New Listings Outpace Sales for Vancouver’s April Real Estate Market

May 9th, 2008 Categories: Real Estate News, Vancouver Real Estate

The Real Estate Board of Greater Vancouver reports that residential attached, detached and apartment property sales in the Greater Vancouver area totalled 3,218 in April 2008, a decline of 5% from April 2007, and a decline of 3.8% compared to April 2006.

New listings detached, attached and apartment properties in the Greater Vancouver area climbed 25.6% over a year ago, to 7010. Sales continue to be strong, but there is a lot more choice on the market today. This is good news for a market that has been defined by record breaking activity for most of this decade.

Despite this seeming re-balance between sales and listings, it took, on average, 6 fewer days to sell a home in Greater Vancouver compared to the previous year, with a days on market average of 33 in April this year.

Sales of detached properties declined 7.8% to 1,293 compared to the same period in 2007. But the benchmark price rose 11.% from April 2007 to $771,321.

Sales of Greater Vancouver apartment properties in April 2008 declined 2.1% to 1,317, compared to April 2007. The benchmark price, as calculated by the MLS Link Housing Price Index, of an apartment property increased 19.6% from April 2007 to $389,070.

Attached property sales in April 2008 were down 4.1% from April 2007. The benchmark price of an attached unit increased 10.5% from April 2007 to $477,900.

VANCOUVER WEST STATS
Apr2008 Apr2007 Mar2008 YTD2008 YTD2007

Units Sold 628 735 600 2204 2561

Median Selling Price
Condos:      $444,500    $410,000    $453,000    $445,000    $397,500
Attached: $748,000    $665,000     $719,000     $725,000    $666,500
Det’d:          $1,501,000 $1,270,000 $1,474,000 $1,532,000 $1,250,000

Active Listings
                   Apr2008          Mar2008          Apr2007

Condos:             997               811                    700
Attached:          150               133                   119
Detached:        372                298                  307

MARKET REFLECTIONS FOR VANCOUVER
Vancouver West detached price increased 13% from a year ago, attached increased 10.7% and condos 9.8%

Over the past 5 years, Vancouver West detached prices have increased 108%, attached 110.% and condos 102%.

The best appreciation for detached, over the last year, in the Greater Vancouver area was Squamish at a whopping 25%. The best value is on the Sunshine Coast.

Read my market analysis for March 2008.

CMHC predict a 6% rise in prices in 2008. BC Real Estate Association are predicting a whopping 11% increase in Vancouver prices for 2008 and 8% in 2009 and 5% in 2010. The Credit Union of BC’s chief economist, Cameron Muir, is predicting 12% this year and 9% next.

Buying or selling a Vancouver condo? Fill out my contact form or search for listings on this site.

So there you have it! The market has a mind of its own and continues to trend upward. Who do you agree with the Greater Fool, Mr. Doom and Gloom Turner or the BC Economists? Are you a buyer or seller at this time? How are you finding the market?

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