2009 Ends On A Strong Note!

After a rocky start to the year, the housing market recovers to near peak performance! 

Highlights
2,515 properties sold in December 09 representing a decrease of 18.4% from November 09, but a substantial increase of 172.2% from December 08, and a 32.6% increase over December 07 when 1,897 units sold. The benchmark residential price index is up 16.2% from December 08 to $562,463.
Total unit sales of all types reached 35,669 for 2009 compared with 24,626 sales in 2008, an increase of 44.8%, and declined 6.3% from the 38,050 total unit sales reported for 2007.
December 2009 reported the third highest unit sales on record in board history which is indicative of a continuation of the strong sales performance seen right through the last half of the year.

Unit sales and price continue an upward trend

All Board Areas December 2009 vs. December 2008
Detached | units up 159.2% (+554 units) to 902 units, benchmark price up 18.3% to $766,816
Attached | units up 188.7% (+300 units) to 459 units, benchmark price up 12.9% to $478,093
Apartment | units up 176.7% (+737 units) to 1,154 units, benchmark price up 14.8% to $382,573

Northshore Snapshot | December 2009 vs. December 2008
West Van Det | 49 sold up 277% (+36 units) median price $1,231,500 up 31.7% | YTD 701 sold up 52.4% (+241 units), median price $1,290,000 off 11.9%

Detached Mix – 18% of detached sales under $1.M, 74% of sales under $1.5M, 23% (8 units) sold between $2.3M and $3.9M.

West Van Att | 3 sold +3 units from prior year | YTD 51 sold +3 units from prior year, median price $780K -15.2%
West Van Apt |10 sold +4 units from prior year | YTD 165 sold +22.2% +30 units, median price $584K -18.4%

North Van Det | 66 sold +78.4% (+29 units), median price $869K +25.9% | YTD 1,113 sold +34.4% +285 units, median price 825K -5.7%

Detached Mix – 36% of detached sales under $800K, with 68% of sales under $1.M, with 32% (16 units) sold between $1.M to $2.7M.

North Van Att | 23 sold +76.9% (+10 units), median price $589K | YTD 446 sold up 44.8% (+138 units), median price $556K off 5%
North Van Apt | 86 sold +258.3% (+62 units), median price $395K up 20.6% | YTD 1,023 sold up 40.5% +295 units, median price $353K off 3.3%

New Listings
2,153 new units, an overall increase of 38.9% vs. December 08. New listings vs. November 09 decreased 41.1%. 8,939 total active listings, -41% from the same period last year, -19% from November 09.

Days On Market (DOM)
All board areas | 52 DOM in December. On average, property sold 22 days faster vs. December 08, and 11 days longer to sell vs. November 09
West Van | 83 DOM in December, 21 days faster vs. December 08, and 24 days longer to sell vs. November 09.
North Van | 53 DOM in December, 14 days faster than December 08, and 11 days longer to sell vs. November 09.

 
Sea to Sky Corridor

Corridor Sales
Detached | 2 Sold at Furry Creek

New listings
Detached | 1 Furry Creek, 3 Lions Bay, 1 Howe Sound
Land | 1 Furry Creek, 5 Britannia Beach

Market Overview 2009
The year was highlighted by a strong and rapid recovery from what initially appeared to be a long and protracted recession. The real estate market was driven primarily by low mortgage interest rates, recovering global, national and provincial economies, and rising consumer confidence.

Bank of Canada - dropped overnight lending rates to unprecedented and historic lows in 2009 and the Canadian government moved early to back mortgage loans held by the chartered banks through the Canada Mortgage and Housing Corporation. A low interest rate environment was established and could be maintained through the 4th quarter of 2010. There is some general concern over the rise in household debt. However, the risk of damaging a moderately improving economy appears to outweigh any immediate desire to change interest rate policy at least in the near term. Globally, the major central banks have signalled that direct economic stimulus programs, designed to prevent further economic downturn and to kick start the recovery will be diminished and gradually curtailed in the coming months.

New listings – At year end, prices had recovered nicely in most markets, bouncing back close to their pre-recession levels. The backlog of unsold inventory that built up through the latter part of 2008 and the first quarter of 2009 was brought under control with steadily improving sales and fewer new listings coming onto the market throughout 2009.

Cautious optimism and improving consumer confidence continues to be a major component of this recovery.

Source of information | Real Estate Board of Greater Vancouver - January 5, 2010

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