Housing Prices Down, Listings Up - Lower Mainland.

Home Buyer's Market Sets In
By Jeff NagelBlack PressFeb 06 2007

"Lower Mainland home sales were down again in January, while real estate listings were 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. "

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

"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 per cent 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 figure is still up nearly 13 per cent from a year ago. "

"Median apartment prices in the valley edged up 0.5 per cent from December to $190,000 and median townhomes climbed 4.7 per cent to $300,000. " Link.