A record real estate year in 2007 was definitely a hard act to follow in 2008.

Overall, property sales were down almost 10 per cent, and when comparing fourth quarters, the market took a 37.4-per-cent hit at the end of last year.

"In November, December, January and February, it was dead," Terry Bergen, president of the Yukon Real Estate Association, told the Star today.

"By all accounts, the dead of winter was pretty quiet in real estate."

Bergen blames poor economic conditions the world over for the downturn.

"I think largely due to the world influence, people are being more cautious. We've had a lot more viewings but people are taking their time (to buy)," he added.

According to the Yukon Bureau of Statistics, the territory's real estate transactions for 2008 totalled $180 million, compared to the record high of $198.3 million in 2007.

Sales for the final three months of 2008 were $39 million, down dramatically from the record $62.4 million in the fourth quarter of 2007.

While houses are staying on the market longer, the good news appears to be for buyers, as Bergen says property prices "are down about 15 per cent from the peak a year ago."

In Whitehorse, the average house price in the spring of 2008 reached $334,900, but dropped to $322,500 at the end of the year.

In spite of this decrease, statistics indicate real estate values continue to creep upwards as the average single house price in Whitehorse has jumped 10.1 per cent.

By region, Porter Creek homeowners saw the value of their properties rise nearly 15 per cent, Riverdale 12.5 per cent and Copper Ridge just 1.1 per cent.

But according to Bergen, sales have picked up in March and April. With the annual influx of seasonal workers this summer this trend should continue, he believes.

"It's not been a boom or anything but the (spring sales) are certainly welcome to see," Bergen said.

"And rentals are really tight right now and it's looking to be tight over the summer with a lot of contractors coming up to work on new projects ...(so) if they can't rent, then often they're forced into the buying market."