Vancouver August 2008 Housing Sales Statistics Released by the REBGV

3rd September 2008
Vancouver August 2008 Housing Sales Statistics Released by the REBGV

posted in Statistics |
So the latest stats just got released minutes ago and without further ado or comment from me (you can see my comments by reading this whole blog. I got a lot to say and none of this is new.) Here are the August 2008 Sales Statistics from the Real Estate Board of Greater Vancouver:
Compliments of Will Wertheim - TRG Realty - 604-787-6977 - www.AgentWill.com News Release FOR IMMEDIATE RELEASE Summer lull sees properties stay on market VANCOUVER, B.C. – September 3, 2008 – The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 1,568 in August 2008, a decline of 53.7 per cent from the 3,384 sales in August 2007, and a 47.7 per cent reduction from the 2,998 sales recorded in August 2006. New listings for detached, attached and apartment properties declined 1.7 per cent to 4,331 in August 2008 compared to August 2007, when 4,408 new units were listed. “In August, properties on average remained on the market longer than we’ve seen in recent years,” REBGV president, Dave Watt said. “As the market heads into the traditionally more active fall season, we have begun to see property listings recede and prices moderate.” Sales of detached properties declined 58.5 per cent to 535 in August 2008 from the 1,288 detached sales recorded during the same period in 2007. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties rose 1.6 per cent from August 2007 to $737,985. Since May 2008, the benchmark price for a detached property in Greater Vancouver has declined 4.3 per cent. Sales of apartment properties in August 2008 declined 50.8 per cent to 740, compared to 1,504 sales in August 2007. The benchmark price of an apartment property increased 1.7 per cent from August 2007 to $374,366. Since May 2008, the benchmark price for an apartment property in Greater Vancouver has declined 3.9 per cent. Attached property sales in August 2008 are down 50.5 per cent to 293, compared with the 592 sales in August 2007. The benchmark price of an attached unit increased 3.8 per cent in Greater Vancouver between August 2007 and 2008 to $463,433. Since May 2008, the benchmark price for an attached property in Greater Vancouver has declined 3.2 per cent. As of August 31, 2008, active residential listings totalled 17,950 in Greater Vancouver, a 6.2 per cent decline from the 19,138 active listings seen on July 31, 2008. -30The Real Estate industry is a key economic driver in British Columbia. In 2007, 38,050 homes changed hands in the Board’s area generating $1.065 billion in spin-offs. Total dollar volume of residential sales set a new record at $22.25 billion and total dollar volume of all sales set a record at $22.77 billion. The Real Estate Board of Greater Vancouver is an association representing more than 9,500 