Monthly Market Report
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The Real Estate Board of Greater Vancouver (REBGV) reports that total residential sales for detached, attached and apartment properties reached 1,806 units in January 2007, a decrease of 6.1 per cent when compared to the 1,924 units sold in January 2006 and an increase of 6.2 per cent when compared to the 1,700 sales in January 2005.
New listings for detached, attached and apartment properties increased by 17.2 per cent to 4,067 units compared to the 3,471 units listed in January 2006. The total number of active listings increased by 30.1 per cent to 9,312 units when compared to January 2006’s 7,160 units.
“We’re currently seeing double-digit increases in both our new and carried-over listings inventory, a continuation of a trend started last September,” says REBGV president Rick Valouche. “This may be one of the factors currently relieving the pressure we saw on home prices throughout 2006, which are increasing at a slightly lower rate than they were a year ago at this time.
“We also saw the average days-on-market for residential homes increase to 58 days versus 49 days in January 2006. Clearly, buyers are realizing they have an increase in home selection and are taking more time when making a decision to buy. On the other hand, sellers are still seeing a significant return on their investment. These make for excellent market conditions throughout Greater Vancouver. To find the best value for your dollar, contact your local REALTOR®,” advises Valouche.
According to Multiple Listings Service® (MLS®) data, sales of apartment properties decreased by 9.2 per cent to 770 sales in January 2007 compared to 848 sales in January 2006. The benchmark price of an apartment property in Greater Vancouver, calculated by the MLSLink® Housing Price Index, is $332,460, up 15.3 per cent from one year ago.
Sales of attached properties increased by 1.2 per cent in January 2007 to 341 sales, compared to 337 sales in January 2006. The benchmark price of an attached unit is $411,564, up 15.5 per cent from a year ago.
Sales of detached properties decreased by six per cent in January 2007 to 695 sales, compared to 739 sales in January 2006. The benchmark price of a detached unit is $641,596, up 9.9 per cent from last year.
Bright spots in Greater Vancouver in January 2007 compared to January 2006:
Vancouver West up 16.9% (90 units sold, up from 77)
Squamish up 72.7% (19 units sold, up from 11)
West Vancouver/Howe Sound up 13.9% (41 units sold, up from 36)
Coquitlam up 23.5% (21 units sold, up from 17)
Richmond up 10.1% (76 units sold, up from 69)
Squamish up 183.3% (17 units sold, up from 6)
Vancouver East up 27.8% (23 units sold, up from 18)
Delta South up 100% (10 units sold, up from 5)
Port Moody/Belcarra up 128.6% (16 units sold, up from 7)