January 2009 is over and thanks to the Vancouver real estate board we can now see what kind of a month it was. So…what’s the verdict? Not absolutely terrible. Of course, that’s not saying too much. The Vancouver real estate market has seen some bad months recently.
“Home sales and consumer confidence are at a low point at the moment, but the long-term strength and security of our housing market are beyond the reach of the economic clouds of today,” Dave Watt, REBGV president said.
“Today’s short-term conditions are creating long-term opportunities. Buying opportunities have not been this strong in a decade, with low interest rates, broad selection and more affordable prices,” Watt said.
New Listings continued to drop on a month to month basis. For all of Greater Vancouver, listings dropped -20.9% to 3,700 from 4,675 last January. Vancouver listings fell -15.31% from 1470 to 1245.
While it’s good news to fewer New Listings coming onto the market, we don’t have the same good news for the other side of the equation: sales. Sales in Greater Vancouver fell -58.1% to 762 from 1,819. For the City of Vancouver specifically sales were down -55.32% to 252 from 564.
I don’t have data that goes as far back as the REBGV. However, the Vancouver real estate board claims that January saw the lowest sales volume for that month since the 1980s.
The residential benchmark price for all of Greater Vancouver fell -10.9% to $498,007. The detached benchmark (house) for Vancouver was down -16.63% to $863,456 from $1,035,637. I find it interesting to note that Vancouver Westside prices have been hit harder in this decline than Vancouver Eastside.
It’s also worth noting that the benchmark prices are actually showing some strength. The only benchmark price that saw a decline this past month was the detached benchmark for Vancouver Westside. Every other number saw a modest increase over December…from +6.77% for Westside attached benchmark to +0.28% for Westside apartment benchmark.
[I've made a change to the Vancouver real estate statistics graph down below. In previous months I've only shown the changes from the previous month to the current month (Change M-M). This month I've changed this to include the percentage change from the same month a year ago (Change Y-Y)]
Vancouver MLS Real Estate Statistics - January 2009
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 © 2009 Vancouver Realtor Blog by Sebastian Albrecht, Vancouver Realtor with Royal LePage Westside ”January 2009 Real Estate Board of Greater Vancouver MLS Statistics”
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Related posts:
- January 2010 Real Estate Board of Greater Vancouver MLS Statistics
- December 2009 Real Estate Board of Greater Vancouver MLS Statistics
- February 2009 Real Estate Board of Greater Vancouver MLS Statistics
- March 2009 Real Estate Board of Greater Vancouver MLS Statistics
- May 2009 Real Estate Board of Greater Vancouver MLS Statistics
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Hi Sebastian,
Great post. It sounds like our Edmonton real estate market is similar to yours. Our market is off 33% for December and 33% for January sales volume. See http;//www.realestateinedmonton.blogspot.com Our listings our down too, we are not noticing as much of a spike in inventory as we did in early 2008. How does your listing inventory compare to last year at this time?