Hi Friends, Clients, Neighbours and Family,
Hope you had a great Easter Long Weekend and Spring Break Vacation.
What to do with all the clutter from your Spring Cleaning? Sign up for our Sullivan/Panorama Community Garage Sale - Saturday May 11th.
See details on our FACEBOOK EVENTS PAGE - https://www.facebook.com/events/490384224351321/
(email us your name and address to register your home – firstname.lastname@example.org )
Although MARCH SALES in the Fraser Valley noted a 20% decrease compared to March last year, there was a 24% increase in sales from February.
Colin and I have been seeing this uptick in Real Estate activity and our Sellers have been happy as activity levels have been much better than the last quarter of 2012, days on market has decreased and pricing has stayed relatively balanced.
In fact, Benchmark pricing for detached homes, townhomes and condos increased in value during the first quarter of 2013. Up 1%, 0.6% and 2% respectively.
Pricing can be attributed to inventory levels. Listing levels have not been as high as they need to be to put any kind of significant downward pressure on pricing so - because inventory levels have stayed in check - prices have stayed in check.
This is a bit of a catch 22 however as our buyers have been frustrated with the lack of inventory available to choose from. 11% fewer new listings in March compared to last year.
Greater Vancouver has been seeing lower levels of supply and of demand. Similarly, holding pricing in check. March saw a 17% decline in LISTINGS compared to March of 2012 - 14.4% below the regions 10 year new listing average for the month. SALES of detached homes decreased 21.1% compared to last year, 48% less than sales for March of 2011 (The influx from Asia).
Greater Vancouver PRICING Benchmark for a detached home decreased 5% from last year and now sits at 906,900 (Fraser Valley Detached Benchmark for March $544,300).
April marks the return of the GST/PST tax structure in the province. For Real Estate this means sales tax on a NEW HOME is reduced to 5% GST plus a 2% BC Transition Tax for a total of 7%, down from the 12% HST.
If you are thinking of a move in the near future, or you know of someone who may be considering a move please give us a call … we want to work for you and your friends!