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.
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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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