Friday, October 17, 2008

Vancouver RMLS Market Action Report – September 2008

The Regional Multiple Listing Service released the Market Action Report this week and the median sale price for September 2008 was $234,000 this is a 12.5% decrease from the median sale price for September 2007.

The Vancouver residential real estate market peaked in July 2007 with a median sale price of $269,900. Prices have now fallen 13.3% from that peak.

Months of supply (total inventory/monthly sales) sits at 12.7 months compared to the 12.0 months of supply for the same month last year. A balanced market has about 7 months of supply.

The first graph compares the median and average sale price with the months of supply. Click on any graph for a sharper image.

The second graph shows the total supply of homes available for sale. This is simply a calculation of the months closed sales multiplied by the months of supply. There are currently 4,965 homes for sale; this is an increase of 8.3% from the same month the year before.

The third chart shows closed sales by month. There were 391 closed sales during the month; an increase of 2.3% from the same month the year before.

The fourth chart shows new listings by month. There were 914 new listings during the month; a decrease of 15.8% from the same month the year before.

The final graph shows how affordable the median priced home is for a family of four. History indicates the ratio is usually between 2.5 and 3.0. Prices would have to fall 13.5% from the current median for the index to reach a ratio of 3.0.