Vancouver Market Analysis for May 2008

June 5th, 2008 Categories: Real Estate

The RBGV reports that residential attached, detached and apartment property sales in the Greater Vancouver area totalled 3,002 in May 2008, a decline of 30.7% from May 2007, and and down from 3,200 in April 2008

New listings for detached, attached and apartment properties climbed 20% over a year ago, to 7390, and up from 7010 in April. Sales continue to be strong, but there is a lot more choice on the market today. Prices are not increasing as rapidly, now down to single digits overall, which is good news from an affordability standpoint and market stability. We are now back to a normal market where sellers have more competition and buyers have a good selection.

Sales of detached properties declined 33% to 1,203 compared to the same period in 2007 and down slightly to 1,280 from April 2008. But the benchmark price rose 8% from May 2007 to $771,321.

Sales of apartment properties in May 2008 declined 30% to 1,244, compared to May 2007 and down slightly from 1,317 in April 2008. The benchmark price, as calculated by the MLSLink Housing Price Index, of an apartment property increased 8% from April 2007 to $389,688

Attached property sales in May2008 decreased 24% from May 2007. The benchmark price of an attached unit increased 9% from May 2007 to $478,931

VANCOUVER WEST STATS
May2008 May2007 Apr2008 YTD2008 YTD2007

Units Sold 630 911 628 2212 3472

Median Selling Price
Condos:   $448,500    $415,000    $444,500    $448,000    $400,000
Attached: $725,000    $639,000   $748,000     $725,000    $649,000
Det’d:    $1,502,000 $1,374,000 $1,501,000 $1,502,000 $1,285,000

Active Listings
                   May2008          Apr2008          May2007

Condos:            1010               997                799
Attached:           171                150                162
Detached:          435                372                292

MARKET REFLECTIONS FOR VANCOUVER WEST SIDE
The listings increased by a large number in April and May but are now levelling off. Sales are flat, not decreasing or increasing and prices are also levelling.

There are many overpriced listings on the market and these will eventually “expire”, which will be good for the market. Average Days on Market for condos are 31, houses 34 townhomes and duplexes 27. Townhomes are up slightly from 19 in April. Houses and condos remain the same. In conclusion, listings are slightly up, sales and prices and days on market are constant.

Vancouver West detached price increased 6.4% from a year ago, attached increased 10.1% and condos 7.8%

Over the past 5 years, Vancouver West detached prices have increased 106%, attached 113.% and condos 100%.

The best appreciation for detached, over the last year, in the Greater Vancouver area was Port Moody at a whopping 27.5%. The best value is on the Sunshine Coast.

If you’d like stats for your neighbourhood please email me. maggiechandler@telus.net

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.

Did you know you can search for listings on this site?

What do you think? Will prices increase or decrease? If you are a Seller or Buyer in this market what are you experiencing? Are you enjoying the market?

Have a specific statistic you’d like to know about? Tomorrow I’ll be doing the West Side condo hoods.

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This entry was posted on Thursday, June 5th, 2008 at 5:15 pm and is filed under Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.