Weekly Update – Vancouver Real Estate Statistics September 22nd – 28th | Vancouver Real Estate Blog

Here are the weekly statistics for the Real Estate Board of Greater Vancouver in the week of September 22nd 2008 – September 28th, 2008 for my market area of Vancouver East and Vancouver West.

The market looked a lot stronger last week than in the previous three. Of course, that’s fairly typical for the last week of the month but it’s also an encouraging sign considering the weakness in the market of late.

New listings continued their downward trend (-13.13%) while sales jumped up significantly (+20.91%). The result was that the Sell/List ratio increased up to 28.73% which is the healthiest figure we’ve seen since the end of August.

There are a couple of other interesting changes in these numbers. Most significantly, we saw the average DOM (days on market) for sales drop down to 44.45 (-9.44). Properties simply sold much faster last week.

However, what properties are selling? The average price of the homes sold has been coming down consistently the last few weeks. Going back the last couple months the average was in the mid-$600,000 – mid-$700,000s. Last week’s numbers were in the mid-$500,000s. Perhaps more evidence that affordability really is driving the market right now.

New Listings: 463 (-13.13%)
Avg List Price: $888,931 (+8.52%)
New Detached: 141 (-13.50%)
New Attached: 322 (-12.97%)

Sales: 133 (+20.91%)
Avg Sale List: $563,210 (-15.71%)
Avg Sale Sell: $539,362 (-15.50%)
Avg Diff: 4.42% (-0.26)
Avg DOM: 44.45 (-9.44)

Sell/List: 28.73% (+8.09)

Price Change: 376 (+6.52%)
Avg New List: $784,570 (-7.04%)
Avg Old List: $817,077 (-8.20%)
Avg Diff: 4.14% (-1.31)
Avg DOM: 63.34 (+0.36)

Removed Listings: 264 (-12.29%)

Active Listings: 5964 (+2.02%)