realtyreport
Market Stability Continues Into New Year
The Real Estate Board of Greater Vancouver (REBGV) noted three distinct phases in the 2010 housing market: A positive start to the year, followed by a slower summer lull, and then a sustained period of stability to end 2010.
While REBGV reported a decline in the total number of sales of detached, attached and apartment properties in 2010, (30,595 sales in 2010 compared to 35,669 sales in 2009) it should be noted that even 2010's figures far outweighed the 24,626 residential sales documented in 2008.
Jake Moldowan, REBGV President observed, "The past two years have been a bit of a rollercoaster for the real estate market. However, sales over the past six months have definitely shown a trend toward stability. We think that's good news for home buyers and sellers."
Moldowan also pointed out, "The Greater Vancouver housing market experienced a modest increase in home prices in 2010, and a continual decrease in the number of properties being listed for sale."
Are you looking to sell your home? Buy a home? Today's stable market is a great time to do both. If you've been waiting for the "right" time to enter the real estate arena, you may feel more comfortable doing so now, without the worry of wild market fluctuations.
In fact, Moldowan said, "Although we saw some pressure on home prices throughout the year, home values in 2010 remained relatively steady in the region compared to the last few years when we witnessed much more fluctuation."
Of course, local conditions vary, even within a given area, so it's important that you consult a real estate professional familiar with the specific nuances of your neighborhood for its local real estate climate.
Please call to discuss if this is the right time for you to make your move.
