Metro Vancouver real estate sales were down 53.6% from August 2007. The number of listings available for sale was down 1.7% from last year. With fewer buyers buying real estate, the market continues to rebalance.
Detached home prices in Metro Vancouver were up just 1.6% from August 2007, but down 2% from last month, reaching an average benchmark price of $737,985. The number of detached homse sold in August fell 58.2% from one year ago, while listings were down 5.5%.
Prices of Metro Vancouver townhouses were up 3.8% in the past twelve months, reaching $463,433 in August 2008. The number of townhouses sold fell by 50.5% from last August. While the sales trend continues to slow, nventory levels fell 32.8% from last month as frustrated sellers have removed their townhomes from the market.
Condominium sales have followed a similar trend to townhouses. With prices averagng $374,366, the number of sales in August fell 50.8% from August 2007. Listings over this period increased 3.6%.
Statistical source: Real Estate Board of Greater Vancouver