Residential prices are continuing to climb while we see fewer housing sales in March 2008 compared to last year.
There were 2,997 residential property sales in Metro Vancouver in March 2008, a decline of 16.3% from 3,582 sales recorded in March 2007. New listings rose 4% to 5,674 in March 2008 compared to March 2007 when there were 5,456 units listed.
“The market is continuing to balance, with sales and listings beginning to re-align with our 10-year averages, “says REBGV president, Dave Watt. “The selection of inventory hitting the market is wider than we have seen in the past few years, which gives prospective buyers more choices.”
Sales of detached properties declined more strongly than attached. 20.2% versus 10.6% respectively. This is a number that I am interested in continuing to watch as it may be a trend reflecting the lack of affordability in the market. The benchmark price for a detached property (house) rose 12.1% year-over-year to $764,616 while apartments rose 11.5% to $389,609.
Sebastian Albrecht, Vancouver Realtor with Royal LePage Westside
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