I didn’t understand the meaning of the term “expired listing” when i first became a Vancouver realtor in 1981. “Had the listing died” I asked myself. Then I discover that it hadn’t died, it just didn’t sell and the listing contract terminated!
Prior to the hot sellers market in Vancouver, that started to gain momentum in 2002 (B.C. had a positive change of Government in 2001, which brought big investment money back to the Province, after the left wing government that rules the Province in the ’90s brought in policies that scared that big investment money away), when I did a market evaluation for a seller, I would always include the “expired listings” because that was evidence of properties that were priced above the current market which did not sell. In a hot seller’s market, we establish the value of a property based on comparable sales in the last 2-4 weeks. Expired listings in a seller’s market just don’t relate to current market conditions.
Now I’m starting the track the “expired listings” again and here’s what I’ve found for the Vancouver condo neighbourhoods that I track.
For Vancouve Downtown condos (the June stats for Downtown will be my post tomorrow) the expired listings for the first half of the year in 2006 were 60. In 2007 there were 102. In 2008 there were 164.
For Vancouver’s False Creek North, the expired listings for the first half of the year in 2006 were 3. In 2007 there were 2. In 2008 there were 5.
For Vancouver’s Coal Harbour, the expired listings for the first half of the year in 2006 were. 24 In 2007 there were 46 . In 2008 there were 63.
For Vancouver’s West End, the expired listings for the first half of the year in 2006 were 31 . In 2007 there were 38 . In 2008 there were 60.
For Vancouver’s Kitsilano, the expired listings for the first half of the year in 2006 were 11 . In 2007 there were 9 . In 2008 there were 28.
For Vancouver’s West Side condos, the expired listings for the first half of the year in 2006 were 231 . In 2007 there were 337 and in 2008 there were 468.
The last two weeks have been incredibly busy for me. I have experienced lots of email inquiries and phone calls from potential buyers – both local and non-Vancouverites. I was out with a delightful couple from New York today, who are planning to retire in Vancouver…how cool is that? I am out tomorrow with a couple from Connecticut who wish to sell their current condo and buy another. I’m currently helping a reitred couple from the Valley, who have sold their home, find a condo in False Creek North.
In addition, many of my listings are getting showings…..there is something happening in the market….the buyers are out. The offers are coming in….albeit low. I think that by the end of summer many overpriced Vancouver listings will “expire” and the supply will decrease and then we will see a slight blip in the prices by year end. The buyers now have an opportunity to purchase ‘A’ properties at a sharp price. Isn’t this a better market to be in if you are a buyer, rather than a seller’s market?
I received emails this week from potential buyers in the USA, UK, Turkey, India, Mexico City. The world is still looking at Vancouver.
Have you been the owner of an ‘expired’ listing? Do you regret that your property didn’t sell, or did it work out for the best?
If you have a listing that ‘expired’ and if you wish to sell your property, please fill out my contact form. I think my marketing plan, service, real estate experience and knowledge of the market is the best !
Or if you are a buyer looking for an excellent buyer’s agent, please contact me!
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