Big Drop In Vancouver BC Real Estate Sales

Home sales in the Vancouver Canada real estate market dropped a staggering 69.7 per cent in November when compared to the same time as last year, according to the Real Estate Board of Greater Vancouver (REBGV).

The Vancouver real estate agent association also reported that house prices declined a full 12.8 per cent between May and November 2008. That decline resulted in a 8.3 per cent year-to-date price reduction for detached, attached and apartment properties in the Metro Vancouver realty market between November 2007 and 2008.

The overall average Vancouver BC real estate listing price was $495,704 in November 2008. The board reminded us that homes in Vancouver were selling for $568,411 in May of this year.

The board said sales dropped to 874 homes sold last month from the 2,883 sales recorded in November 2007.

The number of homes for sale in Vancouver BC Canada declined 4.7 per cent to a total 18,348 of MLS listings in this city.

Detached homes in the Greater Vancouver real estate market declined 8.6 per cent in value to an average sale price of $666,525. Vancouver condos for sale declined in value by the same percentage as detached homes, for an average condo sale price of $342,315.

Dave Watt, the president of the Real Estate Board of Greater Vancouver, was quoted as saying these declines are good news for buyers, presenting an “excellent opportunity to buy quality real estate” for those whose personal finances will allow them to do it.

It just so happens the Board said last month’s declines also made it an ideal time for buyers, as well. Chances are the Greater Vancouver BC Canada real estate market is going to continue to see excellent buyer opportunities for the foreseeable future.