Here now the nine month 2008 figures vs. 2007 - North Van detached homes sold down 23% from last year, attached (t/homes) down 25% and apartments down by 29% from ‘07. Detached average prices +12% and inventory now up by 92%.
Average prices up 7% (t/hse) and up by 10% (apts). Inventory (t/hse) 111% higher than ‘07 and (apt) up from ‘07 by 85% - both of these still affected by slower absorption of new construction. While there is some demand, this inventory will continue a softening of sales prices. In West Van, detached number of sales has dropped by 33% from ‘07. Average price up 6% and inventory now up 67% over ‘07. On the condo side – attached (t/hses) sold are somewhat equal to 2007 at 46 vs 47 units; average price down 12% YTD. Active listings are now up marginally over last year (45 vs. 44). Apartments reflect 113 sold vs. 161 by Sept ‘07; with average price up 7% from ‘07 and active listings up 47% from ‘07. Overall North Shore demand is sluggish with inventory higher than 2007. Do note the changes from last month as shown in the 3rd paragraph. I will continue to track this significant statistic. 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. To join the group getting the e-mail version of this “update” - send a request now to
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