Weekly Vancouver Real Estate Update – August 3rd 2009 – Sales Drop | Vancouver Real Estate Blog

After months of moving from strength to strength, the Vancouver real estate market finally took a bit of a breather last week. The previous week had been the strongest we’d seen in years and it showed no sign of slowing, but slow it did.

New Listings – Vancouver

New Listings have been bouncing around a bit over the last few weeks. Generally, new listings of homes in Vancouver have stayed above 300 each week. The last time we fell below 300 was back at the start of April 2009. This week saw a -14.7% decline in the number of new listings in the Vancouver real estate market. This meant that we had only 296 new listings vs. 347 the week before.

Home Sales – Vancouver

Sales of Vancouver homes have generally been above 250 and usually closer to 300 since the start of April 2009. This week marks the first time since that we fell below that 200 barrier since then, and we did it with gusto. There were just 158 sales in the Vancouver real estate market last week vs 351 the week before. That’s a serious decline of -54.99%.

Sell/List Ratio – Vancouver

While still above 50%, our Sell/List ratio took a beating this past week. We haven’t seen this number in this vicinity since March 2009. The sell/list fell sharply (-47.77) to 53.38% from 101.15%.

Price Change – Vancouver

Price changes dropped for the second week in a row (-6.33%). From 79 the previous week, there wer 74 price changes in the Vancouver real estate market this past week.

Active Listings – Vancouver

We hit a record low in the number of Active Listings the previous week. With some of the changes in the market, we weren’t able to beat it this week. However, the number remained fairly flat (+0.09%) and went to just 3219 from 3216.

The Bottom Line

I couldn’t see any signs of the market slowing in the previous week, and that’s just when it did. I suspect these numbers are not a sign of things to come. My feeling is that these numbers reflect the effect of the long-weekend that took place (BC Day) during the week and that we’ll see the numbers return to strength this coming week.

Weekly Vancouver Real Estate Statistics - August 3rd - August 9th, 2009

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On June 22nd, 2009 I broke the record for the most ascents of the Grouse Grind for charity. The Royal LePage Shelter Foundation is an incredible organization which is there to help women and children suffering from domestic abuse. Of every dollar donated, 100% goes directly to those in need (Royal LePage covers all administrative costs of the charity).