May 2009 28

Buyer activity brings greater stability to the housing market

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With more buyers and fewer homes for sale in recent months, the Greater Vancouver housing market has entered a more moderate and balanced state.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential housing sales in Greater Vancouver rose 31% in April compared to the month before. The total number of sales in April 09 was only 8% lower than in April 08.

At the same time new MLS? listings for residential properties continued to decrease for the fifth month in a row.

We're seeing greater balance in the housing market as evidenced by a strong sales to active listings ratio of over 19%" said Scott Russell, president of the Real Estate Board of Greater Vancouver (REBGV). "The result is a relatively stable market in which homes are being realistically priced."

"The bridge between buyer demand and housing supply is continuing to narrow, which, as we see, helps bring stability to home prices," he said. "The trends in our housing market over the last couple of months offer a much more comfortable, historically normal set of conditions."
2009 April REBGV Stats Click on the graph to see it in full size

You can also download the whole April 2009 REBGV statistics.

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