Sales steady while number of listings decline

now we're dealing in Micro-Markets"

October sales increased 5.3% over September 2010 while total listing inventory dropped 8.6% for the same time period. The number of new listings to market declined 25% in October 2010 compared to October 2009.

This is a more consistent, less volatile market than some buyers/investors may have anticipated (the sky is not falling) with buyer demand in closer alignment with supply than we've seen for most of 2010. It's a buyers market in certain categories but sizeable reductions in the listing inventory have eased downward pressure on prices.

When asked "how's the market?" I would say that it depends on which market you're talking about. Rather than painting the entire market with one brush stroke, we need to look at each market individually. Location & type of home are the first considerations as now we're dealing in "Micro-Markets".

A buyer may find themselves writing an offer on a new listing, competing with 3 other buyers with a resulting sale price several thousands over the asking price. The next day we may be dealing with an offer for a similar property in the adjoining neighborhood with a final sale price 2-3% less than just a few months earlier.

Wherever or whatever the type of home, "price it well and watch it sell".



PREMIER CALLS IT QUITS! Could HST's demise mean rebates for sellers/buyers?

With the impending HST referendum, new home buyers & sellers may be well advised to hold onto their Statement of Adjustments, reflecting the additional
HST cost on their purchase/sale.

But don't spend that money yet!

(full article:see my BLOG - Nov 1,10)

"FULL MARKET UPDATE"- (REBGV)
Sales/ Listings Statistics and Graphs for all areas.

All information is approximate

Click here to view newsletter archive

Site Map MLS Reciprocity

© WAYNE PASCO SUITE     Disclaimer


Site Designed By : Atomic Eye Design
Site Maintained By : Clayrose Internet Creations