Greater Vancouver real estate market

March 7, 2009

Greater Vancouver real estate sales rose in February

“The Real Estate Board of Greater Vancouver says home sales in February were both up and down.

Sales were up from the previous month, but still down compared with the same period last year.

In February, 1,480 homes were sold in Greater Vancouver, compared with 762 in January, an increase of 94 per cent.

The board president Dave Watt notes January sales have been lower than February for a decade, but still attributes the February increase to pent-up demand.

Read the full report here…

britianna.jpgReal estate market Activities in Richmond

The total active listings increased slightly from 1,750 the previous month to 1,820 units. The improvement in home sales helped to reduced the supply / demand (list to sale) ratio from 18 months to 9.4 months.

Overall, significant listing price drop in the range of 12% to 15% helped to attract more home buyer activities. The current supply and demand ratio at 9.4 months will continue to exert pressure on home selling prices. There are more activities reported over the past few weeks as more home buyers are making inquiry and searching out homes for sale.

v749686_101_12.jpgReal estate market outlook for Richmond

More listings can be expected to appear as sellers whose properties expired previously will want to re-list to sell their homes again. Sales volume is expected to pick up as more home buyers are drawn into the market. However, home prices will continue to ease and decline gradually over the next few months.

Current mortgage interest rates at 4% to 4.35% are historically low, but many home buyers are on the side line and are reluctant to commit themselves as they fear buying too early.

You can read a recent report By Jeff Nagel – BC Local News on Greater Vancouver real estate market.


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