Market Activity Brings Welcome Relief For Homebuyers

New Listings Outpace Home Sales Throughout Lower Mainland

Unit Sales Continue Decline From Prior Year
The Real Estate Board of Greater Vancouver (REBGV) reported total sales of all types of residential real estate totalled 2,425 units in June 2008, off 42.9% from prior year sales of 4,244 units.

Number Of New Listings Continue To Increase
The board reported new listings of detached, attached and apartment properties rose 18.3% to 6,546 in June 2008 vs. the 5,533 new units listed in June 2007.

President's Message
"Although housing prices. on a year-over-year comparison, continue to show single-digit percentage increases, we are beginning to see more price reductions in properties listed on the market today," said REBGV president, Dave Watt. "Homes priced at a competitive level continue to sell quickly, but it is important for people to accurately identify their home's value when putting it on the market."

Sales By Property Type
Sales of detached homes declined (43.4%) to 918 units from the 1,623 recorded in June 2007. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached homes rose 7% vs. June 2007 to $765,654.
Sales of apartment homes declined (42.7%) in June 2008 to 1,057 units vs. the 1,846 units sold in the same period in 2007. The benchmark price for apartment homes was up 7.8% from prior year period to $388,722.
Sales of attached homes declined (41.9%) to 450 units in June 2008 vs. the 775 units sold in June 2007. The benchmark price increased to $476,585 in June 2008, up 7.6% from prior year.

Days On Market (DOM)
Overall DOM was 40 days in June 2008 up six days from the 34 DOM reported in May 2008, and up two days from the 38 DOM reported in June 2007.

In North Vancouver DOM for all property types increased to 32 days in June 2008 vs. the 26 DOM reported in May 2008 and the 25 DOM reported in June 2007. In West Vancouver overall DOM jumped to 74 days in June 2008 from 44 DOM in May 2008 and the 56 DOM reported in June 2007.

This underscores the importance of pricing in the sales cycle. Well-priced properties continue to sell quickly, while properties that are perceived by the marketplace to be overpriced, will languish moreso than ever, or worse get caught up in a negative downward spiral of price reductions.

North Shore Details

North Vancouver June 2008
Detached home sales of 78 units off (40.9%) from prior year month. YTD sales of 528 units off (20.4%) from prior year period. YTD median price of a detached home is up +14.3% to $909,000.
Attached home sales of 33 units off (41.1%) from prior year month. YTD sales of 198 units off (16.5%) from prior year period. YTD median price of an attached home is up +8% to $599,200.
Apartment home sales of 70 units off (44.9%) from prior year month. YTD sales of 477 units off (19.9%) from prior year period. YTD median price of an apartment home is up +11.5% to $370,000.

West Vancouver (including Lions Bay and Furry Creek) June 2008
Detached home sales of 45 units off (46.4%) from prior year month. YTD sales of 331 units off (19.5%) from prior year priod. YTD median price up +13.8% to $1,538,000.
Attached home sales of 2 units off (4 units) from prior year month. YTD sales of 33 units is on par with prior year priod. YTD median price is down (2.9%) from prior year at $949,000.
Apartment home sales of 9 units off (65.4%) from prior year month. YTD sales of 85 units off (22.7%) from prior year period. YTD median price up +15.4% to $761,500.

Planning a move? Give us a call for an Accurate, Professional, No Obligation market evaluation of your property, or to schedule a meeting to discuss your purchase options.

Anita Schmitt and Tom Davis REALTORS® - Royal LePage Northshore

Data Source MLS® Sales Statistics - July 3, 2008
This communication is not intended to cause or induce breach of an existing agency agreement.