The Regional Multiple Listing Service released the Market Action Report last week and the median sale price for November 2008 was $225,000 this is a 13.5% decrease from the median sale price for November 2007.
The Vancouver residential real estate market peaked in July 2007 with a median sale price of $269,900. Prices have now fallen 16.7% from that peak.
Months of supply (total inventory/monthly sales) sits at 16.9 months compared to the 11.0 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 4,647 homes for sale; this is an increase of 7.2% from the same month the year before.
The third chart shows closed sales by month. There were 275 closed sales during the month; a decrease of 30.2% from the same month the year before.
The fourth chart shows new listings by month. There were 711 new listings during the month; a decrease of 17.4% 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 10.0% from the current median for the index to reach a ratio of 3.0.
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