Vancouver Housing Market Analysis for October 2008
November 6th, 2008 Categories: Vancouver Housing Market, Vancouver Real Estate
The REBGV reports that Greater Vancouver housing price reductions across Greater Vancouver over the last six months have eliminated price gains witnessed in the first quarter of 2008. October was the slowest month of the year for sales. Active listings were down and the median price is down from September 2008 . Active listings 1% higher in October, over a year ago. Average price for October versus September 2008 went UP (+04%).
Residential benchmark prices, as calculated by the MLSLink Housing Price Index, declined 8.8% between May and October 2008, resulting in a 3.9% year to date price reduction for detached, attached and apartment properties in Greater Vancouver between October 2007 and 2008. In May 2008 the overall residential benchmark price was $568,411, compared to $518,668 in October 2008.
”Home sales are not keeping pace with the positive economic conditions in BC”, said REBGV president Dave Watt.” That’s a direct result of a loss of consumer confidence in the overall market. Accordingly, today’s housing market is characterized by moderating home prices and wide selection. It’s definitely a buyer’s market.
Residential property sales in Greater Vancouver declined 55% in October’08 to 1,364 from 3,028 sales recorded in October’07. Read the rest of this entry »
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Vancouver Real Estate Analysis Downtown - September 2008
October 20th, 2008 Categories: Downtown, Vancouver Housing Market, Vancouver Real Estate
Vancouver’s Downtown condo market saw listings decrease in September, versus August, and sales slightly lower. Average days on the market for condos that sold increased to 50. The average price for Downtown condos that sold dropped to only $379,000. The average $ pr sq ft for condos that sold is only $565 (given that new construction starts at $700 pr sq ft, there is real value in resale condos). 90% of the sales were under $500,000. Best selling price range is under $400,000. Vancouver’s Downtown has almost a year’s worth of inventory.
Listings - 742
49 listings under $300,000. 217 listings between $300,000 and $400,000. 200 listings between $400,000 and $500,000. 227 between $500,000 and $1 million and 43 listed over one million dollars. The most expensive is $3.8 million for 3800 sq.ft.
2008 Listings - Jan 420 , Feb 457 ,Mar 529 , Apr 630, May 669 , June 740, July 745, Aug 782, Sept 742
Sales - 62
10 sales under $300,000. 35 sold between $300,000 to $400,000. 9 sales between $400,000 and $500,000. 6 sold between $500,000 and $1 million and one condo sold at a million dollars.
Least expensive sales was $220,000 for a studio 410 sq.ft. ($536 pr sq ft). The most expensive sale was $1 million for 1492 sq.ft. ($670 pr sq ft) Read the rest of this entry »
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Vancouver Real Estate Analysis False Creek North - September 2008
October 17th, 2008 Categories: False Creek North, Vancouver Housing Market, Vancouver Real Estate
Vancouver real estate analysis for False Creek North saw listings flat and sales up (two consecutive months). Days on the market dropped from 56 to 40 and the average selling price decreased from $799,000 to $631,944. The average supply of condos in this waterfront neighbourhood dropped from 18 months to 16 months and the best selling price range is between $400,000 and $500,000. The slowest selling price range is over $800,000.
Listings - 257
In False Creek North there are 14 listings under $300,000, 27 listed between $300,000 and $400,000, 27 listed between $400,000 and $500,000, 26 listed between $500,000 and $600,000, 12 listings between $600,000 and $700,000, 35 listings between $700,000 and $800,000, 36 listed between $800,000 and $900,000, 33 listings between $900,000 and $1 million and 73 listed over $1 million.
