Another month has flown by and with it comes the monthly release of the stats. August 2009 was a killer month (and I mean that with a positive connotation, you know, like “bad” is good). Sales up more than double the brutal August 2008, listings down still about a third, and the resulting prices up for this year over 11% placing us (and those who bought last August) just a hair shy of wiping out some very gloomy days. We’re now just 1.1% down year over year.
Scott Russell, the REBGV President, says the market is still seeking balance. Balance? Oh yeah. Like the fact that all year I’ve only been in a few deals that didn’t have multiple offers. I don’t know what kind of balance he is thinking of but if it is the kind where “a home goes on sale and within the week there are (from my experience) up to 15 offers” kind of imbalance (too low supply, high demand) then, yes, the market is seeking balance.
If it is the kind of balance where a home gets listed and then expires several months later with no offers (and over 1000 properties did that last month) then maybe those sellers need to readdress their reason for selling, the price they are asking, and the presentation of their home. There is no excuse for not selling in this market!
Let’s get to the stats:
Vancouver, BC 