Prices increase in single digits

Real estate statistics for May show home prices have posted only small gains so far in 2008, Real Estate Board of Greater Vancouver says.

Detached house prices are up about 5.5 per cent so far in 2008 in both the Greater Vancouver and Fraser Valley areas, to $771,250 and $549,610 respectively. Greater Vancouver townhouses sold for 4.8 per cent more in May ($479,000) while condos were up 3.1 per cent to $390,000. Fraser Valley townhouses and condos are both up less than one per cent for the year so far to $341,000 and $229,700. Both those average selling prices marked a slight drop from April.
Both real estate boards reported a sharp drop in sales and many more new listings from prospective sellers compared to a year ago –?continuing evidence of a softening market.
“Prices are not increasing as rapidly – now down to single digits overall – which is good news from an affordability standpoint,” said Dave Watt, president of the Real Estate Board of Greater Vancouver.
Greater Vancouver sales were down 33 per cent in May from a year earlier.

Posted by Jay Banks.