Metro Vancouver Real Estate sales continued their downward trend, falling 34.4% from this time last year. The number of overall listings available for sale in November fell 11.2% this November over last. The trend has continued to favour buyers, in light of the a wide range of homes available for sale and prices that have continued to moderate.
Detached home prices in Metro Vancouver have fallen 8.6% from November 2007, to an average benchmark price of $666,525, while listings available for sale fell by 12.9%. The number of detached homes sold November year-to-date is down 36.9% from last year.
Prices of Metro Vancouver townhouses fell by 6.4% in the past twelve months, coming in at $426,287 in November 2008. The number of townhouses sold November year-to-date fell by 34.6%. Inventory levels fell by 13% this November over last.
Vancouver condominium prices were down 8.6% from November of last year. With prices averaging $342,315, November year-to-date sales were down 32% from last year. The November inventory of condominiums available for sale was down 9.2% from November 2007.
Statistical Source: Real Estate Board of Greater Vancouver