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NORTH SHORE REAL ESTATE UPDATE OCTOBER 2008


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Blog by John Jennings | November 5th, 2008


 

In West Vancouver, the sales to new listings ratio was 15% for the month of October.  With approximately one in seven homes selling, pricing continues to be very important.  Of the last 19 sales, 13 were under the municipal assessed value.  Despite the fact that prices have fallen from their peak this year, we should all remember that the West Vancouver median price has risen by 45% since October 2003.  Some other good news:  West Vancouver had a 10 Million Dollar waterfront sale in the month of October which raised the median price for the first time since June 2008.

In North Vancouver, the ratio of sales to new listings was 35% for the month of October.  North Vancouver median house prices have risen by 55% since October 2003. 

Although the YTD  (year to date) average prices in both West Vancouver and North Vancouver decreased slightly, the average price for all of Vancouver actually increased from last month with the average price rising for the first time since this spring.

Detached Homes

2008

2007

 

 

 

West Vancouver

 

 

            Sales (October)

19

51

            Sales YTD (to October)

427

662

            Avg. Price YTD (to October)

$1,847,712

$1,742,576

            Active Listings (October)

565

301

            Median Price (October)

$1,283,800

$1,560,000

 

 

 

North Vancouver

 

 

            Sales (October)

55

83

            Sales YTD (to October)

759

1,008

            Avg. Price YTD (to October)

$973,809

$872,321

            Active Listings (October)

472

185

            Median Price (October)

$809,000

$799,000

 

 

 

If you would like to have a look at my blog to see more information about average prices, price changes, West Vancouver & North Vancouver 2008 median prices, West Vancouver 3rd quarter sales totals from 2000 to 2008 and other market statistics, please follow the link below:

http://www.johnjennings.com/Blog.php

For the past five years, when buying a home, it was a stressful process to make non-subject offers.  In today's market, although prices are down, it is less stressful now that sellers will accept subject to sale offers.  This is one advantage of a buyer's market.

Thanks!

John Jennings

604-790-1900

john@johnjennings.com

http://www.johnjennings.com/