I would like to take a couple of your minutes to inform you a little bit about the real estate market. Although I presume that you already know that the real estate market is really slow right now, you probably are more interested in where the market is headed.
The British Columbia Real Estate Association recently released a news letter. It shows what we already know: sales numbers came down dramatically. In our region, the Okanagan-Mainline area, residential sales in 2008 dropped with a stunning 37% compared to 2007, slightly more than BC’s average of 33%. The average MLS selling price declined with 5%.
More importantly however is the BCREA’s housing forecast. Based on the most recent economic numbers, the BCREA’s forecast for 2009 shows another 9% decrease in residential sales within the Okanagan-Mainline region and a decline of 14% in average MLS price. For 2010 the forecast shows that residential sales numbers will increase again with 7% compared to 2009 (still below the number of sales in 2008). However, the average forecasted MLS price will decline with another 2% compared to 2009.
In summary this forecast shows that residential sales prices will continue to decline over the next few years. If you are still considering selling, you might as well do it sooner rather than later!
If you have any question or concern regarding the marketing of your home or the real estate market in general, please don’t hesitate to give us a call (250-832-0111), stop by the office or to send us an email (janvanlindert@assist2sell.com).
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