Vancouver Real Estate Statistics: August 2008
I have just not been motivated to blog lately. Maybe it was the rainy end of the summer. I don't really know. Anyway, the August stats came out a couple of days ago and I thought I better get the news out to you fine folks. I am sure you have seen it in the papers, but if you are not in Vancouver, maybe not. The news was a bit less cheery than we've been accustommed to over the past years, but much like the last few months activety was down significantly was the previous 2 years. August sales were down 53.7 per cent from the 3,384 sales in August 2007, and a 47.7 per cent reduction from the 2,998 sales recorded in August 2006. These numbers were pretty similar across all residential property types.
Interestingly total listings were down 6.2% from end of July this year. It looks like those over priced, testing the market, don't have to sell sellers may be giving up. I wonder what they are waiting for? It may take quite a while to find it now.
The report is attached. There was also an interesting story in the Surrey Leader where Helmut Pastrick of Central 1 Credit Union (formerly Credit Union Central of B.C.)predicts that the we are already half way through a downturn in the Metro Vancouver real estate market, both in terms of prices and time. These are brave predictions I would say. He does go on to moderate he his comments somewhat saying "I think it will continue for another six months and potentially 12,"
The statistics report and press release is attached and an archive of these can be found on the Stats page of my website.
Matthew Collinge: Vancouver REALTOR®
