Dear Friends,

The market seems to operate at various speeds depending on the location and product types. I have noticed that we can never generalize the market trends. I know it's not new to you and let me explain further.

Just because we are "generally" in a Buyer's market and the stats can prove it, doesn't mean that we can act like we have so much more time to make an offer on a house. I strongly advise Buyers to be cautious of the time "they think they have" to make an offer. Of course, we don't really deal with multiple offers anymore BUT it still happens! If the product is great, savvy Buyers will jump on the opportunity before anyone else. If you are a Buyer and if you like a property profile, don't loose the opportunity to make an offer and be ready. 

I personally still use the same tactics and negotiation strategies with my Buyers as if the market was RED HOT. Why? Because you either get the home you want or you save even more money. The tools I use trigger an emotional appeal and usually win the heart of the Sellers.

I strongly recommend all my Buyers to send a letter to the seller, which includes an authentic story as to why the Buyers really love the house. We include pictures in the letter and the Sellers always love it. We are all human beings and we connect with people we love. We connect with compelling stories. At the end, we can negotiate a better price and the Buyers are saving their precious dollars for other projects. 

I also strongly recommend Buyers to be financially approved by their lending institution and to provide a draft at the offer. This will also favour a better negotiation with the Sellers. 

As for Sellers, marketing your home is key. The condition of the house needs to be pristine and the staging strategy is more important than ever. Being "greedy" on price can be dangerous at it could cost you time to sell and money in your pocket at at the end. If you price it well, you will sell well.

As a result, It's VERY important to work with qualified and experienced agents that know how to best negotiate and how to provide sound advice to allow you to be successful in this dynamic market. Hint: I LOVE negotiating :)

There are very distinct trends in the Real Estate market based on location. Some areas are still demonstrating a balanced Market and others remain in a Buyer's Market. Take a look, it's noteworthy! 

Here are the strongest markets for Detached Homes:
***Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
***All stats are available to you in the complimentary SnapStats Report.

North Vancouver: 20% vs 11% in February 2019 (increase)
Maple Ridge: 15% vs 15% in February 2019 
Pitt Meadows: 13% vs 37% in February 2019 (decrease)
Port Coquitlam: 11% vs 13% in February 2019 (decrease)
New Westminster: 10% vs 13% in February 2019 (decrease)
Coquitlam: 10% vs 10% in February 2019 
Westside: 10% vs 6% in February 2019 (increase)
East Vancouver: 9% vs in 9% February 2019 
Port Moody: 8% vs 15% in February 2019 (decrease)

Here are the strongest markets for Attached Homes:

Port Moody: 32% vs 23% in February 2019 (increase)
Pitt Meadows: 28 vs 13% in February 2019 (increase)
Maple Ridge: 28% vs 23% in February 2019 (increase)
Port Coquitlam: 23% vs 23% in February 2019 
East Vancouver: 23% vs in 24% February 2019 (decrease)
Coquitlam: 22% vs 26% in February 2019 (decrease) 
New Westminster: 22% vs 16% in February 2019 (increase)
North Vancouver: 21% vs 21% in February 2019 

And when you look at the overall picture, here is what we notice:

Sales have declined to a level we haven't seen since 1986. Last month’s sales were 46 per cent below the 10-year March sales average.
 


The overall market in March was in a Buyer's Market with a 13.5% Sales-to-Active Listings Ratio vs 13% in February. 



See below the Sales-to-Active Listings Ratio by types of property. 



Below, we can see that the Home Price Index has decreased by 7.7% since March 2018.

Number of Sales: 1,727 in March 2019, a 31.4 per cent decrease from the 2,517 sales recorded in March 2018, and a 16.4 per cent increase from the 1,484 homes sold in February 2019. Sales of detached properties March 2019 reached 529, a 26.7 per cent decrease from the 722 sales in March 2018. Sales of apartment properties reached 873 in March 2019, a 35.3 per cent decrease compared to the 1,349 sales in March 2018. Last month’s sales were 46.3 per cent below the 10-year March sales average and was the lowest total for the month since 1986.

Percent of Original List Price Received at Sales: 96.1% vs 96.2% in February.

Sales-to-Active-Listings Ratio: For all property types, the sales-to-active listings ratio for March 2019 is 13.5%. By property type, the ratio is 9.4% for Detached Homes, 15.9% for Townhomes, and 17.2% for Condominiums.
 
Total Inventory: 12,774, a 52.4 per cent increase compared to March 2018 (8,380) and a 10.2 per cent increase compared to February 2019 (11,590). There were 4,949 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in March 2019. This represents an 11.2 per cent increase compared to the 4,450 homes listed in March 2018 and a 27.2 per cent increase compared to February 2019 when 3,892 homes were listed.

Benchmark Price: $1,011,200. This represents a 7.7 per cent decrease from March 2018, and a 0.5 per cent decrease compared to February 2019. The benchmark price for Detached Homes is $1,437,100. This represents a 10.5 per cent decrease from March 2018, and a 0.4 per cent decrease compared to February 2019. The benchmark price for Condo properties is $656,900. This represents a 5.9 per cent decrease from March 2018, and a 0.5 per cent decrease compared to February 2019. The benchmark price of a Townhome is $783,600. This represents a six per cent decrease from March 2018, and a 0.7 per cent decrease compared to February 2019.

Median Days on Market: 24 days vs 21 days in February 2019. If we take a closer look at Downtown Vancouver, the Median Days on Market in March was 20 vs 17 days in February 2019. For more information about your neighbourhoods' sales and price statistics, I strongly encourage you to download the latest SnapStats Report.