One more year has ended. With the beginning of 2009 we can reflect back on 2008 and the year that was (at least as far as real estate goes). According to the REBGV, the record-breaking seven year upward swing of our real estate cycle ended last year. A detached home rose from $357,770 in December 2001 to $648,421 in December 2008.
Sales fell 35.3% in 2008 compared to 2007 (24,626 vs 38,050). At the same time, listings increased 13.9% from 54,945 up to 62,561.
“Trends in the latter half of 2008 showed a consistent month-over-month decrease in residential housing prices, a departure from the rising home prices and record-breaking sales that were experienced in Greater Vancouver for much of this decade,” said REBGV president, Dave Watt.
“It’s also important to note that our December statistics show a third consecutive month of a decrease in active property listings in Greater Vancouver. That means supply is coming down,” Watt said. “Last month was also the first time in 27 years that Greater Vancouver homes sales for December were higher than November.”
Benchmark prices fell 10.9% from December 2007 to December 2008. Those prices have fallen 14.8% since May 2008 in Greater Vancouver to $484,211 from $568,411.
“For buyers, lower prices haven’t been a concern as much as the perception that prices are falling. It’s difficult to identify the ‘bottom’ of the market. The reality is that people tend to buy when prices are going up, not when they’re going down,” Watt said.
Now, looking specifically at what is happening in the City of Vancouver we are generally following the Greater Vancouver trend. However, I find it interesting to note that prices in Vancouver West appear to be a little more stable than those in Vancouver East. You can see in the chart below that prices actually rose in Vancouver West month-to-month while they fell across the board in Vancouver East.
I think we had a lot of bargain hunters out this past month. People were taking advantage of falling interest rates, a lack of competition as well as desperate sellers. The result, as Dave Watt mentioned, was that for the first time in 27 years sales in December were higher than November.
It shall be interesting to see how the market begins the new year. We’ve seen a sharp decline in the number of active listings. Will January bring a big increase? Will buyers continue to eagerly pick up bargains in the Vancouver real estate market?
Vancouver MLS Real Estate Statistics - December 2008
Perhaps you still have questions, or you are interested in buying or selling then you can contact Sebastian Albrecht, Vancouver Realtor or send me a quick email.
Copyright © 2008 Vancouver Realtor Blog by Sebastian Albrecht, Vancouver Realtor with Royal LePage Westside ”December 2008 Real Estate Board of Greater Vancouver MLS Statistics”
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Related posts:
- December 2009 Real Estate Board of Greater Vancouver MLS Statistics
- October 2009 Real Estate Board of Greater Vancouver MLS Statistics
- September 2009 Real Estate Board of Greater Vancouver MLS Statistics
- July 2010 Real Estate Board of Greater Vancouver MLS Statistics
- May 2010 Real Estate Board of Greater Vancouver MLS Statistics
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