Vancouver Statistics for March 2008

April 10th, 2008 Categories: Real Estate News, Vancouver Real Estate

Prices Up! Listings Up! Sales Down!

The RBGV reports that residential attached, detached and apartment property sales in the Greater Vancouver area totalled 2,997 in March 2008, a decline of 16% from February 2007, and a decline of 16.3% compared to February 2006.

New listings for detached, attached and apartment properties climbed 4% over a year ago. Sales and Listings are beginning to align with our 10 year averages. Prospective buyers have a wider selection of properties than we’ve seen in the past few years.

Sales of detached properties declined 20% to 1,116 compared to the same period in 2007. But the benchmark price rose 12.1% from March 2007 to $764,616.

Sales of apartment properties in March 2008 declined 10.6% to 1,532, compared to March 2007. The benchmark price, as calculated by the MLSLink Housing Price Index, of an apartment property increased 11.5% from March 2007 to $389,609.

Attached property sales in March 2008 iwere down 11.5% from March 2007. The benchmark price of an attached unit increased 10.6% from March 2007 to $473,543.

VANCOUVER WEST STATS
Mar2008 Mar2007 Feb2008 YTD2008 YTD2007

Units Sold 595 780 623 1578 1846

Median Selling Price
Condos:   $453,500    $410,000    $445,000    $443,500    $392,700
Attatched: $719,000    $629,000   $717,000     $715,000    $655,500
Det’d:    $1,474,000 $1,227,800 $1,625,000 $1,503,000 $1,231,000

Active Listings
                   Mar2008          Feb2008          Mar2007

Condos:             811               726                 783
Attached:          133                105                 132
Detatched:        268                 241                 231

MARKET REFLECTIONS FOR VANCOUVER
Vancouver West detached benchmark price increased a whopping 20.7% last month over a year ago but fell back into line in March (perhaps distorted by sales of higher priced properties) but still up 16.9% from a year ago, attached increased 9.4% and condos 11.5%

Over the past 5 years, Vancouver West detached prices have increased 119.5%, attached 113.6% and condos 105%.

CMHC predict a 6% rise in prices in 2008. BC Credit Union are predicting a whopping 12% increase in Vancouver prices for 2008 and another 12-14% in 2009.

If you’d like the stats for your neighbourhood, please email me.

when you’re ready to buy or sell your vancouver condo, talk to Maggie

Updated April 11, 2008