Housing Prices Retreat From Record Highs!

New Listings And Price Reductions Continue To Outpace Sales

Housing Prices Decline For Second Consecutive Month
Since May 2008 housing prices, as calculated by the MLSLink Housing Price Index®, have retreated, albeit moderately. Detached properties declined 2.1% since the end of May 2008, attached properties are off 1% and aprtment properties are down 2% over this same period.

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 2,174 units in July 2008, off 43.9% from prior year sales of 3,873 units.

Number Of New Listings Continue To Increase
The board reported new listings of detached, attached and apartment properties rose 24% to 6,104 in July 2008 vs. the 4,924 new units listed in July 2007.

President's Message
"We're seeing more price reductions in properties listed on the market, which is having a levelling impact on the housing price increases experienced at the end of last year and into the first quarter of 2008," said Real Estate Board of Greater Vancouver (REBGV) president, Dave Watt. "There was a slight decline in the total active listings on the market in July compared to June, which is a welcomed departure from recent trends."

Sales By Property Type
Sales of detached homes declined (44.2%) to 827 units from the 1,483 recorded in July 2007. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached homes rose 5.4% vs. July 2007 to $753,165.
Sales of apartment homes declined (42.3%) in July 2008 to 966 units vs. the 1,674 units sold in the same period in 2007. The benchmark price for apartment homes was up 4.7% from prior year period to $381,687.
Sales of attached homes declined (46.8%) to 381 units in July 2008 vs. the 716 units sold in July 2007. The benchmark price increased to $473,953 in July 2008, up 5.7% from prior year.

Days On Market (DOM)
Overall DOM was 45 days in July 2008 up five days from the 40 DOM reported in June 2008, and up six days from the 39 DOM reported in July 2007.

North Vancouver DOM for all property types increased to 41 days in July 2008 vs. the 32 DOM reported in June 2008 and the 25 DOM reported in July 2007. West Vancouver overall DOM crept up to 77 days in July 2008 from 74 DOM in June 2008 and the 58 DOM reported in July 2007.

It is now critically important to have the correct pricing right from the start. It's far better to lead the market than try to chase after it with "price adjustments." Today's homebuyers lack a sense of urgency as they've become accustomed to taking a "wait and see approach" and being rewarded for their efforts with lower prices and a greater selection of properties from which to choose. Can you say "Buyer's Market?"

North Shore Details

North Vancouver July 2008
Detached home sales of 75 units off (20.2%) from prior year month. YTD sales of 603 units off (20.3%) from prior year period. YTD median price of a detached home is up +13.3% to $900,000.
Attached home sales of 33 units off (34.8%) from prior year month. YTD sales of 228 units off (19.4%) from prior year period. YTD median price of an attached home is up +6.6% to $591,900.
Apartment home sales of 71 units off (33%) from prior year month. YTD sales of 548 units off (21.9%) from prior year period. YTD median price of an apartment home is up +10.4% to $370,000.

West Vancouver (including Lions Bay and Furry Creek) July 2008
Detached home sales of 37 units off (55.4%) from prior year month. YTD sales of 368 units off (25.5%) from prior year priod. YTD median price up +12% to $1,517,500.
Attached home sales of 6 units up +2 units from prior year month. YTD sales of 39 units is up marginally vs. prior year period. YTD median price is down (6.5%) from prior year at $935,000.
Apartment home sales of 11 units off (38.9%) from prior year month. YTD sales of 96 units off (25%) from prior year period. YTD median price up +6.5% to $743,500.

Squamish (including Britannia Beach)
Detached home sales of 14 units off (51.7%) from prior year month. YTD sales of 125 units off (22.4%) from prior year period. YTD median price up +8.2% to $495,000.
Attached home sales of 6 units off (68.4%) from prior year month. YTD sales of 92 units off (17.9%) from prior year period. YTD median price up +8.8% to $397,250.
Apartment home sales of 2 units off (86.7%) from prior year month. YTD sales of 70 units off (49.6%) from prior year period. YTD median price static vs. prior year YTD at $275,150.

Planning a move? Please call us 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 - August 5, 2008
This communication is not intended to cause or induce breach of an existing agency agreement.