Market Update to March 31st, 2008
The Real Estate Board of Greater Vancouver (REBGV) reports that while there were fewer housing sales in March 2008 compared to last year, residential prices continued to climb. Residential property sales in Greater Vancouver totalled 2,997 in March 2008, a decline of 16.3% from the 3,582 residential sales recorded in March 2007, and a decline of 25.7% compared to the 4,033 sales in March 2006. New listings for detached, attached and apartment properties increased 4% to 5,674 in March 2008 compared with March 2007 when 5,456 new units were listed.
According to the REBGV, the market is continuing to balance, with sales and listings beginning to re-align with our 10 year averages. The selection of inventory hitting the market is wider than we have seen in the past few years, which gives prospective buyers more choice.
In West Vancouver there was a total of 87 homes sold (62 detached, 8 attached and 17 apartments) in March 2008 compared to 95 sales (72 detached, 5 attached and 18 apartments) in March 2007. The median selling price of a detached home in West Vancouver between January and March 2008 was $1,500,500 compared to $1,245,000 for the same period in 2007. The median price in March 2008 for detached homes was $1,620,000 compared to $1,333,500 in March 2007. The sales to listing ratio for detached homes in March 2008 was 53% vs 76% in March 2007.
Detached Homes West Vancouver
Sales (March) 62
Sales (February) 56
Sales YTD (2008) 160
Sales YTD (2007) 161
Median Selling Price March 2008 $1,620,000
Median Selling Price November 2007 $1,342,500
Median Selling Price December 2006 $1,235,000
% Sales to Listings 2007 60%
% Sales to Listings 2006 63%