Monday, December 21, 2009

Vancouver RMLS Market Action Report – November 2009

The Regional Multiple Listing Service released the Market Action Report this week and the median sale price for November 2009 was $198,500 this is a 12% decrease from the median sale price for November 2008.

The Vancouver residential real estate market peaked in July 2007 with a median sale price of $269,900. Prices have now fallen 27% from that peak.

Months of supply (total inventory/monthly sales) sits at 7.3 months compared to the 16.9 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 3,423 homes for sale; this is a decrease of 26% from the same month the year before.

The third chart shows closed sales by month. There were 469 closed sales during the month; an increase of 70% from the same month the year before.
The fourth chart shows new listings by month. There were 739 new listings during the month; an increase of 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. The current ratio is 2.84 therefore homes are affordable again in Vancouver!

My Comments:

Vancouver and Portland both saw a large increase in pending sales in October because of the tax credit deadline. In November Portland's pending sales dropped off but Vancouver's pending sales are still going strong, up 40% from last year. I was expecting a large drop off because everyone was racing to beat the November 30th deadline. Maybe the bargain hunters are shopping around in the 'couve.