July 2008 False Creek Real Estate Update

So late getting this out, but I wanted to get these numbers done so we can have something to compare to next month. The market continues to see more inventory and lower sales. Here in False Creek all the numbers are quite low and so the month-to-month numbers vary quite dramatically. I will have to start doing a quarterly re-cap I think so we can get a better idea of what is really happening in False Creek real estate. Nonetheless here are July's numbers. August's are coming soon.

LISTED IN FALSE CREEK IN JULY (last 2 month's numbers in brackets)

Freehold Strata Units Listed: 28 (14,22)
Pre-paid Leasehold Strata Units Listed: 2 (7,9)
Non Pre-paid Leasehold Strata Units Listed: 1 (2,2)

Total Units Listed: 31 (23,33)

Median list price: $599,000

Total Listings Available as of July 30th: 65 (56,61)

SOLD IN FALSE CREEK IN JULY (last 3 month's numbers in brackets)

Sold from listed in July: 4

Freehold Strata Units Sold: 8 (5,6,7)
Pre-paid Leasehold Strata Units Sold: 1 (1,3,4)
Non Pre-paid Leasehold Strata Units Sold: 0 (0,0,1)

Total Units Sold: 9 (11,9,12)

Average Sold Price: $620,300 ($490,781)
Median sold price: $575,000 ($490,000)

Average Sold DOM: 29 (37,24,21)
Median Sold DOM: 14 (26,17,14)

Absorption Rate: 7.2 months (5.09,6.7) 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 please let me know.

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