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False Creek Real Estate Statistics - June 2008

So what happened with False Creek real estate (this is for False Creek South) in June. I must apologize for taking so long to get this out this month. Despite the doom and gloom in the local papers though it was a pretty good month for False Creek real estate. Inventory dropped compared to May and a couple more homes were sold than in May. False Creek does look great in the sun and that can't have hurt. The stats were skewed a bit this month by the listing of the some of the units at the new Lumen development on the MLS®.

LISTED IN FALSE CREEK IN JUNE (last month's numbers in brackets)

Freehold Strata Units Listed: 14 (22)
Pre-paid Leasehold Strata Units Listed: 7 (9)
Non Pre-paid Leasehold Strata Units Listed: 2 (actually 1, but there was one listed as a "non-prepaid non strata" and I am pretty sure it is a strata so we'll say 2) (2)
Total Units Listed: 23 (33)

Total Listings Available as of June 30th: 56 (61)

SOLD IN FALSE CREEK IN JUNE (last two month's numbers in brackets)

false creek condosFreehold Strata Units Sold: 5 (6,7)
Pre-paid Leasehold Strata Units Sold: 6 (3,4)
Non Pre-paid Leasehold Strata Units Sold: 0, (0,1)
Total Units Sold: 11 (9,12)

Average Days on Market: 37 (24,21)
Median Days on Market: 26 (17,14)

Average Sold Price: $490,781
Median Sold Price: $490,000

Absorption Rate: 5.09 months (6.7)
What is the absorption rate. It is the number of months that it would take to absorb, or sell, the present inventory of homes for sale.


If you have any questions about False Creek real estate or a topic you'd like to see covered on the Comet please let me know. If you are interested in seeing what is for sale in False Creek you can always search for False Creek real estate here.

This post originally appeared on my False Creek neighbourhood blog, the False Creek Comet.

Posted Monday Jul 14
( 10/14/08 03:08PM ) — Dan

I hope the Vancouver BC market does not crash, all the sings are leading that way, its our own fault VCR realestate has broken all economic rules and I am afraid it will pay the price. The VCR 'favorable media' has led the ordinary people to believe that it (crash) will NEVER happen here. They even coached the masses to defend their philosophy, what to say if anyone shows any doubts about property, such as: 1) most beautiful place to live 2) "investors" specially foreign investors are buying property like crazy. 3) Oh, if you don't like it don't live here. It is played like a broken record.


No doubt it is one of THE most beautiful places to live, but thye forgot to mention it is the one of THE most expensive place to live. As far as the "investors" are concern lets see how many would buy after this financial crisis. Lets face it, Vancouver does not job market to support the expensinve housing. It has jobs whihc are minimum wage not six figure jobs. it has no substencial business base to make the housing price difference, people are cramming up their home by living together and subletting their properties to renters so they can pay these mortages on expensive homes. This is also a city of in-law suites and subdwelers.


Best wishes,


Dan


 

( 10/14/08 06:56PM ) — Matthew Collinge REALTOR®, Vancouver Real Estate

Hi Dan. Me too, I hope no one wants a crash, but I am probably wrong. Anyway, prices are dropping now and will do so for a while longer. How long and how far are anyone's guess at this stage. What does always happen to Vancouver real estate is that it comes back up, not always quickly, but always above and well beyond what it was before.


 


Buy real estate for the long term and you will be ok. Looking to flip houses, like day trading stocks on margin is a very risky business.


 


Thanks for you comments.

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