Jan 2008 Stats!

New Listings Rise As We Move To A More Balanced Market...

Market Overview
The Real Estate Board Of Greater Vancouver (REBGV) reports sales for all types of residential properties totalled 1,819 units in January 2008, an increase of .7% over the 1,806 units sold in January 2007, and a decline of 5.5% from the 1,924 units sold in in January 2006.

The number of new listings for detached, attached and apartment properties jumped to 4,673 in January 2008 an increase of 14.9% or 606 more new listings than reported in January 2007, and 34.7% more than January 2006.

In January 2008, sales of aprtment properties rose 11.7% to 860 units, compared with 695 units sold in January 2007. The benchmark price, as calculated by the MLSLink Housing Index, of an apartment property increased 13.8% from prior year to $378,336. Attached property sales declined 6.7% to 318 units, compared with the 341 sales reported in the prior year. The year over year benchmark price of an attached property increased 12.4% in January 2008 to $462,267. Detached property sales were off 7.8% to 641 units, a drop of 54 units from January 2007. The benchmark price of a detached property rose 17.7% from prior year to $742,490.

Message From The President
"With new listings outpacing sales increases to start the year, it appears the market is heading toward more balance," says REBGV president Brian Naphtali. "The result will be welcome [news] for consumers looking for more time to undertake due diligence before making a buying or selling decision."

Naphtali goes on to say "It was clearly on the strength of of apartment sales that overall residential sales figures increased in January. There's clearly been a trend over the past decade toward growth in the high density condo market. Townhome sales have continued to be steady, and detached homes remain a popular choice. But more and more consumers are purchasing apartments."

Market Drivers
According to recent comments from CMHC, BC and more specifically Greater Vancouver, continues to enjoy the positive effects of positive in-migration, continued strong job creation and growth in earnings and consistent strength in the number of housing starts.

As a matter of fact, according to Robyn Adamache, BC Senior Market Analyst at CMHC, Greater Vancouver received the bulk of newcomers to the province in 2007, approximately 30,000 people, 36,000 new jobs were created, 12,000 of these being "full-time" positions. Housing starts, an important indicator of economic activity are expected to maintain the same levels seen in 2007. Finally, CMHC projects prices will continue to rise, approximately 14% over the next two years, 8% in 2008 and a further 6% in 2009.

On The North Shore

January Stats

North vancouver
January 2008 detached home sales were off 4 units from prior year at 46 units sold. The median price rose 26.2% to $930,000. Inventory of 134 detached homes for sale is 18.6% higher than January 2007. Sales of attached homes were slightly higher than prior year at 42 units sold, up 3 units. Inventory of attached homes is consistent with prior year at 42 units for sale. Apartment sales were 21.1% higher than prior year at 63 units sold. The median price rose 19.4% to $387,500. Inventory of aprtment homes is up 9.6% at 134 units for sale.  

West vancouver
January 2008 detached home sales were comparable to prior year at 42 units sold. The median price of a detached home rose 16.9% to $1,420,000. Inventory has risen dramatically to 137 listings, an increase of 63.1% from january 2007. Sales of attached homes were flat vs. January 2007 at 2 units sold. Inventory increased marginally, up 4 units from January 2007 to 15 units for sale. Apartment sales were up 8 units over prior year sales of 3 units.

Sea To Sky Corridor

January Stats

Howe Sound
Detached Homes
2007 - 1 Sale - Avg $1,859,200 - Avg $620 per SF - 72 DOM
2008 - No Sales

Attached Homes
2007 - No Sales
2008 - 3 Sales - Avg $892,333 - Avg $344 per SF - 93 DOM

Lions Bay
Detached Homes
2007 - 2 Sales - Avg $788,500 - Avg $339 per SF - 72 DOM
2008 - No Sales

Furry Creek
Detached Homes
2007 - No Sales
2008 - 1 Sale - Avg $929,500 - Avg $360 per SF - 9 DOM

Vacant Land
2007 - No Sales
2008 - 2 Sales - Avg $605,000 - Avg $47 per SF - 97 DOM

Britannia Beach
2007 - No Sales
2008 - No Sales

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 February 4, 2008