Sales Jump! Buyers wake up!

During March, sales jumped by + 80% vs. February, giving the downtown real estate market a much needed “shot in the arm” .

Much of the activity was in the under $400K price point which represents the entry level buyer and investor. Attitudes are changing and many buyers see real value right now! These buyers understand that any chance of further price drops will be off-set by the record low mortgage rates. (3.99% for 5 years - see Mortgage Info link)

Should the entry level market continue to improve then the mid-range will soon follow. As demonstrated in the $400-$500K sales stats below, move-up buyers also appear to be more active.

Also important is the dwindling listing inventory (down 8%). In addition to the stronger sales/absorption rate, it seems that many sellers, that don’t need to sell, are opting out of the market & waiting for things to stabilize.

Granted, we are only a few months into 2009 but March was the best month of the year. Both sales and listing numbers are trending well.

I am confident that April’s sales will repeat, and likely improve over March.

Something about spring and real estate that seem to go well together.

March 2009 sales/listings for:

DOWNTOWN VANCOUVER (Westside)
(DOWNTOWN, COAL HARBOUR, FALSE CREEK NORTH & the WESTEND)

SALES:

Total of 171 sales; + 80% vs. Feb.

Under $400K 80/ 46 % of total sales
$400-$500K 71/ 41%
$500-$1Mil 33/ 19 %
Over $1Mil 8 / 5 %

LISTINGS:

Total of 1264 listings; - 8% vs. Feb.

Under $400K 312/ 25 %of total listings
$400-$500K 218/ 17 %
$500-$1 Mil 452/ 35 %
Over $1Mil 281/ 22 %

All information is approximate.

This communication not intended to solicit properties listed for sale.






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