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NORTH SHORE REAL ESTATE UPDATE SEPTEMBER 2008


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Blog by John Jennings | October 3rd, 2008


This update is focused on those who are considering buying, selling or investing in real estate in the next six months.  The market has changed significantly in North and West Vancouver recently.  At those times, we entered into a buyers' market.

In West Vancouver, 13% of the homes listed for sale sold, for the month of September.  Along with that, the inventory of homes for sale in West Vancouver has increased by 67% compared to September 2007. 

In North Vancouver, the ratio of sales to listings was 19% for the month of September.  The inventory of homes for sale in North Vancouver has increased by 92% compared to September 2007.

 

Detached Homes

2008

2007

 

 

 

West Vancouver

 

 

            Sales (September)

21

54

            Sales YTD (to September)

408

611

            Avg. Price YTD (to September)

$1,849,290

$1,736,689

            Active Listings (September)

575

343

            Median Price (September)

$1,230,000

$1,665,000

 

 

 

North Vancouver

 

 

            Sales (September)

45

81

            Sales YTD (to September)

704

925

            Avg. Price YTD (to September)

$978,950

$869,859

            Active Listings (September)

460

239

            Median Price (September)

$835,000

$827,500

 

 

 

What does this mean to you?

My job is to tell home sellers the truth about the real estate market.  With the current state of affairs, my advice to home sellers is:

  • Do your homework.
  • Don't base your opinion of your home value on homes that have not sold (these homes may never sell).
  • Look at data from many sources (the internet can be a great tool).
  • Look at some US data (their market peaked in 2006).
  • If you get an offer, work with it. It may be the only offer you get.

 

If you are considering a real estate transaction, you should consider selling now if:

  • You have a shorter term focus. You want to be moved within six months.
  • You are going to be buying a more expensive home.

 

Some thoughts about buyers for your home:

  • Buyers have adjusted to the market and are willing to buy despite all of the negative press.
  • Some savvy home buyers are buying now because the gap has narrowed for them to buy up.
  • Buyers can make subject to sale offers again.
  • Some buyers are buying because West Vancouver is a safe place to have their money in a tough world market.
  • International buyers wanting to get into this market as it is one of the best cities in the world particularly for their kids and school.

 

If you fit into the category of a buyer who is ready to buy now, you should consider making an offer now if:

  • You have a longer term focus. Short term price adjustments are not a concern because you are moving for a long term investment.
  • You are moving to the North Shore from elsewhere because it is the best place to live!

 

Whether you choose to sell, rent your home out long term or stay put in this new market, real estate continues to be an excellent long term investment.  Evaluate these observations with a long term focus please.

Thanks!

 

John Jennings

604-790-1900

john@johnjennings.com

http://www.johnjennings.com/