September 8 2009

Vancouver Real Estate Market Conditions August 2009

by brook

New Condos For Sale

Vancouver, BC and its surrounding areas, known for their optimal balance of urban and suburban housing options, is one North American market that shows a unique combination of rising prices and falling sales – at least where condos, townhomes, and high rises are concerned. In August 2009, listings for Vancouver BC condos for sale dropped to a low of 71, while the average sold price rose to $464,131; that’s higher than any month since June of last year. For those looking for something at a lower price point, no worries: There are still plenty of condos available in the $300,000 range.

In terms of overall sales, however, there is good news. New listings for detached, attached and apartment properties increased 4.9% to 4,544 in August 2009. When compared to year-over-year figures from August 2008, this is a slight increase; 4,331 new units were listed at this time last year. Additionally, total active listings in Greater Vancouver currently sit at 11,937, down 33% from August 2008. This may be due to homes exiting the market following sales. That’s the good news…but why the high prices? According to Vancouver real estate experts, renewed confidence in the market has made determining home prices more challenging. Does this mean that Vancouver will see a price reduction? Time will tell. Whether you choose to look into your buying options now, or wait it out awhile, watching the Vancouver market activity is a great way to stay prepared.

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