We took a mini vacation to Mexico last month and apologize for missing your last months mail out - we hope you enjoy these updates and are finding our "item of value" interesting and useful material. We are back - refreshed and ready for a great end to the 2nd quarter and ready for a busy summer of selling!
The market is balanced - meaning it is neither a buyer or a sellers market. Throughout the year we have noted each area is unique and specific areas have seen large price increases. Areas such as the west side of Vancouver, White Rock and Richmond are beginning to experience price sensitively at the higher end of the market.
When homes are priced right - they sell - the key in this market is to be priced sharply. With the world economy the topic of discussion in the media, buyers are price sensitive and looking at more properties before they make their final decision.
The sales to active listing ratio is sitting at 16% which is indicative of a balanced market - typically a balanced market sits at between 15% to 20% ratio.
Benchmark Price Index info for May 2012: Comparing Figures between May 2011 - May 2012
All residential properties in Greater Vancouver: $625, 100 - up 3.3% compared to May 2011/up 2.4% over the last three months.
Residential properties in the Lower Mainland: $558,300 - up 3% compared to May 2011/up 2.3 compared to 3 months ago.
Detached Properties: $967,500 - up 5.1% from May 2011 - number of sales declined 24.8%
Townhome Properties: $470,000 - up .9% from May 2011 - number of sales declined by 10.7%
Apartment Properties: $379,700 - up 1.7% from May 2011 - number of sales declined by 5.9%
Please check out the "Item of Value" this month especially if you are planning to Renovate your Bathroom! Reno tips, choosing paint, ways to save money on cabinetry, creating a spa like oasis, plus an overview of high efficiency fixtures designed to conserve water and help you save money - all to help you on your way to a stress free bathroom renovation.
Also, our Business Endorsement of the Month:
If you are in need of a referral, please check out "My Business Directory," where we have a great team of professionals that we work with to provide excelent service and care to you.
Oh and by the way......if you know of someone who would appreciate the level of service we provide, please give us a call with their name and number. We will be happy to follow up and take great care of them. Don't forget, our appreciation of $500.00 for each successful referral.