The Regional Multiple Listing Service released the Market Action Report this week and the median sale price for January 2011 was $195,000 this is an 11% decrease from the median sale price for January 2010.
The Vancouver residential real estate market peaked in July 2007 with a median sale price of $269,900. Prices have now fallen 28% from that peak.
Months of supply (total inventory/monthly sales) sits at 11.7 months compared to the 12.4 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 3,276 homes for sale; this is a decrease of 4% from the same month the year before.
The third chart shows closed sales by month. There were 280 closed sales during the month; an increase of 2% from the same month the year before.
The fourth chart shows new listings by month. There were 808 new listings during the month; a decrease of 14% from the same month the year before.