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Market Turnaround... Vancouver Prices are going up!

How will the BC Election change future home prices and your income? How many cities have had price increases in the last month?

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Price Reductions Work! In April, in the Vancouver area, 49% of the single family home sales over 30 Days On Market REDUCED their list price by $49,000 (median)
At the same time 48% of the April single family sales in FV/Chilliwack that were over 30 DOM REDUCED their list price by $20,000 (median)
Note: 66% of the listings now expiring have no price reduction at all! Last year 63.5% of the listing expired! All that time, money and future client lifetime value is GONE!

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Index Abbotsford Burnaby North Burnaby Chilliwack Coquitlam North Delta Delta Ladner Langley N. Langley Maple Ridge Mission New West Port Coquitlam Port Moody Richmond Surrey West Surrey East South Surrey White Rock Vancouver Westside Downtown-West End East Vancouver West Van North Van

Vancouver Westside May 1, 2013

Current: Vancouver Westside ranges from a Warm to a Buyers Market with high listing inventories, a 12 %SOLD rate and a Sale Price /List Price =94% or a $127,000 average sale discount from the original list price. (Lesson)

Most Active Range: Homes below $1.25 mill. have 26.3 %SOLD rate with 15 Days on Market (DOM).
Least Active Range: Homes between $4 million- $4.5 million have 2.2 %SOLD rate.

History: The Vancouver Westside Home Price Index HPIp (Lower 50%) shows that prices decreased $224,996 in 2012.
The Vancouver Westside Home Price Index HPIp (Top 50%) shows that prices decreased $106,760 in 2012.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.

Forecast: Vancouver Westside has high Listing supply; 905 homes are for sale and with the low 12 %SOLD monthly rate gives us a ~8.5 months of inventory. At this sell through rate, approximately 608 of these listings will not sell. Currently 18% of the active listings have reduced their price by $208,092 on average or 130,000 median. The next few weeks will see increased sales in the local real estate market. The Spring Fever and the Election Resolve should inspire a new buyers confidence. Sellers who are prepared to sharpen their prices price will take advantage of the improving Market conditions.

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STOP 61% of 's listings from EXPIRING!

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These Re/MAX Market Share Reports are sponsored by the Canada's Most Referred Referral Network! we thank them for their support and please refer to them in your appreciation.

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NOTE: This representation is based in whole or in part on data generated by the Real Estate Boards of Greater Vancouver, Fraser Valley, Chilliwack which assume no responsibility for its accuracy.

Year 2011 Cumulative report.. the BEST REPORT for your CMA to help you win the listings.

We thank Sharon Lum for her support of these Vancouver Westside including Shaughnessy, Point Grey, Kerrisdale, Kitsilano, Dunbar Market Updates . Contact Sharon as the Local Expert.... more details.