2008 Listings Feb 153, Mar 174, May 202, Jun 210, Jul 237, Aug 256, Sept 257
Sales - 16 Read the rest of this entry »
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Vanouver Real Estate Coal Harbour Analysis - September 2008
October 14th, 2008 Categories: Coal Harbour, Vancouver Housing Market, Vancouver Real Estate
Vancouver’s Coal Harbour statistics for September show listings up to 245 from 220 in August. Sales 16, up from August. Days on market up to 83, from 73 in August and average selling price down slightly from $1,513,062 to $1,569,772,. More condos selling over $1 million than under $1 million in September. There is currently a fifteen month supply of condos in Coal Harbour
Listings - 245
59 Coal Harbour condos listed under $500,000. 90 listed between $500,000 and $1 million. 67 listed between $1 and $2 million. 8 listed between $2 and $3 million. 14 listed between $3 and $5 million and 7 listed over $5 million.
The least expensive is a studio condo at $289,000 and the most expensive coal harbour listing is 3300 sq.ft at Harbour Green Two (1169 West Cordova) on the 21st floor, listed at $7,498,000.
2008 Listings - Jan 128,Feb 149, Mar 179, Apr 176, May 175, June 192, July 220, Aug 212, Sept 245
Sales - 16 Read the rest of this entry »
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Vancouver Real Estate Analysis for Kitsilano - September 2008
October 10th, 2008 Categories: Kitsilano, Vancouver Housing Market, Vancouver Real Estate
Vancouver real estate market analysis for Kitsilano condos saw sales for the month of September flat at 24, versus 25 in August. Listings up from 165 to 184. Average price for sold condos dropped from $416,240 to $408,,159. Average Days on the market dropped from 37 to 32. September saw a bottom end market with no sales above $600,000 in this hood. Seven and a half months supply of condos. Kitsilano prices are off 10% since January.
Listings 184 - 7 listings under $300,000. 46 listed between $300,000 and $400,000. 60 between $400,000 and $500,000. 32 listings between $500,000 and $600,000. 20 listed between $600,000 and $700,000. 11 listings between $700,000 and $800,000. 4 between $800K and $1 million and 4 over $1 million.
Listings Sept 184, Aug 166, July 159, Jun 157, May 145, Apr 130 Read the rest of this entry »
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Vancouver Property Graphs September 2008
October 7th, 2008 Categories: Real Estate News, Vancouver Real Estate
Graphs tell it all!
The statistics for Vancouer real estate for September show dollar volume for Vancouver real estate sales is back to where it was in January 2007. The listings decreased during the summer but increased again during September and sales are similar to where they were in August. The prices continue to slide.
Looking at the condos that sold, the busiest price range is the $300-450K. There is also more sales in the $1 million plus price range than there is in the $500,000 to a million.
About 65% of Vancouver West real estate sales are condos.
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Vancouver Real Estate Prices Continue to Slide
October 6th, 2008 Categories: Real Estate News, Vancouver Real Estate
The REBGV reports that Greater Vancouver residential property sales declined 42.9% in September’08 to 1,585 from 2,776 sales recorded in Sept’07. Sales were flat compared to 1,568 in Aug’08.
New listings for detached, attached and apartment properties increased 28.8% to 6,142 in Sept’08 compared to Sept’07, when 4,770 new units were listed. In Aug’08 there were 4,331 new listings.
”After 5 years of unprecedented increases, housing prices are beginning to realign” REBG president Dave Watt said. “Although the economic situation in the U.S. has affected consumer confidence globally, the consensus view remains that our local housing market is underpinned by solid economic fundamentals.”
Sales of houses declined 50.3%% to 546, from 1,099 sales in Sep’07 and up from 535 in Aug08. The benchmark price declined 1.6% from Sept’07to $726,331. Since May’08 it has declined 5.8% and dropped 1.5% for the month.
Sales of condos in Sept 2008 declined 35.1% to 764 compared to Sept 2007 and up from 740 in Aug’08. The benchmark price, as calculated by the MLSLink Housing Price Index, of an apartment property declined 0.7% from Sept 2007 to $369,062. Since May’08 the benchmark price for an apartment in Greater Vancouver has declined 5.2%.
