Weekly Update – Vancouver Real Estate Statistics September 29th – October 5th | Vancouver Real Estate Blog

Here are the weekly statistics for the Real Estate Board of Greater Vancouver in the week of September 29th 2008 – October 5th, 2008 for my market area of Vancouver East and Vancouver West.

The market once again had a stronger week (making that two in a row in the right direction). Again, it’s far too early to know if this is a trend but it’s certainly another move in the right direction.

We saw new listings drop once again (-13.17%), while sales fell slightly (-6.77%). The result is that the Sell/List ratio got a slight boost and is now at 30.85% (+2.12). That’s the first time we’ve seen the Sell/List ratio up above 30% since late August.

The most significant change this past week was an enormous (+138.26%) boost in the number of listings taken off the market (either cancelled, terminated or expired). The vast majority of these were expired listings (402) which is typical at the end of the month. However, a much higher number than we have recently seen.

As a result, we saw the active listings take a solid drop this week (-3.74%). That drop breaks the rising trend we saw over the past three weeks, and is also the largest single drop in active listings we’ve seen this fall and summer.

Last week (you can read that here) I commented on the very low average price of the homes sold. This week, however that average has come back up significantly and is once again in the mid-$700,000s.

New Listings: 402 (-13.17%)
Avg List Price: $810,380 (-8.84%)
New Detached: 123 (-12.77%)
New Attached: 279 (-13.35%)

Sales: 124 (-6.77%)
Avg Sale List: $769,021 (+36.54%)
Avg Sale Sell: $715,933 (+32.74%)
Avg Diff: 7.42% (+2.99)
Avg DOM: 47.68 (+3.23)

Sell/List: 30.85% (+2.12)

Price Change: 386 (+2.66%)
Avg New List: $773,513 (-1.41%)
Avg Old List: $815,364 (-0.21%)
Avg Diff: 5.41% (+1.27)
Avg DOM: 67.11 (+3.77)

Removed Listings: 629 (+138.26%)

Active Listings: 5741 (-3.74%)