REALTORS®. The Real Estate Board provides a variety of membership services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.realtylink.org. *In August 2004, the Greater Vancouver and Fraser Valley boards upgraded our existing MLS systems to a common system called MLSLink. MLSLink® HPI is the latest version of the Board’s Housing Price Index (HPI) and is designed to accommodate the MLS upgrade and improve the legacy HPI product. For more information on real estate, statistics, and buying or selling a home, visit www.realtylink.org. For more information please contact: Craig Munn, Assistant Manager, Communications Real Estate Board of Greater Vancouver Phone: (604) 730-3146 Fax: (604) 730-3102 E-mail: cmunn@rebgv.org also available at  www.realtylink.org Compliments of Will Wertheim - TRG Realty - 604-787-6977 - www.AgentWill.com Preliminary Report MLSLINK HOUSING PRICE INDEX August 2008 AREA BENCHMARK PRICE 3 MONTH AVG PRICE 1 YEAR 3 YEAR 5 YEAR PRICE RANGE BENCHMARK INDEX CHANGE CHANGE CHANGE (+/-) PRICE % % % $545,345 0.7% $555,644 230.33 1.9 35.9 83.5 $737,985 1.3% $752,268 217.9 1.6 34.5 78.1 $729,876 2.9% $734,310 214.8 1.1 34.0 72.7 $667,522 5.3% $681,026 234.8 4.2 40.5 80.4 $604,062 4.1% $636,979 197.4 -3.4 19.9 62.9 $438,114 3.0% $452,728 199.9 -2.6 24.8 55.8 $545,919 4.8% $573,107 225.0 1.0 30.8 81.9 $868,177 3.1% $881,929 216.9 2.6 30.1 65.5 $461,096 9.0% $491,804 189.3 -8.1 28.9 49.5 $523,385 7.6% $534,446 221.2 0.3 27.5 66.2 $725,020 10.5% $768,688 217.9 -10.8 27.7 74.2 $766,997 2.6% $771,395 226.4 6.4 42.2 85.1 $565,643 8.2% $600,967 214.9 12.7 40.3 33.5 $402,133 6.5% $418,817 228.8 -7.2 18.4 76.1 $664,709 2.5% $677,220 225.1 2.2 33.5 83.2 $1,371,663 4.3% $1,406,123 227.6 1.4 49.3 98.1 $1,512,967 7.7% $1,450,209 222.9 7.2 35.4 97.8 $463,433 1.0% $471,324 224.8 3.8 36.7 81.1 $462,583 1.4% $462,673 231.7 6.1 38.8 90.5 $414,305 2.9% $423,682 223.5 1.4 33.2 76.7 $437,218 8.6% $454,294 234.1 4.9 32.1 77.9 $309,074 2.2% $317,098 214.4 -0.1 33.1 72.1 $573,270 4.1% $592,854 224.4 0.6 28.5 78.2 $386,339 2.5% $391,237 212.4 3.3 29.7 68.4 $389,997 2.8% $395,835 232.7 2.2 36.6 78.0 $455,561 2.0% $465,257 219.7 4.8 40.4 74.3 $530,806 4.8% $516,346 248.2 13.2 49.9 104.4 $696,507 3.6% $716,114 248.5 2.5 37.4 89.4 $374,366 0.7% $381,592 243.5 1.7 37.8 88.6 $342,604 1.5% $343,748 256.1 5.3 37.9 98.8 $289,501 2.5% $291,841 246.9 3.2 42.4 96.1 $333,802 6.8% $349,287 217.4 0.5 30.7 79.8 $259,530 3.8% $263,067 275.6 2.5 42.8 99.9 $294,455 2.1% $297,612 239.2 1.5 48.4 103.5 $370,689 2.8% $382,023 235.9 -1.0 30.4 84.0 $255,885 1.9% $258,188 299.7 3.5 42.8 115.9 $301,115 3.7% $304,310 256.9 2.4 34.2 101.2 $313,922 1.7% $318,143 255.1 3.3 43.5 101.3 $325,636 2.0% $328,695 266.6 5.5 50.0 109.9 $468,812 1.3% $481,690 238.5 -0.1 32.5 75.4 $633,140 10.3% $668,686 227.2 -4.9 37.1 87.2 PROPERTY TYPE Residential Detached Attached Greater Vancouver Greater Vancouver Burnaby