The Regional Multiple Listing Service released the Market Action Report this week and the median sale price for April 2010 was $202,000 this is a 7% decrease from the median sale price for April 2009.
The Vancouver residential real estate market peaked in July 2007 with a median sale price of $269,900. Prices have now fallen 25% from that peak.
Months of supply (total inventory/monthly sales) sits at 6.6 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 3,465 homes for sale; this is a decrease of 12% from the same month the year before.
The third chart shows closed sales by month. There were 525 closed sales during the month; an increase of 57% from the same month the year before.
The fourth chart shows new listings by month. There were 755 new listings during the month; an increase of 10% 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 2.89 therefore homes are affordable again in Vancouver!