April 2009 Real Estate Board of Greater Vancouver MLS Statistics

Signs of life

2009 began as a horrible year in the Vancouver real estate market. January was the worst month we’d seen in Vancouver in more than two decades. However, things have been steadily improving April’s statistics only strengthen this positive trend.

While February and March only looked good in comparison to the previous month, April also looks good on an annual comparison (although, as you can see below this strength was primarily on the westside). For the first time in more than a year our monthly numbers are showing positive signs on a year-to-year basis.

The official line

”We’re seeing greater balance in the housing market, as evidenced by a strong sales to active listings ratio of over 19 per cent,” Scott Russell, REBGV president said. “The result is a relatively stable market in which homes are being realistically priced.

“The bridge between buyer demand and housing supply is continuing to narrow, which, as we see, helps bring stability to home prices,” he said. “The trends in our housing market over the last couple of months offer a much more comfortable, historically normal set of conditions.”

Breaking it down

Sales are up significantly (+37.3% m-m) from 759 in March to 1011 (and this is nearly double the 550 seen in February, and quadruple the 252 in January). Year over year I think many would be surprised to learn that the number of sales actually ROSE (+0.8%) from 1003.

Meanwhile, listings are up slightly (+3.38% m-m) but on a year over year comparison they have fallen off sharply (-37.19% y-y) to 1437 from 2288. Whether measuring month to month (+15.75) or year over year (+26.52) the Sell/List ratio has rocketed up to 70.35%…a sign of a very strong and healthy market.

The result is that the active listings have fallen in both month to month (-5.48%) and year over year (-3.8%) measurements. Active listings at the end of April 2009 were 4020 in Vancouver compared to 4253 last month and 4179 last year.

Prices are still showing double digit drops on a year over year basis. However, what we are seeing for the first time in a year are positive month to month comparisons. You can see on the chart below that all housing types on the westside are up month to month as are attached homes on the eastside.

Monthly Vancouver MLS Statistics - April 2009

The future

Is the bottom of the market behind us already? It’s possible. I’ve heard some calling the bottom already. Unfortunately, my own crystal ball is cloudy…only time will tell.

Please Donate

On June 22nd, 2009 I will be attempting to break the record for the most ascents of the Grouse Grind for charity. The Royal LePage Shelter Foundation is an incredible organization which is there to help women and children suffering from domestic abuse. Of every dollar donated, 100% goes directly to those in need (Royal LePage covers all administrative costs of the charity).

Donate to the Royal LePage Shelter Foundation

More info on Vancouver real estate

Are you a first time home buyer? I have helped many first time buyers purchase their first home. If you are thinking of looking, I can help you take advantage of all the government programs and incentives, educate you on the process, and get you the best possible deal on the home that you want.

Contact Sebastian, Vancouver Realtor or send me a quick email.