Here are the weekly statistics for the Real Estate Board of Greater Vancouver in the week of August 25th 2008 – August 31st, 2008 for my market area of Vancouver East and Vancouver West.
Another week of holidays. Not for me, but for just about everyone else in the real estate world. I believe that as a result we saw a very weak week in the real estate market (slower even than last week).
After a strong decline in new listings last week, we saw a more gradual rise (+6.90%) this week. Sales were down quite significantly (-15.04%). The Sell/List ratio took a beating as a result (-8.55%) and sits at 33.14% for the week.
I suspect that what we are seeing in these numbers is a bit of a setup for a busier September. Buyers disappeared for the last few weeks on holidays while we started to see a few listings get listed early for the upcoming Fall season.
Still keeping an eye on the average days on market for sales, we saw it increase this past week up to 47.85 DOM (+5.41). This number has been bouncing around a fair amount lately. If the Fall season starts to pick up (and new listings are being priced more inline with market realities), then we should see this number begin to decline.
Probably the only bright spot in the week was that active listings continued to drop. Once again, it wasn’t a significant move (-0.29%) but it’s a positive direction. As I stated in previous weeks, I suspect that this number should continue to decline as stale listings continue to be removed from the peak we saw in July.
New Listings: 341 (+6.90%)
Avg List Price: $862,045 (+5.01%)
New Detached: 105 (+5.00%)
New Attached: 236 (+7.76%)
Sales: 113 (-15.04%)
Avg Sale List Price: $739,168 (+3.95%)
Avg Sale Sell Price: $709,550 (+4.61%)
Avg Difference: 4.17% (-0.66)
Avg DOM for Sale: 47.85 (+5.41)
Sell/List Ratio: 33.14% (-8.55)
Price Changes: 242 (+0.41%)
Avg New List Price: $819,144 (-9.86%)
Avg Old List Price: $860,432 (-9.00%)
Avg Difference: -5.05 (+0.99)
Avg DOM for Price Change: 71.55 (+12.53)
Active Listings: 5493 (-0.29%)
Sebastian Albrecht, Vancouver Realtor with Royal LePage Westside
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