Coquitlam South Delta Maple Ridge New Westminster North Vancouver Pitt Meadows Port Coquitlam Port Moody Richmond Squamish Sunshine Coast Vancouver East Vancouver West West Vancouver Greater Vancouver Burnaby Coquitlam South Delta Maple Ridge & Pitt Meadows Apartment North Vancouver Port Coquitlam Port Moody Richmond Vancouver East Vancouver West Greater Vancouver Burnaby Coquitlam South Delta Maple Ridge & Pitt Meadows New Westminster North Vancouver Port Coquitlam Port Moody Richmond Vancouver East Vancouver West West Vancouver HOW TO READ THE TABLE: BENCHMARK PRICE: Estimated sale price of a benchmark property. Benchmarks represent a typical property within each market. PRICE RANGE: Expresed as a + or - percentage of the benchmark price, there is a 90% probability the sale price of a benchmark house is within the interval. PRICE INDEX: Index numbers estimate the percentage change in price on typical and constant quality properties over time. All figures are based on past sales. In Year 2001, the indexes are averaged to 100 Key: * = Sales sample too small; Price information not reported. 8 15 2008 MLS® SALES Facts Sound er New W estmin st North Vanco uver Port C oquitla m Port M oody/B elcarra Richm ond Squam ish Sunsh ine Co ast Vanco uver E ast Vanco uver W est We st Van couve r/Howe 81 12 5 $402,450 n/a n/a 14 6 124 $720,250 $449,000 $290,000 29 39 54 $499,000 $375,000 $249,750 659 243 589 $561,500 $394,000 $293,000 1,118 445 269 $462,000 n/a n/a $296,000 $217,900 239 79 680 $537,900 $374,500 $264,150 $893,500 $589,000 $370,000 844 324 807 $799,900 $560,000 $335,000 295 206 268 $530,000 $389,900 $245,700 420 243 363 $482,500 $365,000 $232,500 33 $667,000 $394,000 $338,700 156 186 244 $692,000 $428,000 $334,950 196 254 298 $710,000 $417,000 $317,300 173 130 195 $680,000 $410,000 $298,900 949 705 1,120 $720,000 $459,900 $317,000 1,300 1,116 1,436 $650,000 $418,000 $279,500 2 n/a n/a n/a 29 16 14 $445,000 n/a n/a 135 99 76 $497,000 $407,500 $277,650 190 128 153 $454,000 $365,000 $269,950 n/a 43 3 7 $390,000 n/a n/a 70 4 3 $423,000 n/a n/a 368 61 30 $395,600 $286,000 $237,500 527 55 26 $378,500 $257,000 $231,000 85 $668,000 n/a $307,500 125 24 109 $690,000 $550,000 $312,000 164 34 140 $638,025 $509,650 $290,000 1,048 248 911 $680,000 $524,750 $315,500 1,576 338 1,222 $629,800 $484,500 $287,500 46 37 234 $1,495,000 $767,000 $425,000 88 50 301 $1,326,500 $735,500 $425,000 158 67 501 $1,490,000 $713,000 $438,000 854 410 2,824 $1,495,000 $725,000 $443,000 1,306 585 4,034 $1,338,900 $668,000 $412,000 19 5 9 n/a n/a n/a 37 6 11 $1,400,000 n/a n/a 63 7 17 $1,527,500 n/a n/a 387 44 105 $1,513,000 $932,500 $747,000 557 44 145 $1,380,000 $1,020,000 $694,000 16 8 62 n/a n/a $278,000 22 7 68 $525,000 n/a $276,000 33 11 111 $542,000 n/a $265,900 179 109 610 $579,500 $340,000 $825,000 105 41 34 87 47 $361,500 $243,500 $566,950 n/a $865,000 $542,000 $665,500 $372,500 $327,500 