Another Record Month
In January 2009 we had the worst month Vancouver had ever seen. Just seven short months later and July 2009 was the best July on record. The turnaround we've seen in the last few months is nothing short of miraculous.
Sales are no longer improving on a month-to-month basis, but this is to be expected as we enter the slower summer months. Year-over-year sales are way up (+90.39%) while listings are down (-17.63%) significantly. The laws of supply and demand are now putting pressure on prices.
In March, Westside houses were off over 22% from prices the year before. Since that low, prices have been rising to the point where in July detached westside homes were off only -3.61%. That's an incredible rebound in a very short period of time.
This has happened with prices across the board in Vancouver. Each category of home has rebounded to the point where they are off only about 3% from year-over-year prices. In fact, I have been noticing that the lower end of the market actually appears to be higher priced than a year ago.
Monthly Vancouver MLS Statistics - July 2009
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The official line
"Home sales this summer are seasonally higher than normal, which is due in large part to the price correction that has taken place in the last year and low interest rates," Scott Russell, REBGV president said. "Although wellpriced listings and lower-to mid-range priced properties remain in the highest demand across Greater Vancouver, recent activity from first-time buyers is beginning to boost demand in the "move-up" segment of the market."
"It is currently taking, on average, 48 days for a home to sell in the region. Today's market activity differs by area and property type and it's important to tap into local housing market expertise to understand why some properties are attracting multiple offers, while others are not moving," Russell said.
The numbers
Sales fell this month (-5.82%) for the first time in five months. If we look at the year-over-year comparison sales are way up (+90.39%). There were 1327 sales in July 2009 versus just 697 in July 2008.
New listings fell (+3.88%) on a month-to-month comparison. There were 1612 new listings in July compared to the 1677 in June 2009. Year-over-year there was a significant drop (-17.63%) from 1957 in July 2008 to 1612 this past month. The Sell/List ratio dropped a little to 82.32% (from 84.02%).
Active listings fell for the fifth straight month to 3216. This is down month-to-month (-8.45%) as well as year-over-year (-42.67%). Active Listings hit another annual low this month.
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).
Donate to the Royal LePage Shelter Foundation
More info on Vancouver real estate
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Copyright © 2009 Vancouver Realtor Blog by Sebastian Albrecht, Vancouver Realtor with Royal LePage Vancouver "July 2009 Real Estate Board of Greater Vancouver MLS Statistics - Another Month, Another Record"
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