Metro Vancouver real estate sales continued their downward trend, ending 2008 at 35.2% fewer sales than last year. The number of overall listings avaialble for sale was down 8.9% this December over last. Challenges in the global economy in 2008 have brought relief from detached home benchmark prices that had rised fro $357,770 in 2001 to $648,421 in December 2008. Detached home prices have now reached levels consistent with those of mid-2006.
Detached home prices in Metro Vancouver have fallen 11.2% from December 2007, to an average benchmark price of $648,421, while listings available for sale were up 6%. The number of detached homes sold in 2008 was down 37.5% from 2007.
Townhouse prices in Metro Vancouver fell by 7.4% in the past twelve months, coming in at $423,338 in December 2008. The number of townhouses sold in 2008 fell by 35.3%. Inventory levels fell by 24.2% this December over last.
Condominium prices were down 11.7% from one year ago. With prices averaging $333,275, sales in 2008 were down 33.2% from last year. The December inventory of condominiums available for sale was down 14% from December 2007.
Statistical source: Real Estate Board of Greater Vancouver
Published Sunday, January 18, 2009 2:26 PM by Alphonse Quenneville