December Market Update

Vancouver Real Estate board overall

The number of sales dropped in December and prices declined slightly overall on the Real Estate Board of Greater Vancouver. There was little change in the sale price of single family homes with the average sale price of $1,046,348. The average home including Maple Ridge to West Vancouver is still over $1,000,000! Townhouses had an average selling price of $526,556 which is a decrease of approximately 2.4% over Novembers and Condominiums average price was $439,648 which is increase of 5.5% over Novembers. Buyers had less choice as the over all number of units available dropped by a whopping 20.3%. This is a fairly typical as Sellers take their houses off the market at the end of the year to reconsider price and whether or not to move.

End of the year compared to December 2009 showed average single family prices up 16% along with a average increase of 11% in town homes and 9% in apartments. Over all average price on the Vancouver Real Estate Board was up 14%.

Local Maple Ridge

The number of sales for December in Maple Ridge in single family homes dropped from 66 to 57, down 9 from November with the average price basically unchanged at $478,513. Townhouse sales down from 26 to 22 with average price of Decembers sale at $295,932 which was 3.5% lower than Novembers. Condominium sales were down from 14 to 12 with an average price of $183,500 which is a decrease of 15.8% over Novembers. Total properties for sale all types available for sale dropped from 940 to 798 a drop of 15.1% which is not unusual for this time of year.

Prices in town homes and apartments continue to be under downward pressure and recovery since the steep decline of 2008 has been minimal.

End of the year compared to December 2009 showed average single family prices up 7% along with a average increase of 2% in town homes and 9% in apartments. Over all average price locally was up 7%.

For more detail just call 604-466-4549 or email pearceteam@telus.net .

The market for 2011 is forecast to be improved over 2010 but not a lot of variance in price. Expect a improved activity in the market starting early in the year.

Prime Rate is at 3% with variable rate mortgages available at 2.3% - A $300,000 mortgage at 2.3% for 35 years is $1040 month. Rates will likely remain stable.