Oct 2010 4

Housing market factors indicate stability in recent months

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September homes sales in Greater Vancouver were consistent with activity experienced in the preceding two months across most categories.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totaled 2,220 in September 2010, an increase of 0.8% compared to August 2010, and a 37.6% decrease compared with September 2009 when 3,559 sales were recorded.

Since spring, housing prices in the region have tended slightly downward, with a decrease of 2.7% compared to the all-time high reached in April when the MLSLink Housing Price Index (HPI) benchmark price was $593,419.

The MLSLink Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 5.5% to $577,174 in September 2010 from $547,092 in September 2009.

New MLS? listings for detached, attached and apartment properties in Greater Vancouver totaled 4,761 in September 2010. A decline of 17.6% from September 2009 when 5,746 new units were listed on the MLS?.

Total active listings at 15,401 are basically unchanged compared to last month and have increased 22% from September 2009. Over the last three months, active listings in the region have declined 12.3%.

We’ve seen fewer properties coming onto the market over the last three months. This trend, combined with the continued attraction of low interest rates, is likely having the effect of less downward pressure on home prices,” said Jake Moldowan, president of the Real Estate Board of Greater Vancouver (REBGV).

“We saw signs of more stability in our marketplace last month than we have seen since spring, based on a variety of indicators that we look at each month” Moldowan said. “At 56 days, it took on average, three days less to sell a home in our region than it took in August. This is the first month-to-month decline we’ve seen in this category since April."

Click on the graph to see it in full size 1 Click on the graph to see it in full size

You can also download the whole September 2010 REBGV statistics.

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