71 24 21 30 17 27 71 75 22 22 92 $375,000 $241,000 n/a $312,000 n/a $351,000 n/a $488,500 n/a $835,000 n/a n/a $678,500 n/a 41 26 16 92 6 15 23 18 37 7 11 56 15 12 49 10 30 Burnab y Coquit lam Maple Ridge/P itt Mea dows Detached 44 20 38 $633,500 $414,000 $269,000 76 34 53 $620,000 $384,500 $266,000 123 44 84 $616,000 $375,000 $268,250 650 250 466 $645,000 $440,950 $283,000 961 292 609 $595,000 $389,500 $251,000 $369,700 $300,700 $585,500 144 0 $380,000 90 0 456 52 $322,500 n/a $438,500 n/a $316,000 $235,500 $625,000 $435,000 $490,000 111 0 238 62 1 315 333 28 815 n/a n/a $216,000 n/a n/a $298,000 $610,000 n/a $471,200 17 0 29 7 0 49 45 9 119 n/a n/a n/a n/a n/a $312,751 $580,000 n/a $493,450 15 0 18 4 0 36 32 5 100 n/a n/a n/a n/a n/a $305,500 $624,500 n/a $450,000 6 0 17 4 0 26 47 Delta South 25 Islands - Gulf 1 74 Whistl er/Pem berton 10 19 11 n/a n/a n/a 5 6 6 n/a n/a n/a 16 16 15 n/a n/a n/a 62 119 66 $862,000 $665,000 $301,500 92 137 104 $1,162,500 $610,000 $320,500 August 2008 535 293 740 n/a 827 381 966 n/a 1,288 592 1,504 n/a 7,528 3,600 8,751 n/a 10,817 4,915 11,734 n/a Number of Sales Attached 51 Apartment 92 August 2008 Detached $665,000 Median Selling Price Attached $438,000 Apartment $332,000 Detached 69 Number of Sales Attached 60 Apartment 136 July 2008 Detached $705,000 Median Selling Price Attached $411,000 Apartment $304,000 Detached 123 Number of Sales Attached 93 Apartment 186 August 2007 Detached $703,000 Median Selling Price Attached $405,000 Apartment $315,000 Detached 610 Compliments of Will Wertheim - TRG Realty - 604-787-6977 - www.AgentWill.com Number of Sales Attached 542 Apartment 1,093 Jan. Aug. 2008 Detached $732,250 Attached Year-to-date Median Selling Price $445,000 Apartment $330,000 Detached 983 Number of Sales Attached 785 Apartment 1,444 Jan. Aug. 2007 Detached $680,000 Attached Year-to-date Median Selling Price $407,000 Apartment $308,000 Note: Median Selling Prices are not reported for areas with less than 20 sales or for the Gulf Islands 8 15 2008 MLS® LISTINGS Facts Sound er New W estmin st North Vanco uver Port C oquitla m Port M oody/B elcarra Richm ond Squam ish Sunsh ine Co ast Vanco uver E ast Vanco uver W est We st Van couve r/Howe 260 49 20 42% 157% 22% 42 26 308 28% 36% 25% 39 58 58 61% 89% 93% 1,386 493 1,266 46% 52% 45% 1,677 576 453 46% 0% n/a 67% 77% 59% 379 137 1,066 63% 58% 64% 48% 49% 47% 1,141 413 1,044 74% 78% 77% 724 462 579 41% 45% 46% 648 337 486 65% 72% 75% 41 74% 67% 80% 433 372 681 36% 50% 36% 331 344 490 59% 74% 61% 40% 233 133 220 74% 98% 89% 2,351 1,381 2,485 40% 51% 45% 2,042 1,459 2,169 64% 76% 66% 38 33% 23% 5% 39 19 15 74% 84% 93% 331 209 175 41% 47% 43% 270 143 185 70% 90% 83% 25% 119 7 16 36% 43% 44% 118 16 7 59% 25% 43% 936 101 78 39% 60% 38% 940 91 57 56% 60% 46% 228 31% 24% 37% 344 82 231 36% 29% 47% 272 45 156 60% 76% 90% 2,660 562 1,836 39% 44% 50% 2,458 464 1,669 64% 73% 73% 209 