror to get there...
I have this quote I've enjoyed repeating from time to time: "I never look back. I'm not going that way." I like it because it reminds me that what's passed is past. As a REALTOR, I don't think it does my clients much good to tell them "if you'd sold last year, you'd have gotten 10% more" or "if you'd bought when interest rates were 4.8% you'd have been able to afford more house". It doesn't matter. Now is when they are buying or selling. This is the market I need to understand for them.
Because I am able to see what's going on right now and what the short term outlook is, I provide my clients with salient market information. The market that is.
Here is our RMLS market on 12/31/2009:
The ratio of active listings to pending sales is up slightly. This is suggesting slightly higher average market time may occur in short term. It suggests prices will have a bit more pressure. Ah, and is that pricing pressure going up or down? Who has the advantage - buyer or seller? My belief is the buyer still has the advantage. Why? because of the number of homes available, 33% are in a 'must sell' position by virtue of being short sales or bank owned properties. Consider, too, that 41% of the pending sales are short sales and bank owned and you see that any price resistance offered by sellers will be overwhelmed by the 'have to sell' sellers.
Our hard numbers - 3256 active, 775 pending with 2286 active and 557 pending for the major Vancouver area. Both down in totals. In case you didn't notice, this is a seasonal trend for the total number of pending sales to be down end of December and beginning of January. Hey - didn't I just say "I never look back..."? Well, I do find trends there and that's how I make those short term estimates of price behavior.
Last year was great for me and I'm looking forward to an even better new year. I hope the same occurs for you. Meanwhile, it's always a good time to get a good price in your real estate transactions and I'm here to help you get the best value for your sale or purchase!
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