Reduced Demand does not affect inventory

I am preparing for my quarterly newsletter, which means pulling stats and looking at the numbers.  Something odd, and unexpected came up, which is summarised nicely by this release from BCREA.  Demand is down, as noted in this release.  Here on the Island, compared to March of 2017, we are down about 18%, though March 2017 was a very strong year.  Yet, and this is what surprised me, inventory levels have gone down further since December.

In December, after the rush of sales getting in before the new mortgage rules came into effect, we were at 46.9% inventory levels (based on the average from 2008 to 2017) for the VIREB area and 52.3% for the Comox Valley.  In March the numbers are 45.5% for the Board area and 43.3% for the Comox Valley.

These graphs show how current inventory levels (active listings) are below the 10 year average.

While the government's strategy of lowering demand is somewhat working, our supply has not gone up.  March is early in the year and most times new listings do not come to any significant degree until April or May.  Hopefully that will happen again this year.  Until our inventory levels get up some, I believe there will be increased pressure on prices, despite the reduction in sales.

For March, over the last 12 months, prices for single family homes has gone up 15% for the board area and 18% for the Comox Valley.

     About Gerry                                         Service and Integrity Above All

Information and Interpretation
Selling or buying real estate is a major financial endeavour with many factors to consider. While you have a wealth of information available to you on the internet, interpreting that information is another matter.

This is where I come in. Not only do I research and provide you the information you need, I take it to the next level and analyze and interpret that  information for you. I will tell you what I think, what we do is up to you.

As a client, your Realtor works for you, and this is a principle I hold dear.  I see my job as providing you with information, interpretation, services and guidance, not to push you on a course of action.

Unparalleled Service
I have a simple code, I don't sell, I service. I assume my clients are perfectly able to make their own decision once they have the information they need. I spend my time providing information, guiding people through the process, and making sure all the bases are covered, not in high pressure sales.

Over the years I have received very complementary feedback from clients. See Client Feedback.

Integrity, simply defined, is being honest and fair. This is further enhanced by one of a Realtor's prime duties, which is not to put anyone's interest above their clients, including their own.  This a duty I take very seriously. My personal outlook after over 30 years in business, is that whenever I experience high pressure sales I start to question the integrity of the person selling me.  Are they looking after my best interest or theirs?

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Gerry Chwelos, REALTOR®


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