99 566 22% 37% 41% 289 163 848 30% 31% 35% 183 103 541 86% 65% 93% 2,387 1,126 6,555 36% 36% 43% 1,867 913 5,541 70% 64% 73% 72 13 22 26% 38% 41% 139 19 51 27% 32% 22% 88 11 22 72% 64% 77% 1,122 112 262 34% 39% 40% 876 88 254 64% 50% 57% 32 20 116 50% 40% 53% 56 18 182 39% 39% 37% 53 20 169 62% 55% 66% 385 209 1,342 85% 102% 88% 103 48 38 99 77 52% 36% 44% 27% 52% 49% 23% 46% 137 66 85 68 64 52 195 154 94 48 329 48% 41% 25% 40% 54% 62% 67% 28% 54% 53% 24% 29% 21% 29% 86 64 63 228 27 28 37 27 133 13 7 106 62 41 238 34 72 Burnab y Coquit lam Maple Ridge/P itt Mea dows Detached 161 43 111 24% 47% 34% 246 74 151 31% 46% 35% 223 49 109 55% 90% 77% 1,886 537 1,264 34% 47% 37% 1,624 402 878 59% 73% 69% 81% 87% 75% 177 0 103 1 606 113 60% n/a 58% 100% 51% 44% 46% 29% 43% 184 0 535 107 1 613 729 95 1,879 142% n/a 55% 70% n/a 82% 90% 56% 50% 12 0 53 10 0 60 50 16 236 75% n/a 47% 27% n/a 46% 36% 33% 44% 20 0 38 15 0 79 90 15 229 43% n/a 32% 40% n/a 33% 37% 8% 40% 14 0 53 10 0 80 199 Delta South 67 Islands - Gulf 13 184 Whistl er/Pem berton 33 36 25 30% 53% 44% 40 53 35 13% 11% 17% 21 26 33 76% 62% 45% 239 303 283 26% 39% 23% 191 209 234 48% 66% 44% August 2008 1,783 712 1,836 n/a 2,471 1,059 2,574 n/a 1,890 745 1,773 n/a 19,255 7,780 19,955 n/a 16,764 6,680 16,840 n/a Number of Listings Attached 117 Apartment 213 August 2008 Detached 27% % Sales to Listings Attached 44% Apartment 43% Detached 237 Number of Listings Attached 144 Apartment 368 July 2008 Detached 29% % Sales to Listings Attached 42% Apartment 37% Detached 143 Number of Listings Attached 109 Apartment 234 August 2007 Detached 86% % Sales to Listings Attached 85% Apartment 79% Detached 1,712 Compliments of Will Wertheim - TRG Realty - 604-787-6977 - www.AgentWill.com Number of Listings Attached 1,192 Apartment 2,430 Jan. Aug. 2008 Detached 36% Year-to-date* % Sales to Listings Attached 45% Apartment 45% Detached 1,601 Number of Listings Attached 1,000 Apartment 2,137 Jan. Aug. 2007 Detached 61% Year-to-date* % Sales to Listings Attached 79% Apartment 68% * Year-to-date listings represent a cumulative total of listings rather than total active listings. Compliments of Will Wertheim - TRG Realty - 604-787-6977 - www.AgentWill.com Real Estate Board of Greater Vancouver Listing & Sales Activity Summary Listings 1 Aug 2007 2 Jul 2008 3 Aug 2008 Col. 2 & 3 Percentage Variance 5 Aug 2007 6 Jul 2008 7 Aug 2008 Sales Col. 6 & 7 Percentage Variance 9 Jun 2007 Aug 2007 10 Jun 2008 Aug 2008 Col. 9 & 10 Percentage Variance BURNABY DETACHED ATTACHED APARTMENTS 143 109 234 237 144 368 161 117 213 % -32.1 -18.8 -42.1 123 93 186 69 60 136 44 51 92 % -36.2 -15.0 -32.4 403 308 646 185 188 377 % -54.1 -39.0 -41.6 COQUITLAM DETACHED ATTACHED APARTMENTS 223 49 109 246 74 151 199 43 111 -19.1 -41.9 -26.5 123 44 84 76 34 53 47 20 38 -38.2 -41.2 -28.3 403 132 281 195 84 140 -51.6 -36.4 -50.2 DELTA DETACHED ATTACHED APARTMENTS 50 10 