The following is a summary of stats released by the Real Estate Board of Greater Vancouver. Most of it is specific to detached houses on the Westside of Vancouver.
Housing Price Index
3-Month Average: $1,186,934
1-Year Change: -16.6%
3-Year Change: +22%
5-Year Change: +64%
Number of Sales
Number of New Listings
Total Active Listings (includes condos)
Total Sales (Includes condos)
The number of listings is down, and -- as predicted -- prices and sales volume are both up. Yes, you read that correctly -- prices are up since November. And for the fourth straight month, the number of listings -- both total listings and new listings -- has decreased. Supply is dwindling!
However, nobody expects this to continue into January. With buyers coming back into the game, January will bring us many new listings, which I am very much looking forward to! Prices are not likely to go significantly lower, and are likely to stabilize at their current rate until the buyers come back and prices start rising again.
December 2008 is also the first time since 1981 where there were more sales in December than in November. It is also worth noting that there were 56 sales in December 2008 -- exactly the same number of sales as in December 2007.
While prices aren't likely to change much in the next year, it is looking like 2009 is going to be a fantastic year for Real Estate. Buyers, start your shopping!