Townhome sales in Sept 2008 decreased 41.9% to 450. compared to Sept 2007 and up from 293 from Aug’08. The benchmark price of an attached unit increased 7.6% from Sept’07 to Sept’08 to $476,585 and has declined 3% since May 2008. Read the rest of this entry »
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Vancouver Real Estate Market Analysis for Kitsilano
October 1st, 2008 Categories: Kitsilano, Vancouver Housing Market, Vancouver Real Estate
Vancouver real estate market analysis for Kitsilano condos saw sales for the month of September flat at 24, versus 25 in August. Listings up from 165 to 184. Average price for sold condos dropped from $416,240 to $408,,159. Average Days on the market dropped from 37 to 32. September saw a bottom end market with no sales above $600,000 in this hood. Seven and a half months supply of condos. Kitsilano prices are off 10% since January.
Listings 184 - 7 listings under $300,000. 46 listed between $300,000 and $400,000. 60 between $400,000 and $500,000. 32 listings between $500,000 and $600,000. 20 listed between $600,000 and $700,000. 11 listings between $700,000 and $800,000. 4 between $800K and $1 million and 4 over $1 million.
Listings Sept 184, Aug 166, July 159, Jun 157, May 145, Apr 130
Sales 24 -Vancouver real estate market for Kitsilano saw 4 sold under $300,00 (there were no sales under $300,000 prior to March), 7 sold between $300,000 and $400,000. 4 sold between $400,000 and $500,000 and 5 sold between $500K and $600K.
25% of the sales had a list price reduction. Amazingly one sold over list price and two sold at list price.
Less than 2 months supply of Vancouver real estate condos in Kitsilano listed under $300,000. Six and a half months supply for condos listed between $300,000 and $400,000. Fifteen months supply for condos listed between $400,000 and $500,000 and six and a half months supply for condos listed between $500,000 and $600,000. No market for condos over $600,000 in September 2008.
Reflections: For Vancouver real estate condos in Kits the least supply is for condos under $300,000 and then between $500,000 and $600,000.
2008 SALES - Jan 26, Feb 44 , Mar 20, Apr 42, May 45, June 35, July 38, August 25, Sept 24
Days on the market - January 27, February 18, March 18. April 28, May 28, June 28, July 43, August 37, Sept 32
Average price - Jan $449,600, Feb $486,260 Mar $451,000, Apr $ 476,452, May $492,063, Jun $ 398,350, Jul $439,663 , Aug 416,240, Sept $408,159
Average Selling Price pr sq ft $555
Sale price to list price ration - 97%
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Vancouver’s Downtown Real Estate Market Analysis August 2008
September 16th, 2008 Categories: Downtown, Vancouver Housing Market, Vancouver Real Estate
Vancouver real estate market Downtown in August saw sales up, listings up, days on the market up and average sale price up slightly. There is an 11 month supply of condos in Vancouver’s Downtown.
Listings 782. Up from 745 in July
39 listings under $300,000. 206 between $300,000 and $400,000. 220 between $400,000 and $500,000. 213 between $500K and $700K. 64 listings between $700K and $1 million and 46 listings over $1 million.
2008 Listings Jan 420 , Feb 457 ,Mar 529 , Apr 630, May 669 , June 740, July 745, Aug 782
Sales 69. Up from 65 in July Read the rest of this entry »
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Vancouver’s False Creek North Market Analysis August 2008
September 15th, 2008 Categories: False Creek North, Vancouver Housing Market, Vancouver Real Estate
Vancouver’s False Creek North saw listings up from 237 in July to 256 in August and sales increased from 9 to 14. Days on the market dropped from 56 to 51 and the average selling price increased from $550,000 to $799,000. There is an 18 month average supply of condos in this waterfront neighbourhood.
Listings - 256. 41 are listed under $500,000. 145 False Creek North listings between $500,000 and $1 million. 47 listed between $1M and $2M. 19 listed between $2 and $4 million and 2 listings over $4 million. Most expensive False Creek North condo is the Penthouse at 1000 Beach, now down to $14,800,000 from $18,200,000. Least expensive $334,500 for a 530 sq-ft l bedroom. Too many list price reductions to count!
Listings Feb 153, Mar 174, May 202, Jun 210, Jul 237, Aug 256 Read the rest of this entry »
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