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Weekly Vancouver Real Estate Update - June 29th 2009 - A little off the top

By
Real Estate Agent with Royal LePage

Has the party ended? This past week was the first one in a while where we didn't see new records being set in the Vancouver real estate market. Of course, new records can't be set every week and it was about time that the market took a bit of a breather. It looks as though the slower summer season may be upon us.

New Listings - Vancouver

For the second time in the last three weeks New Listings fell ( -12.73%). New Listings had been at 372 in the previous week, but fell to 326 this past week.

Home Sales - Vancouver

The previous week we saw an unusually high number of sales to end the month of June. That pace couldn't hold and Sales fell sharply (-27.87%) to 251 from 348. It's interesting to make note of how low the Average Days on Market has fallen. It sits at 39, which is as low as it's been in a year, and fell from 52 the previous week.

Sell/List Ratio - Vancouver

For the first time in a month the Sell/List ratio fell (-16.55) to 76.99% from 93.55%. This change was the result of the drop in Sales outpacing the drop in New Listings.

Price Change - Vancouver

Price changes continue to stay low (-13.21%). They fell from 106 down to just 92.

Active Listings - Vancouver

At the end of the month we always see a significant drop in Active Listings because many listings expire at month's end. This past month was no exception and we saw big spikes in the Removed Listings numbers (+179.76%). This resulted in Active Listings hitting a new annual low of just 3320 (-6.06% from 3534).

The Bottom Line

It looks as though we MIGHT be seeing the beginning of a slower summer market. Traditionally, the spring sees the most market activity and then when people start having vacations and beaches on their minds things slow down in the Vancouver real estate market. We will need to continue to keep our eyes on the market to see if this one week turns into a trend after a few more.

Weekly Vancouver MLS Real Estate Stats - June 29th - July 5th 2009

Weekly Vancouver MLS Real Estate Stats - June 29th - July 5th 2009

Please Donate

On June 22nd, 2009 I broke the record for the most ascents of the Grouse Grind for charity. The Royal LePage Shelter Foundation is an incredible organization which is there to help women and children suffering from domestic abuse. Of every dollar donated, 100% goes directly to those in need (Royal LePage covers all administrative costs of the charity).

Royal LePage Shelter Foundation

Donate to the Royal LePage Shelter Foundation

 

More Info on Vancouver Real Estate

If you’d like to learn more about the Vancouver real estate market generally you can check out this page.

Are you thinking of buying or selling, or just have questions then you can contact me here or send me a quick email.

Copyright © 2009 Vancouver MLS Statistics in the Vancouver Real Estate Blog by Sebastian Albrecht, Vancouver Realtor with Royal LePage Vancouver ”Weekly Vancouver Real Estate Update - June 29th 2009 - A little off the top”