Here are the eight month 2008 figures vs. 2007 - North Van detached homes sold down 22% from last year, attached (t/homes) down 25% and apartments down by 27% from ‘07. Detached average prices +13% and inventory now up by 97%. Average prices up 8% (t/hse) and up by 12% (apts).
Inventory (t/hse) 86% higher than ‘07 and (apt) up from ‘07 by 114% - both of these continue to be affected by slower absorption of new construction. While there is still demand, continuing high inventory will maintain a tempering of sales prices – continuing of the plateauing.
In West Van, detached number of sales has dropped by 30% from ‘07. Average price up 7% and inventory now up 71% over ‘07. On the condo side – attached (t/hses) sold are equal to 2007 at 44 units; average price down 12% YTD. Active listings are now up 36% over last year (49 vs. 36). Apartments reflect 105 sold vs. 145 by Aug ‘07; with average price up 11% from ‘07 and active listings up 39% from ‘07. Overall North Shore demand is still evident with inventory higher than 2007, but, note that it has dropped from last month by 4 – 11% (W/Van) and by 15 – 16% (N/Van). I will continue to track this trend as it may well have significance in our Supply/Demand view of our world.
Again, visit my website to see and “hear” the new developments. I continue my commitment to keep you…. www.OnTopOfTheMarket.ca . This work in progress strives to be the “go to” site for North Shore Real Estate analysis and jumping off point for FULL market listing information.
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