Thursday, February 19, 2009

Vancouver RMLS Market Action Report – January 2009

The Regional Multiple Listing Service released the Market Action Report this week and the median sale price for January 2009 was $208,400 this is a 16.6% decrease from the median sale price for January 2008.

The Vancouver residential real estate market peaked in July 2007 with a median sale price of $269,900. Prices have now fallen 22.8% from that peak.

Months of supply (total inventory/monthly sales) sits at 21.0 months compared to the 17.0 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 4,275 homes for sale; this is an increase of 2.4% from the same month the year before.

The third chart shows closed sales by month. There were 204 closed sales during the month; a decrease of 17.1% from the same month the year before.

The fourth chart shows new listings by month. There were 972 new listings during the month; an increase of 18.5% 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 2.8% from the current median for the ratio to reach 3.0.