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NORTH SHORE REAL ESTATE UPDATE JUNE 2008


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Blog by John Jennings | July 2nd, 2008


In West Vancouver, the YTD average price in June 2008 ($1,866,086) has increased 8% compared to June 2007 ($1,722,505).  There were 107 price changes (almost all being reductions) in the month of June and there were 45 homes sold in June 2008 compared to 84 homes sold in June 2007 and 61 homes sold in May 2008.  The West Vancouver sales to new listings ratio was 29% for the month of June.  This represents a “buyer’s market”.  The inventory of homes for sale in West Vancouver has increased by 73% compared to June 2007.  The median price in June 2008 for a West Vancouver house increased to $1,425,000 from $1,373,000 in May 2008.  In West Vancouver the sales YTD have decreased by 19% from the same time period in 2007.

 

In North Vancouver, the YTD average price for detached homes increased by 8%.  In the past 2 weeks, there have been 69 price changes (almost all being reductions).  There were 75 homes sold in June 2008 compared to 132 homes sold in June 2007 and 102 homes sold in May 2008.  The North Vancouver sales to new listings ratio was 36% for the month of June.  This represents a “balanced market”.  The inventory of homes for sale in North Vancouver has increased by 112% compared to June 2007.  The year to date (YTD) average price in June 2008 ($1,003,341) has increased by 16% compared to June 2007 ($860,061).  The median price in June 2008 has decreased to $863,000 from $892,000 in May 2008.  In North Vancouver the sales YTD have decreased by 20% from the same time period in 2007.

 

Detached Homes

 

2008

 

2007

 

 

 

 

West Vancouver

 

 

 

            Sales (June)

 

45

 

84

 

            Sales YTD (to June)

 

331

 

411

 

            Avg. Price YTD (to June)

 

$1,866,086

 

$1,722,505

 

            Active Listings (June)

 

544

 

314

 

            Median Price (June)

 

$1,425,000

 

$1,351,000

 

 

 

 

North Vancouver

 

 

 

            Sales (June)

 

75

 

132

 

            Sales YTD (to June)

 

525

 

663

 

            Avg. Price YTD (to June)

 

$1,003,341

 

$860,061

 

            Active Listings (June)

 

455

 

214

 

            Median Price (June)

 

863,000

 

845,000

 

 

 

 

 

The advantage of our changed market is that a subject to sale offer is again a possibility if the seller hasn’t chosen to price aggressively.  For those buyers who didn’t like the fast pace of the sellers market we have been experiencing for the last few years, this current market makes it much less stressful to buy and sell at the same time.

Thanks!

 

John Jennings

604-790-1900

john@johnjennings.com www.johnjennings.com