Welcome to our beautiful season of trees showing off their autumn colours, warm & coolish Fall days plus anticipation of family and friends getting together in gratitude for Thanksgiving. Yes, October is a busy month – and we are anticipating a slow but sure increase in sales activity following September’s significant 4% drop in sales activity compared to the same time last year. We see increased inventories in most of our local markets which, along with lower interest rates, will prove attractive to buyers.
Port Coquitlam and New Westminster showed the only increase in detached sales across our region from Burnaby through to Maple Ridge. They experienced a 7% and 6% sales ratio, respectively. Despite the buyer preference for condos and townhomes, it looks like we could perhaps be in for greater buyer interest in the traditional house and yard – especially with more favourable mortgage options.
Given our usual statistics for the attached market, it was a September surprise that the highest sales ratio was 44% in Port Moody, way ahead of next in line, Pitt Meadows with a 27% sales ratio. All of our other attached markets experienced a very slow month.
Extremely noticeable in our current markets are the large number of brand new condo developments for sale, many offering tempting incentives to purchase. This is a tricky market to try to analyze and evaluate without experience by yourself – there are many aspects to consider which can result in a minefield for the uninitiated and unrepresented. PLEASE take your realtor with you – two heads are always better than one and, in this case, you can add experience and expertise to your search. We are always happy to tour with you and have your back – it’s a large investment! This is one of those rare moments in time when you can negotiate a “good deal” on a brand new condo. Also, should you find yourself in the dilemma of having paid money upfront for a purchase which you now do not want for any number of reasons, please give us a call – we are ready and willing to help.
And this goes for any real estate question. We are problem solvers – whether you’re anticipating a sale or purchase imminently or down the road sometime. Helping our clients always come first with us!
Happy Thanksgiving ! In gratitude for our family, friends and clients, we remain your Generations Real Estate Partners:
Michelle Hawthorne, Scott Johnson, Shane Goutsis, Ray Harris & Team Ambassador, Sheila Francis.