Balancing Act Continues In November

New Listings Down, Overall Active Listings Rise, Days On Market Holds Steady

The Real Estate Board of Greater Vancouver reported total residential sales for detached, attached and apartment properties were 2,358 units in November 2006, a decrease of 19.7% from November 2005 at 2,938 units, but only 5.1% off November 2004 unit sales of 2,486.

New listing inventory actually decreased by 3.1% at 3,168 units compared to November 2005 when 3,271 units were listed.

The total number of "Active" Listings increased by 30.6% to 11,308 compared with November 2005 at 8,659 units. Interesting to note that the average "Days On Market" remains equal to November 2005 at 43 days.

"The combination of all these factors may continue to relieve the pressure we've seen on home prices throughout 2006." said Rick Valouche, President of the Real Estate Board of Greater Vancouver. "This is a good market for both buyers and sellers."

November 2006 MLS Sales for Greater Vancouver Market
Apartment home units decreased by 11.5% vs. November 2005. Benchmark Price is up 17% at $329,537 vs. November 2005.
Attached home units decreased 22.2% vs. November 2005.  Benchmark price is up 17.9% at $410,085 vs. November 2005.
Detached home units decreased 26.6% vs. November 2005.  Benchmark price up 14.3% at $647,562 vs. November 2005.

Summary - November MLS statistics for the North Shore and Sea To Sky corridor
The West Vancouver / Howe Sound market for Detached home units was off 35.1% vs. October 2006 at 48 units (on par with November 2005 at 49 units) with the median Detached home price now $1,212,500 off 7.7% from the prior month. Sales of Attached homes were off 4 units from prior month at 3 units.  Apartment home sales were flat at 13 units vs. 15 units in October 2006.
 
In North Vancouver sales of Detached homes were off 32% from October 2006 at 70 units.  The median price of a Detached home was $735,000 off 1.7% from prior month. Attached home sales were off 41.2% at 30 units and prices off .8% at $506,250 from October 2006.  Unit sales of Apartment homes were off 21.1% at 71 units with prices off 1.5% from October 2006.

Squamish unit sales of Detached homes were off 23.8% at 16 units versus prior month.  Unit sales of Attached homes were flat at 13 units.  Sales of Apartment homes were down 81.8% at 8 units from prior month.

Year To Date
Year To Date Stats provide a clearer picture of overall market performance.
 
West Vancouver / Howe Sound YTD 
Detached 702 units - YTD Flat vs. Prior Year at 706 units.  Prices up 20.8% to $1,268,500
Attached 72 units - YTD Flat vs. Prior Year at 71 units. Prices up 8.4% to $834,493
Apartments 186 units - YTD down 12.7% with Prices up 27.6% to $625,250
 
North Vancouver YTD
Detached 1,115 units - YTD off 4.5% vs. Prior Year at 1,168 with Prices up 13.8% to $731,500
Attached 413 units - YTD off 9.2% vs. Prior Year at 455 units with Prices up 17.6% to $497,000
Apartments 956 units - YTD off 12.9% vs. Prior Year of 1,097 units with Prices up 12% to $299,000
 

Sea To Sky Corridor
A snapshot of the Sea To Sky Corridor illustrates the unique characteristics of the marketplace:

Lions Bay YTD - Unit Sales Down. Prices Up 
Detached 15 units sold. Down 40% from 25 units in 2005 Price $999,187 Up 18.1% vs. 2005     

Howe Sound YTD - Sales On Par with Prior Year. Prices Mixed
Detached 5 units sold On Par with 2005 Price $1,301,200 Down 12.1% vs. 2005
Attached 9 units sold On Par with 2005 Price $865,487 Up 12.3% vs. 2005

Furry Creek YTD - Unit Sales Up. Prices Up
Detached 8 units sold Up from 2 in 2005 Price $1,077,500 up 23.9% vs. 2005
Attached 4 units sold Up from 3 in 2005 Price $849,750 down 15.6% vs. 2005
Note: Prices skewed by small sample and mix of waterfront vs. inner units.
Attached prices show an overall increase from prior year.

Squamish YTD - Unit Sales Up. Prices Up
Detached 248 units YTD up 9.3% Prices up 2.9% compared with prior year at $391,000
Attached 163 units YTD up 19% and Prices up 15.2% to $310,000
Apartments 110 units YTD up 134% and Prices up 53.6% to $255,000

Inventory of New Listings November vs. October 2006
West Vancouver Detached Homes Down 40% (-42 units) at 63 units, Attached Homes Down 75% (-9 units) at 3 units and Apartment homes Down 40% (-8 units) at 12 units. 

North Vancouver Detached Homes Down 51.4% (-76 units) at 72 units, Attached Homes Down 35.9% (-23 units) at 41 units and Apartment homes Down 28.8% (-36 units) at 89 units.
 
Squamish Detached Homes Down 26.7% (-8 Units) at 22 units, Attached Homes Down 75% (-21 units) at 7 units, and Apartment Homes Down 76.3% (-61 units) at 19 units.

If you or someone you know is thinking of buying or selling real estate on the North Shore and Sea To Sky Corridor to Furry Creek including Britannia Beach, please give us a call. You’ll be glad you did!!

Anita Schmitt, Realtor Royal LePage Northshore 604.787.1456

Tom Davis, Realtor Royal LePage Northshore 604.315.0172

Source of Information MLS November Sales Stats  - December 2006

This communication is not intended to cause or induce breach of an existing agency agreement.