July sales at record levels!

August 10, 2009

Although the weather has finally cooled, the Real Estate market remains boiling hot!

During July, inventory continued to "dry-up" with a 17% decline (vs. July 08) in active listings. Although sales declined 3.4% from a record June, they were still up 89% vs. July 08! This is definitely a "Sellers Market" in most categories. Multiple offers and price increases are now common place. Since the beginning of the year, the benchmark price is up 9.2%, however, compared with July 08 prices are still down 5%.

"Kudos" to those who bought in early spring, while so many others sat on the sidelines. All the indicators point towards improving consumer and business confidence in BC. I suspect we will see continued strength in the market, especially with next years implementation of the HST (Harmonized Sales Tax) which will add thousands in new taxes to the cost of a home.

Considering a move-up or investment property? It remains a great time to buy, especially with these record low interest rates. Shopping in the entry-level market can be challenging for buyers but opportunities are out there (for the time being), especially in the upper-high end markets.

Full report for specific neighborhoods: www.waynepasco.com
click "Market Update" and see (REBGV) link at page bottom.

Enjoy the remainder of your Summer.

Sales/ Listings Statistics and Graphs for all areas.

All information is approximate

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