The headlines out there paint North Delta real estate as a dying market. In reality, we are very much in a balanced market.
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It’s been an interesting month for Vancouver and North Delta real estate. We’ve seen an incredible rise in the marketplace, coupled with an unprecedented policy change from the liberal government.
We’re starting to see a cooling in the marketplace. The headlines are bad, but sensationalized. In reality, the information is out there to show that while our market is in a decline, it’s still balanced.
As you may have heard, there has been a growing trend in our market of inventory going up and sales going down. The number of sales decreased from 47 in July to 30 in August and inventory did increase slightly as well. Just 83 homes came on the market in August, and we haven’t seen sales numbers this low since August 2012 when we sold just 27 homes.
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These numbers don’t surprise me.
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We are finding ourselves in a rare place on the low side of a balanced market. We are heading into September so we will have to wait and see what will happen; only time will tell. My boots on the ground feeling is that there is already an uptick in activity, which we should see continue.
One telling statistic that our market isn’t in as much danger as many believe is the benchmark price. Average prices can skew in favor of high-end homes, but the benchmark price is all-encompassing. This price was $898,500 in July and dropped only .3% in the last month. The current benchmark price of $895,400 is still 40% higher than what we saw last year.
We are coming off a historic market run coupled with a huge policy change by our government to intervene in the market, so these numbers don’t surprise me. They are trending downward, but the sky is not falling. We are still in a balanced market. We are going to continue to look at the market each month and identify where we are heading.
If you have any questions, feel free to give us a call or send us an email. We look forward to hearing from you soon.
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