Vancouver Market Analysis for June 2008

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The REBGV reports that residential attached, detached and apartment property sales in the Greater Vancouver area totalled 2,425 in June 2008, a decline of 42.9% from June 2007 and down from 2,999 in May 2008

New listings for detached, attached and apartment properties climbed 18% over a year ago, to 6546.

Although housing prices, on a year over year comparison continue to show single digit percentage increases, we are beginning to see more price reductions in properties listed on the market today. Homes priced at a competitive level continue to sell quickly, but it is important for people to accurately identify their home’s value when putting it on the market.

Sales of  detached properties declined 43.4% to 918 from 1,623 units compared to the same period in 2007 and down from 1,203 in May 2008. But the benchmark price rose 7% from June 2007 to $765,264

Sales of apartment properties in June 2008 declined 42.7% to 1.057 compared to June 2007 and down from 1,244 in May 2008.  The benchmark price, as calculated by the MLSLink Housing Price Index, of an apartment property increased 7.8% from June 2007 to $388,722. New Westminster bucked the trend and sales increased 42.4% from a year ago.

Attached property sales in June 2008 decreased 41.9% to 450 , compared with June 2007. and down from 555 in May 2008. The benchmark price of an attached unit increased 7.6% from June 2007 to $476,585.

 VANCOUVER WEST  STATS
                   Jun2008     Jun2007    May2008   YTD2008   YTD2007   

Units Sold          498            894         630           3332            4366 

Median Selling Price
Condos:    $445,000    $419,000   $458,500    $446,500    $403,000 
Attached: $683,850    $700,000   $723,500     $720,000    $658,000 
Det’d:    $1,549,000 $1,385,000 $1,500,000  $1,513,000 $1,308,500

Active Listings
                   Jun2008          May2008          Jun2007 
  
Condos:             892                1010               799
Attached:          162                171                  123
Detached:         337                 435                285
TOTAL             1391               1616               1207

MARKET REFLECTIONS FOR VANCOUVER (WEST SIDE)
The listings increased by a large number in April and May but decreased in June and are slightly higher than a year ago.  Sales in June decreased from May and are substantially lower than a year ago.. Vancouver West stats are considerably better than the overall Greater Vancouver area (which are the stats that are reported by the news).

Average Days on Market for condos are 31 (same as last month) houses 41 (up from 34 last month) townhomes and duplexes 29 (up from 27 last month).

Vancouver West detached price increased 9.5% from a year ago, attached increased 4.9% and condos 8%

Over the past 5 years, Vancouver West detached prices have increased 109.8%, attached 97.1.% and condos 98.2%.

The best appreciation for detached, over the last year, in the Greater Vancouver area,  is Squamish at 13.1%. The best value is on the Sunshine Coast.

The best appreciation for attached over the last year, in the Greater Vancouver area, is South Delta at 10.6%.

The best appreciation for condos over the last year, in the Greater Vancouver area, is Port Coquitlam at 9.7%

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.

Vancouver  Last 17 Years (from Ozzie Jurock)

Volume of sales now below 1992, 2003, 2004, 2005, 2006, 2007. Listings within 10% of all time highs. Prices still in record high.

The real estate industry is a key economic driver in BC. In 2007, 38,050 homes changed hands in the Board’s area, generating $1.065 billion in spin-offs. Dollar volume of residential sales set a new record at $22.25 billion and total dollar volume of all sales set a record at $22.77 billion. The REBGV represents 9,600 Realtors.

Buying or selling your Vancouver property? Fill out my contact form. Or search for properties for sale on this site. If you are a buyer or a seller at present, how are you finding the market? What do you think the next six months will bring?

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Tagged as: average price, buyers sellers, listings, market analysis june 2008, sales, vanouver real estate