December 31, 2008
Leverage
December 31st 2008
26 month lows!!!
Below you will find the Sales and Listings statistics for Sunday November 30th 2008.
Listing inventory & % variance from same day last year:
Detached (Houses) Attached (Apartments/Town Houses)
Van East 748 (+65%) 778 (+110%)
Van West & DT 756 (+103%) 2343 (+110%)
West Van 433 (+74%) 150 (+60%)
North Van 295 (+228%) 421 (+67%)
Burnaby Nth 202 (+71%) 510 (+132%)
Sales inventory & % variance from same day last year:
Detached (Houses) Attached (Apartments/Town Houses)
Van East 60 (-38%) 87 (-33%)
Van West & DT 56 (-0%) 149 (-53%)
West Van 13 (-51%) 06 (-50%)
North Van 37 (-21%) 37 (-57%)
Burnaby Nth 13 (-38%) 31 (-58%)
Statistics courtesy of your local Real Estate Board and reflects MLS sales as reported. Not intended to solicit buyers or sellers currently under contract with a broker.
The British Columbia Real Estate Association on Friday December 12th 2008 reported that housing prices in the province hit 26-month lows. This is a fact that is helping to give potential First Time home buyers a glimmer of hope of getting into a market that once seemed to be ascending out of reach.
• December ‘08 was the 3rd consecutive month of a decrease in Vancouver listings, meaning supply is coming down.
• December ’08 was the first time in 27 YEARS that Vancouver home sales for December were higher than November.
West Side Listing inventory and % variance from Nov ’08 - Dec ’08:
November ’08 December ’08 %Variance
Detached 949 756 (-20%)
(House)
Attached 2822 2343 (-20%)
(Apt/ Th/ Dplx)
Total 3771 3099 (-18%)
West Side Sales Summary and % variance from Nov ’08 - Dec ‘08:
November ’08 December ’08 %Variance
Detached 25 56 (+124)
(House)
Attached 14 28 (+100%)
(Townhouse/ Duplex)
Apartment 131 121 (+7.6)
Total 170 205 (+20.5)
Statistics courtesy of your local Real Estate Board and reflects MLS sales as reported. Not intended to solicit buyers or
sellers currently under contract with a broker.
Vancouver West BENCHMARK PRICE variances since the fall in MAY ’08:
Detached: (-15.9%)
Attached: (-11.6%)
Apartments: (-14.5%)
A GUIDE FOR VANCOUVER FIRST TIME HOME BUYERS
November 30th 2008
Buyers market statistics
Below you will find the Sales and Listings statistics for Sunday November 30th 2008.
Listing inventory & % variance from same day last year:
Detached (Houses) Attached (Apartments/Town Houses)
Van East 935 (+73%) 951 (+98%)
Van West & DT 949 (+141%) 2822 (+115%)
West Van 539 (+73%) 172 (+62%)
North Van 423 (+136%) 558 (+58%)
Burnaby Nth 255 (+77%) 594 (+92%)
Sales inventory & % variance from same day last year:
Detached (Houses) Attached (Apartments/Town Houses)
Van East 44 (-70%) 48 (-65%)
Van West & DT 25 (-78%) 145 (-70%)
West Van 20 (-64%) 09 (-63%)
North Van 32 (-63%) 45 (-66%)
Burnaby Nth 10 (-82%) 41 (-57%)
Statistics courtesy of your local Real Estate Board and reflects MLS sales as reported. Not intended to solicit buyers or sellers currently under contract with a broker.
Selling:
Sales are still down substantially and listings are up. What this means for sellers is unfortunately buyers in this market are only receptive to one thing, a low purchase price. As a result, sellers need to make their property more financially appealing then the next. Whith out a cheaper price there is just no competition.
Buying:
If you are looking at buying property in this market, you still very much have the upper hand. With such high numbers of homes to choose form the sellers are forced to sit back and wait for an offer. Owners & selling agents are almost finding that any offer is a good offer these days. A very high number of price reductions are also taking place at the moment, adding to the benefits to be had by buyers in the current market.
Real Estate Board November Market News Release: “SLOW HOME SALES CREATE WINDOW OF OPPORTUNITY”
Real Estate Board November Market Average Price Graph: “January 1977 to November 2008”
Octoberber 31st 2008
A great time to buy!
Below you will find the Sales and Listings statistics for Friday October 31st 2008.
Listing inventory & % variance from same day last year:
Detached (Houses) Attached (Apartments/Town Houses)
Van East 286 (+62%) 621 (+94%)
Van West & DT 472 (+155%) 590 (+146%)
West Van 1014 (+140%) 2868 (+118%)
North Van 565 (+88%) 182 (+47%)
Burnaby Nth 1007 (+51%) 987 (+121%)
Sales inventory & % variance from same day last year:
Detached (Houses) Attached (Apartments/Town Houses)
Van East 14 (-69%) 50 (-49%)
Van West & DT 55 (-34%) 60 (-55%)
West Van 73 (-55%) 60 (-60%)
North Van 52 (-67%) 220 (-55%)
Burnaby Nth 19 (-63%) 11 (-52%)
Statistics courtesy of your local Real Estate Board and reflects MLS sales as reported. Not intended to solicit buyers or sellers currently under contract with a broker.
Sales are down substantially and listings are up. What this means is that if you are selling, you need to advertise and price your property very effectively to make it attractive to the types of buyers this market provides. If you are looking at buying property, you finally have the upper hand in this market. Due to the flooding of listings available, buyers have a lot of leverage.
September 30th 2008
Buyers Market Statistics
Below you will find the Sales and Listings statistics for Tuesday September 30th 2008.
Listing inventory & % variance from same day last year:
Detached (Houses) Attached (Apartments/Town Houses)
Van East 1077 (+41%) 967 (+51%)
Van West & DT 1044 (+52%) 2878 (+51%)
West Van 576 (+40%) 179 (+24%)
North Van 453 (+47%) 581 (+48%)
Burnaby Nth 308 (+82%) 660 (+65%)
Sales inventory & % variance from same day last year:
Detached (Houses) Attached (Apartments/Town Houses)
Van East 68 (-60%) 85 (-36%)
Van West & DT 45 (-59%) 258 (-43%)
West Van 22 (-59%) 10 (-47%)
North Van 41 (-49%) 60 (-47%)
Burnaby Nth 29 (-18%) 68 (-18%)
Statistics courtesy of your local Real Estate Board and reflects MLS sales as reported. Not intended to solicit buyers or sellers currently under contract with a broker.
August 31st 2008
Buyers Market Statistics
Below you will find the Sales and Listings statistics for Sunday August 31st 2008.
Listing inventory & % variance from same day last year:
Detached (Houses) Attached (Apartments/Town Houses)
Van East 1016 (+152%) 854 (+91%)
Van West & DT 964 (+128%) 2659 (+102%)
West Van 535 (+78%) 179 (+44%)
North Van 389 (+110%) 517 (+115%)
Burnaby Nth 299 (+69%) 624 (+95%)
Sales inventory & % variance from same day last year:
Detached (Houses) Attached (Apartments/Town Houses)
Van East 81 (-50%) 97 (-44%)
Van West & DT 46 (-70%) 281 (-51%)
West Van 19 (-69%) 14 (-42%)
North Van 56 (-35%) 56 (-62%)
Burnaby Nth 22 (-55%) 64 (-48%)
Statistics courtesy of your local Real Estate Board and reflects MLS sales as reported. Not intended to solicit buyers or sellers currently under contract with a broker.