More Choice For Home Buyers In February  

Sales Keeping Pace With New Listings

Sales Buoyant
The Real Estate Board of Greater Vancouver (REBGV) reported total sales of all types of residential real estate totalled 2,676 units in February 2008, off 6.4% from prior year sales of 2,859, and off 9% from the same period in 2006 when 2,941 units were sold.

New Listings On The Rise
The board reported new listings of detached, attached and apartment properties rose 26.2% to 5,260 in February 2008 vs. the 4,167 units listed in February 2007 and were up 21.2% over the same period in 2006.

President's Message
"We continue to see the market rebalance, particularly with detached properties, where listings climb and sales either hold or decline slightly. This shift increases buyer options and allows people more time to make decisions when purchasing a home," says REBGV president Brian Naphtali.

Sales of detached homes declined 11.2% to 995 units from 1,121 recorded in February 2007. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached homes rose 14.1% vs. February 2007 to $761,342.
Sales of apartment homes declined 5.7% in February 2008 to 1,197 units vs. the 1,269 units sold in the same period in 2007. The benchmark price for apartment homes was up 12.7% from prior year period to $387,032.
Sales of attached home rose 3.2% to 484 units in February 2008 vs. the 469 units sold in February 2007. The benchmark price increased to 472,147 in February 2008, up 12.9% from prior year.

It's interesting to note that overall Days On Market (DOM) dropped to 40 days in February 2008 compared with the 72 days reported in January 2008, and the 55 days on market reported in February 2007.

The North Shore In February

West Vancouver
Detached units 56 sold, up 8 units or 16.7% from prior year. YTD sales of 98 units are up marginally from the 89 units sold during the same period in 2007. Detached median price $1,570,000, up 31.4% from prior year. YTD median price is $1,440,000, up 19.9% from the same period in 2007.

Attached units 5 units, flat vs. the 6 units units sold prior year. YTD sales of 7 units are flat vs. the 8 units sold during the same period in 2007.

Apartment units 14 sold, off 6 units from prior year period. YTD sales of 25 units are up 2 units from prior year.

North Vancouver
Detached units 81 sold, off 16 units or -16.5% from prior year. YTD sales 127 units are off 20 units, or -13.6% from the same period in 2007. Detached median price $920,000, up 24.3% from prior year. YTD median price is $922,500, up 24.8% from the same period in 2007.

Attached units 35 sold, flat vs. the 35 sold in February 2007. YTD sales of 51 units are off 10 units or -16.4% from the same period in 2007. Attached median price $595,000, up 12.9% from February 2007. YTD median price is $615,100, up 13.3% from the same period in 2007.

Apartment units 93 sold, flat vs. the 95 units sold in February 2007. YTD sales of 156 units are up 9 units, or 6.1% from the same period in 2007. Apartment median price $365,000, up 11.6% from February 2007. YTD median price is $373,000, up 14.8% from the same period in 2007.

Sea To Sky Corridor YTD Sales

Howe Sound
2008 Detached 0
2007 Detached units sold 1, average price $1,859,200, $620./sf DOM 138

2008 Attached units sold 4, average price $911,725,   $364./sf DOM 70
2007 Attached 0

Lions Bay
2008 Detached units sold 1, average price $885,000, $395./sf DOM 23
2007 Detached units sold 3, average price $934,000, $317./sf DOM 95

Furry Creek
2008 Detached units sold 2, average price $998,750  $420./sf DOM 29
2007 Detached 0

Planning a move? Give me a call for a Free, No Obligation market evaluation of your property, or to schedule a meeting to discuss your purchase options.

Anita Schmitt, REALTOR® - Royal LePage Northshore

Data Source MLS® Sales Statistics - March 4, 2008

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