12 90 15 20 67 10 14 -25.6 -33.3 -30.0 45 7 17 32 4 15 25 4 6 -21.9 0.0 -60.0 178 24 55 84 14 34 -52.8 -41.7 -38.2 MAPLE RIDGE/PITT MEADOWS DETACHED ATTACHED APARTMENTS 236 60 53 229 79 38 184 80 53 -19.7 1.3 39.5 119 49 29 100 36 18 74 26 17 -26.0 -27.8 -5.6 459 175 102 279 99 63 -39.2 -43.4 -38.2 NORTH VANCOUVER DETACHED ATTACHED APARTMENTS 99 48 103 154 68 137 106 28 86 -31.2 -58.8 -37.2 87 41 105 75 30 71 56 15 41 -25.3 -50.0 -42.3 313 145 338 209 78 182 -33.2 -46.2 -46.2 NEW WESTMINSTER DETACHED ATTACHED APARTMENTS 53 20 169 56 18 182 32 20 116 -42.9 11.1 -36.3 33 11 111 22 7 68 16 8 62 -27.3 14.3 -8.8 106 39 316 59 34 207 -44.3 -12.8 -34.5 PORT MOODY/BELCARRA DETACHED ATTACHED APARTMENTS 39 58 41 48 52 85 41 27 63 -14.6 -48.1 -25.9 29 39 33 22 27 21 12 18 16 -45.5 -33.3 -23.8 87 121 129 49 67 58 -43.7 -44.6 -55.0 PORT COQUITLAM DETACHED ATTACHED APARTMENTS 77 38 58 94 64 66 62 37 64 -34.0 -42.2 -3.0 47 34 54 22 17 24 15 23 26 -31.8 35.3 8.3 162 118 160 80 63 81 -50.6 -46.6 -49.4 RICHMOND DETACHED ATTACHED APARTMENTS 233 133 220 329 195 308 238 133 228 -27.7 -31.8 -26.0 173 130 195 92 71 124 49 37 92 -46.7 -47.9 -25.8 546 480 627 256 192 362 -53.1 -60.0 -42.3 SUNSHINE COAST DETACHED ATTACHED APARTMENTS 118 16 7 119 7 16 72 7 20 -39.5 0.0 25.0 70 4 3 43 3 7 30 11 5 -30.2 266.7 -28.6 223 25 12 129 21 19 -42.2 -16.0 58.3 SQUAMISH DETACHED ATTACHED APARTMENTS 39 19 15 42 26 38 34 13 27 -19.0 -50.0 -28.9 29 16 14 14 6 2 10 7 6 -28.6 16.7 200.0 83 58 62 37 24 19 -55.4 -58.6 -69.4 VANCOUVER EAST DETACHED ATTACHED APARTMENTS 272 45 156 344 82 231 260 49 228 -24.4 -40.2 -1.3 164 34 140 125 24 109 81 12 85 -35.2 -50.0 -22.0 635 134 485 345 63 298 -45.7 -53.0 -38.6 VANCOUVER WEST DETACHED ATTACHED APARTMENTS 183 103 541 289 163 848 209 99 566 -27.7 -39.3 -33.3 158 67 501 88 50 301 46 37 234 -47.7 -26.0 -22.3 505 244 1704 242 142 870 -52.1 -41.8 -48.9 WHISTLER DETACHED ATTACHED APARTMENTS 21 26 33 40 53 35 33 36 25 -17.5 -32.1 -28.6 16 16 15 5 6 6 10 19 11 100.0 216.7 83.3 38 64 46 20 42 24 -47.4 -34.4 -47.8 WEST VANCOUVER/HOWE SOUND DETACHED ATTACHED APARTMENTS 88 11 22 139 19 51 72 13 22 -48.2 -31.6 -56.9 63 7 17 37 6 11 19 5 9 -48.6 -16.7 -18.2 230 16 61 101 13 29 -56.1 -18.8 -52.5 GRAND TOTALS DETACHED ATTACHED APARTMENTS 1874 745 1773 2456 1059 2574 1770 712 1836 -27.9 -32.8 -28.7 1279 592 1504 822 381 966 534 293 740 -35.0 -23.1 -23.4 4371 2083 5024 2270 1124 2763 -48.1 -46.0 -45.0 Real Estate Board of Greater Vancouver Average Price Graph January 1977 to August 2008 DETACHED CONDOMINIUM ATTACHED APARTMENTS IN THOUSANDS ($) 1000 $808,016 900 800 700 $493,961 600 500 400 $401,001 Compliments of Will Wertheim - TRG Realty - 604-787-6977 - www.AgentWill.com 300 200 100 0 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 NOTE: From 1977 - 1984 condominium averages were not separated into attached & apartment.
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