Dear clients, neighbours, friends and family,
Well, we hope “back to school” is a positive time for most of you and that you have had a wonderful summer full of fun and family.
We do however know many sad mommies and daddies out there today sending their children off into the world for the first time and we dedicate this email to you!
Colin and I are hoping for a steady and solid rush of buyers back into the market after their 2 month vacation from real estate. August continued to show a decrease in sales, new listings and overall inventory compared to July. This lack of demand over the summer has pushed us into Buyer Market territory - graph attached - with sales levels for August 2010 down 44% compared to the same month last year.
Residential home pricing is continuing to edge down month over month (Sullivan/Panorama Benchmark Home Price - .03% from July – Aug 2010) but still remains 4.7% higher than a year ago.
There is currently a healthy selection of homes for sale for Buyers and interest rates remain low – if inventory levels start to climb this month Buyers can expect pricing to continue moderating. Alternatively, If new listings coming onto the market remain low - Sellers can expect better pricing buoyancy for the final quarter of 2010.
If you have been considering a sale in the near future but are unsure how current market conditions will affect you specifically give us a call for more detailed information.
Also for those of you with a more macro interest, we have attached an article looking at the components of population growth and their impact on long-term housing demand.
Take care and don’t forget to save the date …
FREE FAMILY FIELDTRIP TO THE CORN MAZE - SUNDAY OCTOBER 3RD BETWEEN 4-7PM - THE CORNER OF 64TH AVE AND 156TH ST.
Colin and I are hosting a private event for the Sullivan / Panorama community and are inviting all our friends, clients, past clients and neighbours. Bring a donation to the food bank and come by to tour the maze and roast marshmallows over the open fire!
Hope to see you there!