Statistics don’t lie, but sometimes we need the right context. There is much confusion right now, discerning the difference between an increase in sales and an increase in prices. The second does not always follow the first and at present is assuredly not following the first!
When looking at the Metro Vancouver detached home statistics, we see that sales increased by 23.6% while benchmark prices declined by 9.8% and days on market increased. Specifically – Coquitlam detached market was on trend with inventory dropping, sold numbers staying stable, but prices declining. Neighbouring Port Moody stayed pretty stable last month – not much of anything happening with a total of only 12 sales with the most active price band still remaining $1mil to $1.25mil – leaving the higher end homes with increasing days on market & no takers. The last stand out previously was Pitt Meadows which suddenly took a decline in prices and an increase in inventory last month after being solid for so long.
The messages are clear throughout our market area- consider the ripple effect upwards – the first time buyers at least need relief from the current stress test in order to make the market move from the bottom up.
For sellers who genuinely want to sell, they need to know realistic, at market price is critical. Buyers who are ready to purchase are waiting for these listings. But, don’t wait too long – recognise the good buys.
We can supply the comparable sales so that you can be confident in that. Take us with you – we are here to keep you covered regardless of a complicated market climate. Always happy to talk real estate.