Monday, May 4, 2009

Vancouver RMLS Market Action Report – March 2009

The Regional Multiple Listing Service released the Market Action Report and the median sale price for March 2009 was $225,000 this is a 10.0% decrease from the median sale price for March 2008.

The Vancouver residential real estate market peaked in July 2007 with a median sale price of $269,900. Prices have now fallen 16.6% from that peak.

Months of supply (total inventory/monthly sales) sits at 11.7 months compared to the 11.9 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 4,048 homes for sale; this is a decrease of 10.7% from the same month the year before.

The third chart shows closed sales by month. There were 346 closed sales during the month; a decrease of 9.19% from the same month the year before.

The fourth chart shows new listings by month. There were 800 new listings during the month; a decrease of 34.0% 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 ratio to reach 3.0.


It looks like sellers are giving up and not placing their homes on the market.


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