January 2007 Leads Off With Increase In New And Active Listings

Sales of 1,806 properties off from January 2006, but ahead of January 2005

The Real Estate Board of Greater Vancouver reported total residential sales of 1,806 units for combined detached, attached and apartment properties.  This represents a decrease of 6.1% from january 2006 unit sales, and an increase of 6.2% from January 2005.

New listings for all property types increased by 17.2% to 4,062 units compared with the 3,471 units listed in January 2006.  It is interesting to note that the total number of active listings reached 9,312 units, an increase of 2,152 units or 30.1% compared to January 2006.

REBGV president Rick Valouche commented that "We're currently seeing double-digit increases in both our new and carried-over listings inventory, a continuation of a trend started last September.  This may be one of the factors currently relieving the pressure we saw on home prices throughout 2006, which are increasing at a slightly lower rate than they were a year ago at this time."

Average Days On Market, the number of days it typically takes for a property to sell, has increased from 49 to 58 days when compared to the same period a year earlier.

This is good news for home buyers.  Broader selection, time to think and moderating price rise are the benefits!
 

January 2007 MLS Sales for Greater Vancouver Market
Apartment home unit sales decreased by 9.2% vs. January 2006. Benchmark Price is up 15.3% from prior year at $332,460.  Attached home units increased 1.2% vs. January 2006.  Benchmark price is up 15.5% from prior year at $411,564.  Detached home units decreased 6% vs. January 2006.  Benchmark price up 9.9% from prior year at $641,596.

January 2007 MLS statistics for the North Shore and Sea To Sky corridor
The West Vancouver / Howe Sound market for Detached home units was up 28.1% vs. January 2006 at 41 units with the median Detached home price now $1,215,000 off 1.6% from prior month and up 4.7% vs. January 2006.
Sales of Attached homes were off 4 units from prior month at 2 units. 
Apartment home sales were off 2 units from prior month sales of 5 units.
 
In North Vancouver sales of Detached homes were up 11.1% from prior month at 50 units.  The median price of a Detached home was $737,000 up 4.5% from prior month.  Attached home sales were up 36.8% at 26 units.  Median price was $554,000.  Unit sales of Apartment homes were up 18.2% at 52 units with prices up 3.5% from prior month at $324,500.

Squamish unit sales of Detached homes were up 111.1% at 19 units vs. prior month. 
Unit sales of Attached homes were up 58.8% at 17 units.  Sales of Apartment homes were off 77.3% vs. prior month at 5 units.
 

Sea To Sky Corridor (Howe Sound, Lions Bay, Porteau Cove, Furry Creek and Britannia Beach)

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

Land Values
Values fluctuate based on Location, Size, Community and Development Restrictions 

Land Sales

Community              Units       Avg Sell           Avg Size         $ per sf
Britannia Beach          3          $470,667.         39,670 sf        $  11.87

House Values
Values fluctuate based on Location, View, Type, Size, Age, Quality of Construction, Features, Layout and Community.

Detached Home Sales
Community            Units           Avg Sell          Avg Size            $ per sf        Age
Lions Bay                1            $  945,000          2,657 sf            $355.66        27
Howe Sound            1            $1,859,200          2,000 sf           $929.60         27

Inventory of New Listings January 2007 vs. December 2006
West Vancouver Detached Homes up 394% at 84 units (this is a normal level for January month), Attached Homes at 11 units up 9 units (off 5 units from January 2006) and Apartment homes up 20 units at 22 units (7 units more than January 2006). 

North Vancouver Detached Homes up 438% at 113 (19 units mor ethan January 2006), Attached Homes up 27 units (on par with January 2006 at 35 units), and Apartment homes up 89 units at 125 units, (37 units more than January 2006).
 
Squamish Detached Homes Down 40.5% (-15 Units) at 22 units, Attached Homes Down 57.7% (-15 units) at 11 units, with Apartment Homes up 70.8% or 17 units at 41 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 and Britannia Beach, please give us a call. There's no substitute for local knowledge and experience!

Anita Schmitt, Realtor Royal LePage Northshore 604.787.1456

Tom Davis, Realtor Royal LePage Northshore 604.315.0172

Source of Information MLS January Sales Stats  - February 2007

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