Home Prices Adapt To Affordabilty Demands

Unit Sales Decline Further
The Real Estate Board of Greater Vancouver (REBGV) reported total sales of all types of residential real estate totalled 1,585 units in September 2008, off 42.9% from prior year sales of 2,776 units.

Number Of New Listings Increase
The board reported new listings of detached, attached and apartment properties rose 28.8% to 6,142 in September 2008 vs. the 4,770 new units listed in September 2007.  

President's Message
"After five years of unprecedented increases, housing prices are beginning to realign," REBGV president Dave Watt said. "Although the economic situation in the United States has affected consumer confidence globally, the consensus view remains that our local housing market is underpinned by solid economic fundamentals."

Sales By Property Type
Sales of detached homes declined (50.3%) to 546 units from the 1,099 recorded in September 2007. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached homes declined 1.6% vs. September 2007 to $726,331. Since May 2008, the benchmark price of a detached home has declined 5.8%.

Sales of apartment homes declined (35.1%) in September 2008 to 764 units vs. the 1,177 units sold in the same period in 2007. The benchmark price for apartment homes was up .7% from prior year period to $369,062, and off 5.2% since May 2008.

Sales of attached homes declined (45.0%) to 275 units in September 2008 vs. the 500 units sold in September 2007. The benchmark price of an attached property increased 2.5% in September 2008 to $464,478 vs. prior year, but off 3.0% since May 2008. 

Days On Market (DOM)
Overall DOM was 62 days in September 2008 up 8 days from the 54 DOM reported in August 2008, and up 14 days from the 48 DOM reported in September 2007.

North Vancouver DOM for all property types dropped to 40 days in September 2008 vs. the 50 DOM reported in August 2008 and up 16 days from the 24 DOM reported in September 2007.

West Vancouver overall DOM was 83 days in September 2008 up 7 days from the 76 DOM reported in September 2008 and up 34 days from the 49 DOM reported in September 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 - October 2, 2008
This communication is not intended to cause or induce breach of an existing agency agreement.