More Homes for Sale

The B.C. Real Estate Association reports that the residential housing market in B.C. lost some steam in the first quarter of 2008.

The over-all sales dollar volume on B.C.'s Multiple Listing Service dipped 1.4 per cent to $4 billion in April, compared to April 2007. Residential unit sales declined 11 per cent to 8,623 units during the same period. However, the average residential price was up: It reached $478,044, up 11 per cent from April 2007.

Rising inventories are providing more choice for consumers and exerting less upward pressure on home prices. The combination of a slower pace of home sales and some profit taking by investors is contributing to a balance between housing demand and the supply of homes for sale.

While homebuyers now face less competition for the homes available for sale, competition among home sellers means curb appeal, interior condition and prudent pricing are necessary for faster sale.

For more information, please visit British Columbia Real Estate Association websit: www.bcrea.bc.ca