attached (t/homes) down 31% and apartments down by 34% from ‘07. Detached average prices +9% and inventory now up by 138%. Average prices up 5% (t/hse) and up by 5% (apts). Inventory (t/hse) 179% higher than ‘07 and (apt) up from ‘07 by 32%. This relatively high inventory and low demand will continue to keep sales prices down. 
In West Van, detached number of sales has dropped by 37% from ‘07.  Average price up 7% and inventory now up 72% over ‘07. On the condo side – attached (t/hses) sold are down 15% from 2007 at 49 vs 58 units; average price down 13% YTD.

Active listings are down from last year (35 vs. 38). Apartments reflect 129 sold vs. 197 by Nov ‘07; with average price up 4% from ‘07 and active listings up 101% from ‘07.  Overall North Shore demand is sluggish with inventory significantly higher than 2007. Yes, folks, the average prices YTD ’08 vs. ’07 are still up in all segments except for the “small sample” t/hses in W/Van. With this few actual sales to compare we are far more prone to anomalies such as possibly fewer “luxury units” changing hands in these lower demand times.  Note that I continue to report, as I always have, on average YTD prices – while this softens the impact of recent price slippage, it does show the longer term price picture. This was equally important during the rampant “up-cycle” we left some 7 months ago.

Now, as we approach the Season, it is once again the time to embrace our families, give thanks for our blessings, and some extra cheer to strangers in need. Thanks to all my friends, colleagues, clients and acquaintances for your support, feedback and for reading my monthly missives! To all, stay safe and keep warm in your abodes… ‘til 2009….
 
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 This email address is being protected from spam bots, you need Javascript enabled to view it and you’ll be assured receipt; phone me at (604) 988-7368 or visit www.OnTopOfTheMarket.ca