Listing versus Sales update for January 5 – January 12

182 new listings in the Vancouver West Region with 102 (56%) falling in the downtown areas (including: West End, Downtown, Coal Harbour, and False Creek North sub-areas).

New Listings Per Sub-Area:

* Downtown Core: 49 (48%)
* Coal Harbour: 12 (12%)
* West End: 17 (16%)
* False Creek North: 24 (24%)

TOTAL : 102

27 total sales in the Vancouver West Region with 16 (59%) falling in the downtown areas.

Sales Per Sub-Area:

* Downtown Core: 7 (44%)
* West End: 4 (25%)
* Coal Harbour: 2 (13%)
* False Creek North: 3 (18%)

TOTAL : 16

Not surprisingly we see a notable increase in new listings this past week when compared to the lull caused by the holiday season in the three weeks prior. Buying figures have remained relatively static during this period, and will most likely see an increase in the next two weeks. The sales to listing ratio dips to [27 : 182] or 15%. Of those sales the majority of product moved in the $300,000 to $600,000 price bracket. New listing numbers returned to pre-holiday levels this week.

If you have any questions about specific figures or activity in your neighbourhood please do not hesitate to give us a call! And remember to visit www.vancouverrealtyonline.com for up to date statistics, new listings, and all relevant real estate news!

VANCOUVER, B.C. – December 2, 2008 – November reductions in home sales and prices have helped improve affordability in Greater Vancouver. However, November also saw a corresponding decrease in the number of new homes coming onto the market.

In its most recent statistics release, the Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver declined 69.7 per cent in November 2008 to 874 from the 2,883 sales recorded in November 2007.

Residential benchmark prices, as calculated by the MLSLink Housing Price Index®, declined 12.8 per cent between May and November 2008, amounting to an 8.3 per cent year-to-date price reduction for detached, attached and apartment properties in Greater Vancouver between November 2007 and 2008. In May 2008, the overall residential benchmark price was $568,411, compared to $495,704 in November 2008.

“Times of turmoil, from which we always emerge, offer excellent opportunities to buy quality real estate,” says REBGV president, Dave Watt.“For those whose personal finances allow them to get involved, there are opportunities in today’s housing market that have not been seen in many years.

“The local real estate market is not immune to the current economic challenges globally; however, Canada’s disciplined lending structure has kept the mortgage landscape steady in these uncertain times.”

New listings for detached, attached and apartment properties declined 10.8 per cent to 3,012 in November 2008 compared to November 2007, when 3,377 new units were listed. Active listings in November declined 4.7 per cent to 18,348 from the 19,257 active listings in Greater Vancouver in October 2008.

Sales of detached properties in November 2008 declined 69.8 per cent to 322 from the 1,067 units sold during the same period in 2007. The benchmark price for detached properties declined 8.6 per cent from November 2007 to $666,525. Since May 2008, the benchmark price for a detached property in Greater Vancouver has declined 13.6 per cent.

Sales of apartment properties declined 67.9 per cent last month to 410 compared to 1,276 sales in November 2007. The benchmark price of an apartment property declined 8.6 per cent from November 2007 to $342,315. Since May 2008, the benchmark price for an apartment property in Greater Vancouver has declined 12.2 per cent.

Attached property sales in November 2008 decreased 73.7 per cent to 142, compared with the 540 sales in November 2007. The benchmark price of an attached unit declined 6.4 per cent between November 2007 and 2008 to $426,287. Since May 2008, the benchmark price for an attached property in Greater Vancouver has declined 11 per cent.

With over 30 years combined experience our agents specialize in facilitating flawless, and beneficial real estate transactions for our clients.   From property marketing to negotiation  we offer an unparalleled depth of real estate services across a wide spectrum of media formats, and markets.