The Real Estate Board of Greater Vancouver (REBGV) recently released the statistics package for September 2008. The headline reads, “Home Prices Adapt to Affordability Demands”. In a nutshell, sales are down 42.9% (1,585 vs 2,776) and new listings rose 28.8% (6,142 vs 4,770).
“After five years of unprecedented increases, housing prices are beginning to realign,” REBGV president, Dave Watt said. “Although the economic situation in the United States has affected consumer confidence globally, the consensus view remains that our local housing market is underpinned by solid economic fundamentals.”
While the benchmark price for detached homes in Greater Vancouver is still showing a slight increase over a year-ago-period (+1.3% to $726,331) it is continuing it’s decline month-to-month. This past month the benchmark price for detached homes in Greater Vancouver fell -1.6% over August 2008.
Once again this month, the biggest drop was in Vancouver West where Detached properties fell month-over-month by -4.09% to $1,315,517. Interestingly, there was a slight rise in the month-over-month prices for Attached properties in both Vancouver East and West (+0.13% and +0.23% respectively).
The month of September was quite weak for weeks one through three. However, last week’s statistics looked encouraging (you can read all about them here: http://tinyurl.com/3emkux). Hopefully, that strengthening trend will continue into October.
Here are some specific numbers for the month of September 2008. The numbers in brackets indicate the month-to-month change for that statistic:
Westside
Sales: 308 (-2.84%)
Listings: 1391 (59.15%)
Sell/List: 22.14% (-14.13)
Mo. Supply: 12.91558442 (12.14%)
Active: 3978 (8.96%)
Det Bench: $1,315,517 (-4.09%)
Att Bench: $698,077 (0.23%)
Apt Bench: $465,309 (-0.75%)
Eastside
Sales: 156 (-12.36%)
Listings: 739 (37.62%)
Sell/List: 21.11% (-12.04)
Mo. Supply: 13.57051282 (26.87%)
Active: 2117 (11.19%)
Det Bench: $650,590 (-2.12%)
Att Bench: $531,504 (0.13%)
Apt Bench: $319,627 (-1.85%)
Copyright © 2008 by Sebastian Albrecht, Vancouver Realtor with Royal LePage Westside ”September 2008 Real Estate Board of Greater Vancouver Statistics”
|
|
|
|
|
|
Related posts:
- September 2009 Real Estate Board of Greater Vancouver MLS Statistics
- March 2009 Real Estate Board of Greater Vancouver MLS Statistics
- January 2010 Real Estate Board of Greater Vancouver MLS Statistics
- December 2009 Real Estate Board of Greater Vancouver MLS Statistics
- July 2009 Real Estate Board of Greater Vancouver MLS Statistics – Another Month, Another Record
