2007 Residential Housing Market Second Strongest On Record!

Stats for the year show continued market strength...

The “Published Stats”

Residential housing sales for 2007 are the second highest ever recorded by the Real Estate Board of Greater Vancouver (REBGV). The board reports residential detached, attached and apartment property sales totalled 38,050 units between January 1 and December 31, 2007 a 7.2% increase over 2006 and only 6.1% off the record set in 2005 of 40,530 sales.

Aggregate residential sales for December 2007 climbed to 1,897 units, a 12.5% lift over the 1,686 units sold in December 2006. Days On Market (DOM) for December 2007 was 45 days, consistent with November 2007 at 44 days, and lower than the 52 days on market reported in both December 2006 and 2005!

Message from the President

Brian Naphtali says” The continued strength of the real estate market is a reflection of the economic vitality seen throughout the province. With overall wages on the rise and unemployment in decline, buyers and sellers are left with a healthy and strong climate in which to operate."

2007 Apartment Sales

Multiple Listings Service (MLS) data shows sales of apartment properties rose 21.6% in December to 901 units vs. 741 sales in December 2006. The benchmark price, as calculated by the MLSLink Housing Price Index, increased 14.4% to $377,579. For the year as a whole, sales of apartment properties increased 9.1% to 16,456 units compared to 15,088 units sold in all of 2006.

2007 Attached Sales

Sales of attached properties rose 1.6% in December 2007 to 317 units vs. 312 units sold in December 2006. The benchmark price of an attached unit is up 11.4% vs. December 2006 to $456,941. For the year, sales of attached properties rose 7.7% to 6,799 units vs. the 6,310 units sold in 2006.

2007 Detached Sales

Sales of detached properties rose 7.3% in December 2007 to 679 units vs. 633 units sold in December 2006. The benchmark price of a detached unit is $730,399, up 13.5% from December 2006. Total detached sales rose 4.9% to 14,795 units vs. the 14,108 units sold in 2006.

North Shore Details

On the Northshore, December 2007 reported combined sales of 173 units, up 14.6% from December 2006. Year over year, prices are up across all property types.

North Vancouver Market

Detached home sales of 47 units in December 2007 up 2 units from December 2006.  YTD 2007 sales of 1,142 units are off 1.6% (18 units).  YTD median price is up 10.3% at $805,000.

Attached home sales of 21 units in December 2007 are up 10.5% or 2 units from December 2006.  YTD sales of 453 units are up 4.9% or 21 units. YTD median price is up 13.5% at $563,500.

Apartment home sales of 66 units in December 2007 are up 50% (22 units) over December 2006. YTD sales of 1,145 units are up 14.5% or 145 units. YTD median price is up 15% at $345,000.

West Vancouver / Howe Sound Market

Detached home sales for December 2007 were 27 units, off (5 units) from December 2006. YTD sales of 745 units are up 1.5% or 11 units. YTD Median price is up 10.4% at $1,400,000.

Attached home sales of 4 units for December 2007 are off (2 units) from December 2006. YTD sales of 62 units are off 20.5% (16 units). YTD Median price is up 36.5% at $1,140,000. 

Apartment home sales of 8 units for December 2007 are up 3 units from November 2006.  YTD sales of 205 units are up 7.3% 14 units. YTD median price is up 7.8% at $676,000.

Sea To Sky Corridor Details

Howe Sound YTD DEC

Detached 2007 - 4 sales, average price $1,342,675 or $533/sf, 117 Days On Market 

Detached 2006 - 5 sales, average price $1,301,200 or $570/sf, 110 Days On Market

Attached 2007 - 5 sales, average price $982,600 or $350/sf, 59 Days On Market

Attached 2006 - 9 sales, average price $865,487 or $350/sf, 59 Days On Market

Lions Bay YTD DEC

Detached 2007 –  sales, average price $1,065,920 or $374/sf, 48 Days On Market

Detached 2006 – 14 sales, average price $1,003,771 or $403/sf, 53 Days On Market

Attached 2007 – 1 sale, at $405,000 or $338/sf, 7 Days On Market

Attached 2006 – no sales

Furry Creek YTD DEC*

Detached 2007 - 9 sales, average price $1,066,733 or $346/sf, 98 Days On Market

Detached 2006 – 8 sales, average price $1,077,500 or $371/sf, 90 Days On Market

Attached 2007 – 2 sales, average price $1,122,500 or $332/sf, 239 Days On Market

Attached 2006 – 5 sales, average price $902,800 or $320/sf, 140 Days On Market

*Note: sales skewed by mix and low inventory of homes for sale.

Britannia Beach YTD DEC

Land 2007 – 6 sales, average price $368,833 or $5.09/sf, 194 Days On Market

Land 2006 – 7 sales, average price $407,857 or $8.83/sf, 229 Days On Market 

Detached 2007 – 4 sales, average price $461,500 or $308/sf, 61 Days On Market

Detached 2006 – 4 sales, average price $275,625 or $260/sf, 60 Days On Market

If you or someone you know is thinking of buying or selling, please give us a call.  We’re glad to help with your personal real estate needs and share our local market knowledge and years of experience.

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 January 3, 2008