In September 2011 we were still in a buyers market with over 18,000 active listings in this geographic area serviced by the Real Estate Board of Greater Vancouver.
By December 1st we had returned squarely into a balanced market with just over 14,000 listings available.
We start the New Year with just over 10,400 listings on MLS as at January 1st; overnight more than 1,600 listings had expired.
Initially in 2012 there will be a shortage of listings (similar to the past few years at this time), but many of those expired listings will gradually return to the market over the next few weeks and months. Hopefully the reasons so many homes failed to sell (primarily overpricing-unrealistic expectations) on the first attempt are addressed when they are re-listed.
The Fraser Valley Real Estate Board (Surrey, White Rock, Abbotsford, Mission, etc) experienced the same phenomenon with over 6,800 active listings on December 31, 2011, and overnight dropping to only 5,907 listings available on January 1, 2012.
All these figures represent mainly resales using the MLS (and exclude new home sales and for-sale-by-owner), which is about 70% of the market.
As we share salutations and best wishes for 2012, there is much contemplation both professionally and personally.
Professionally, I’d like to offer you my expertise should you be considering entering the real estate market this year in the Tri-Cities and surrounding areas. I’d also invite you to the next real estate seminar (no cost, or sales pitch) on January 24th. Give me a call if I can be of help: 778-878-0778.
On a personal level I wish all of my friends and acquaintances the very best for the coming year.
1 thought on “Real estate market starts 2012 with low supply”
“…so many homes failed to sell (primarily overpricing-unrealistic expectations)…”
And that is the fault of all the Real estate corps (aka sales agents…)
The Sellers’ market is now officially over. And prices for homes are going to have to drop significantly, before it ever becomes a Buyers’ market, becuase people don’t have the Jobs, or the money to afford any of these “ridiculously” priced homes anymore.
Unfortunately, This is exactly why they want so many foreigners to buy up our homes, land,…
It’s called “outsourcing” the real Estate.