June 2008 Current residential real estate listings in North Vancouver are 957 compared with 530 this time last year.This compares with listings stock numbers from the year 2000.
Current residential real estate listings in West Vancouver are 677 compared with 427 listings this time last year. The last time we had this amount of listings in West Vancouver was 1998. If current sales figures continue it would take a little more than 7 months to sell this amount of product.
For buyers-Its a great time to be looking to purchase as there is a wonderful variety of choice in properties for sale. Many people have their homes for sale for the first time in a few decades so finally some of those homes you used to walk by and say " I wish that would come on the market", are actually for sale!
For sellers- It is imperative to price and market your home well in this market. Sales are still good and prices are still higher then last year. Not all properties actually HAVE to sell with many owners just deciding that if it they can sell then great, if not -maybe next time. So we aren't seeing huge reductions in selling prices. Only those properties that were actually way overpriced to begin with are coming down to reality.