Housing Market Remains Strong!

November Unit Sales Up, Number of New Listings Up, Prices Up.

The “Published Stats”
The Real Estate Board of Greater Vancouver (REBGV) reports overall residential sales of Detached, Attached and Apartment properties reached 2,883 units in November 2007, up 22.2% over prior year unit sales of 2,358.
 
Property listings were 6.6% higher than prior year levels at 3,377 units. Resale inventory is not building. The average "Days On Market" remains buoyant at 44 Days, consistent with November 2005 and 2006 at 43 days. 

Message from the President
"The housing market continues to be strong," says REBGV president Brian Naphtali. "November figures show strong growth compared to last year, [and] are basically on par with figures from 2005, and are 16% higher than the same period in 2004. Affordability is a key question," Naphtali says. "Our data indicates that about 60% of residential homes purchased in November were multi-family, which includes condos and townhomes."

Apartment Sales
According to Multiple Listings Service (MLS) data, sales of apartment properties increased 21.5% to 1,276 units in November 2007 compared to 1,050 units sold in November 2006. The benchmark price for an apartment property in Greater Vancouver, calculated by the MLS Housing Price Index, is $374,393 up 13.6% from one year ago.

Attached Sales
Sales of attached properties increased by 33.7% in November 2007 to 540 units sold, compared with 404 units sold in November 2006. The benchmark price of an attached unit is $455,332, up 11% from a year ago.

Detached Sales
Sales of detached properties increased by 18% in November 2007 to 1,067 units sold, compared with 904 units sold in November 2006. The benchmark price of a detached unit is $729,011, up 12.6% from last year.

North Shore Details
On the Northshore, November 2007 reported combined sales of 301 units, up 24.4% from November 2006. Year over year, prices are up across all property types.

North Vancouver Market
Detached home sales of 87 units in November 2007 up 24.3% (17 units) from November 2006.  YTD 2007 sales of 1,095 units are off 1.8% (20 units).  YTD median price is up 9.8% at $803,250.
Attached home sales of 35 units in November 2007 are up 16.7% (5 units) from November 2006.  YTD sales of 35 units are up 4.6% (19 units). YTD median price is up 12.7% at $560,000.
Apartment home sales of 99 units in November 2007 are up 39.4% (28 units) over November 2006. YTD sales of 1,079 units are up 12.9% (123 units). YTD median price is up 14.7% at $343,000.

West Vancouver / Howe Sound Market
Detached home sales for November 2007 were 56 units, up 16.7% (8 units) from November 2006. YTD sales of 718 units are up 2.3% (16 units). YTD Median price is up 10.4% at $1,400,000.
Attached home sales of 6 units for November 2007 are on par with the 5 units sold in November 2006. YTD sales of 58 units are off 19.4% (14 units) from the same period last year. YTD Median price is up 30% at $1,085,000. 
Apartment home sales of 18 units for November 2007 are on par with November 2006.  YTD sales of 197 units are up 5.9% (11 units). YTD median price is up 9.2% at $682,500.

Sea To Sky Corridor Details

Howe Sound YTD NOV
Detached 2007 - 4 sales (3 waterfront), average price $1,342,675 or $595/sf
Detached 2006 - 5 sales, average price $1,301,200 or $539/sf
Attached 2007 - 5 sales, average price $982,600 or $351/sf
Attached 2006 - 9 sales, average price $865,487 or $350/sf
 
Lions Bay YTD NOV
Detached 2007 – 25 sales, average price $1,065,920 or $374/sf
Detached 2006 – 14 sales, average price $1,003,771 or $403/sf
Attached 2007 – 1 sale, at $405,000 or $338/sf
Attached 2006 – no sales
 
Furry Creek YTD NOV
Detached 2007 - 7 sales, average price $1,077,957 or $358/sf (3 ParkLane Homes)
Detached 2006 – 8 sales, average price $1,077,500 or $371/sf (4 ParkLane Homes)
Attached 2007 – 2 sales, average price $1,122,500 or $328/sf (1 waterfront 3,800sf)
Attached 2006 – 4 sales, average price $902,800 or $320/sf
 
Britannia Beach YTD NOV
Land 2007 – 6 sales, average price $368,833 or $5.08/sf
Land 2006 – 5 sales, average price $423,600 or $8.92/sf
Detached 2007 – 2 sales, average price $461,500 or $366/sf
Detached 2006 – 4 sales, average price $295,125 or $259/sf

If you or someone you know are thinking of buying or selling please give us a call.  We’re glad to help with your personal real estate needs.

Anita Schmitt, Realtor – Royal LePage Northshore Cell 604.787.1456
Tom Davis, Realtor – Royal LePage Northshore Cell 604.315.0172
 
 
This communication is not intended to cause or induce breach of an existing agency agreement.
 
Source of data – MLS Stats REBGV December 4, 2007