We are continuing to see a move to a more balanced market in the Vancouver real estate market, according to statistics released by the Real Estate Board of Greater Vancouver.

Sales decreased 6.4% from 2,859 in February 2007 to 2,676 in February 2008. Meanmwhile, listings rose 26.2% to 5,260 February 2008 compared with 4,167 listed in February 2007.

 Brian Napthali, president of the REBGV, says “We continue to see the market rebalance, particularly with detached properties, where listings climb and sales either hold or decline slightly. This shift increases buyer options and allows people more time to make decisions when purchasing a home.”

While listings are increasing and sales decreasing, prices are continuing to rise. For Metro Vancouver, the benchmark price of an apartment property rose 12.7% from February 2007 to $387,032. Detached properties rose in that same period 14.1% to $761,342.

 What does this all mean? Buyers can be more selective. Sellers need to realize that the market has shifted to a degree. The power does not sit entirely in their hands any longer and they need to be more flexible to ensure quick sales. That being said, I am still seeing multiple offers on homes and sales above asking price are still common.

Sebastian Albrecht, Vancouver Realtor with Royal LePage Westside