Is Vancouver market as bad as California's?

By
Real Estate Agent with Coldwell Banker Westburn Realty V24358
I was sitting down and reading my morning PROVINCE newspaper, and read an article on the state of the U.S. Housing market. Specifically, the article dealt with what appears a turnaround in the house sales in the state of California. because California constitutes 25% of the housing stock in the U.S., any moves. positive or negative will reflect on the nations housing trends and business. This review was conducted by a banking analyst, Charles Peabody of Portales and partners. prices seem to be bottoming out and there has been increase in home sales and reduction in "days on te market' time. Days on the market "DOM", are important measure as to where the market is or where it may be going. A reduction in DOM would signal a return to a more balanced selling market and eventually as the market strengthens, a sellers market. An increase of DOM, would indicate that the buyers are gaining an upper hand in increased inventory and better selection of products. Thus the "buyers market" One paragraph particularly aroused my interest because it dealt with the DOM. The following comments refer as DOM interim of months. The dcrease from 16.8months in january to 7.7 months in June, was quite substantial. The home sales rose to 17.5% from a year ago, but the prices plunged 37.7%. So what are the DOM in the Vancouver market? In review of the Vancouver area market, not including the Fraser Valley or East of Port Coquitlam, our market looks like this; Vancouver Housing is at a 7.58 months supply, and Vancouver condo inventory is at a 6.2 months supply. As the saying goes, statistics are for loosers, so make what you like from this. I am sure that an enterprising reporter could write a headline, "Vancouver market collapses to California's level of activity" Would he be right? If you saw the numbers without the explanatory statistics, would you believe it? On the other han, someone could write a headline stating that, "Greater Vancouver Prices up over a year ago" Would he be right? Of course he would. The statistics show that the home prices are up 7% and condo prices are up 7.8% from last year. So who is right? They both are, but we all love bad news and that is what sells the papers. Just two people looking at something with a different perspective. If you thinking of buying or selling, sit down with your Realtor and get him to give you the goods about the market. Sometimes it may be something you may not want to hear, but your Realtor is much better informaed than you are and he can give you the Buyers perspective as well. So, Happy Home Hunting and Happy Home Selling. No matter what the statistics say, someone is always buying and someone is always selling. For more information on buying and selling a home visit; www.jeffreystark.net

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