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
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