Blog-Real Estate & More

SALES ARE DOWN BUT SO ARE LISTINGS-MARCH 2012 UPDATE!

The numbers are just in for March 2012 and we can compare the first quarter of this year to last which is more meaningful than month to month.

Overall listings are down significantly on the West Side & especially good ones.  Why aren't Sellers listing this year?

• media headlines about lower sales & softening of prices so Sellers often think they should wait until "the market comes back"
• knowing that listings are in low supply Buyers are Buying before listing if they are in a position to take the risk on the sale of their home
  
• news that the Mainland Chinese Buyers are here in much lower numbers this year due to high prices in Vancouver & changes to immigration policy
• the cost of moving-although listings are down, prices are still up from a year ago so the costs of a new home, property transfer & real estate fees all add up
• moving in uncertain times-job instability due to possible cutbacks or contract negotiations

I've heard some Sellers say that they wanted to wait until after Easter-not sure why but I'm hoping that April does bring more listings for the many Buyers waiting for them. 

Listings eased off in February as so many Sellers rushed to get their homes listed before the Chinese New Year rush.  Compared to Feb/2011 Listings of West Side houses were actually -11% while both condos and mutifamily were up slightly from a year ago.  Sales on the other hand were down across the board at -27% for houses, -20% for condos, -39% for multifamily.

There is no sense of urgency on the part of Buyers with so many listings to choose from and no pressure from lenders as mortgage rates remain low.

Listings of single family homes on the West Side were up 60% in January vs January/11 in anticipation of the Chinese New Year visitors-sales were down 36% from last year.  The big question is "are the Mainland Chinese Buyers coming in the same numbers this year?"  Many say no as it gets more difficult to get money out of China & most who could, have.  Sales of lot value homes are strongest.