Summer lull continues...

Properties remain on market longer, prices show marginal increase

Unit Sales Continue Decline From Prior Year
The Real Estate Board of Greater Vancouver (REBGV) reported total sales of all types of residential real estate totalled 1,568 units in August 2008, off 53.7% from prior year sales of 3,384 units and 47.7% off from the 2,998 units sold in August 2006.

Number Of New Listings Decline
The board reported new listings of detached, attached and apartment properties declined 1.7% to 4,331 in August 2008 vs. the 4,408 new units listed in August 2007.  As of August 31, 2008, active residential listings totalled 17,950 units in Greater Vancouver, a 6.2% decline from the 19,138 active listings seen on July 31, 2008.

President's Message
"In August, properties on average remained on the market longer than we've seen in recent years," REBGV prsident Dave Watt said. "As the market heads into the traditionally more active fall season, we have begun to see property listings recede and prices moderate."

Sales By Property Type
Sales of detached homes declined (58.5%) to 535 units from the 1,288 recorded in August 2007. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached homes rose 1.6% vs. August 2007 to $737,985, off 4.3% since May 2008. Sales of apartment homes declined (50.8%) in August 2008 to 740 units vs. the 1,504 units sold in the same period in 2007. The benchmark price for apartment homes was up 1.7% from prior year period to $374,366, but off 3.9% since May 2008. Sales of attached homes declined (50.5%) to 293 units in August 2008 vs. the 592 units sold in August 2007. The benchmark price of an attached property increased 3.8% in August 2008 to $463,433 vs. prior year, but off 3.2% since May 2008. 

Days On Market (DOM)
Overall DOM was 54 days in August 2008 up 9 days from the 45 DOM reported in July 2008, and up 10 days from the 44 DOM reported in August 2007.

North Vancouver DOM for all property types increased to 50 days in August 2008 vs. the 41 DOM reported in July 2008 and the 32 DOM reported in August 2007.

West Vancouver overall DOM was 76 days in August 2008 down from 77 DOM in July 2008 and the 57 DOM reported in August 2007.

Planning a move? Please call us for an Accurate, Professional, No Obligation market evaluation of your property, or to schedule a meeting to discuss your purchase options.

Anita Schmitt and Tom Davis REALTORS® - Royal LePage Northshore

Data Source MLS® Sales Statistics - September 3, 2008
This communication is not intended to cause or induce breach of an existing agency agreement.