The current activity in the real estate market is slow. Real estate Board figures point to an 11% increase in the 3rd quarter of 2007 compared with 2006 (August to November), however, sales have slowed considerably since October 1, 2007. This appears to be a repeat of the fall of 2006.  For the past 2 years, the Lower mainland real estate market pattern seems to have changed from; busy Spring and Fall markets - to a strong 8 months (January to September) and weak 4 months (Oct. - Dec).

 

The next 2 months should be very interesting for the lower mainland real estate market. We are currently experienceing a large volume of properties being listed for sale. In the short term, buyers - afraid of rising mortgage rates - are running out to buy something before their rate guarantee runs out. After this demand is satisfied, if listings continue to accumulate, we will see a softening of prices.  No you won't see a collapse of the market, but you will experience sellers with a greater willingness to  'deal'.

Now that we have shaken off the holidays, the question is "What is the real estate market doing now?"  This past fall saw a slowdown in total sales causing lower mainland AVERAGE prices to take a downward ajustment. BUT, since mid November, the number of new listings coming onto the market fell (as is usual for this time of year) and buyers took advantage of the slowdown and bought up a large portion of the remaining inventory. Good properties sold quickly and those sellers not prepared for the slowdown (i.e. bought first) took 3 - 5% off the list price just to get their house sold.

   

The Tri-City real estate market is still doing well....not dead..only a flesh wound!.

COQUITLAM stats; detached homes - June 1 to Sept 29/06,  415 homes sold  average days on the market was 32  Sale price to List price ratio was 97.46%   (104 sales per month avg)

Compare this to the hot spring market - Feb 1 to June 1/06 - 552 homes sold - avg days on market was 29, Sale price to List price ratio was 98.08% (138 sales per month avg)

From this we can see that sales are definitely slower in the past 4 months BUT half of this time was in the traditional slow time of the year (July, August).

Average selling