Buyer's Market Sets In - Lower Mainland Housing.

By Jeff Nagel Black PressFeb 11 2007

Lower Mainland home sales were down again in January while the number of real estate listings was up and prices tended to either hold steady or sag.

New statistics released for last month by area realtor groups continue the recent trend of softening home prices and less of the frantic buying pace seen up until last summer.

The average length of time to sell a home climbed from 49 days a year ago to 58 days last month, the Real Estate Board of Greater Vancouver reported.

“Buyers are realizing they have an increase in home selection and are taking more time when making a decision to buy,” said president Rick Valouche.

New listings were 17% higher than a year ago in Greater Vancouver and 14% higher in the Fraser Valley. Sales in January dropped 6% and 14%, respectively.

“We’re currently seeing double-digit increases in both our new and carried-over listings inventory, a continuation of the trend started last September,” Valouche said.

A typical detached house in Greater Vancouver sold for $641,600 in January –– down from $643,800 in December and off from a peak of around $650,000 last fall.

The benchmark price is still up 13.5% from a year ago.

Typical attached homes and apartments edged up slightly to $411,500 and $332,500 respectively.

The Fraser Valley Real Estate Board said median prices for detached homes dipped to $450,000 from $455,000 in December. That’s still also up nearly 13% from a year ago.
Median apartment prices in the Fraser Valley edged up 0.5% from December to $190,000 and median townhomes climbed 4.7% to $300,000. Link.