Nov 2010 4

Home sales remain steady in Greater Vancouver

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Greater Vancouver home sales have remained steady over the past four months, indicating stability in the residential housing market. With the MLS? sales to active listing inventory ratio indicating a buyers’ market, properties appropriately priced are selling.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totaled 2,337 in October 2010, a decline of 36.9% compared to the 3,704 sales in October 2009 and a 5.3% increase compared to September 2010 when 2,220 sales were recorded.

The MLSLink Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver has increased 4.6% to $579,349 in October 2010 from $553,702 in October 2009. Since June, however, residential home prices in Greater Vancouver have remained relatively unchanged, declining 0.2%.

New MLS? listings for detached, attached and apartment properties in Greater Vancouver totaled 3,698 in October 2010. A decline of 25.7% from October 2009 when 4,977 new units were listed.

Total active listings at 14,075 are down 8.6% compared to September 2010 and have increased 16.4% from October 2009.

We’ve seen a lot more consistency and less volatility in recent months when it comes to both number of sales and pricing, although it’s important to remember that conditions often vary between communities and neighbourhoods” said Jake Moldowan, president of the Real Estate Board of Greater Vancouver (REBGV).

“As we enter the final two months of the year, buyer demand is in closer alignment with supply than we’ve seen for most of 2010,” Moldowan said. “Those buying today recognize that they still have a chance to enter the market with near record-low interest rates, while gradual reductions in inventory have eased downward pressure on prices.”

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

You can also download the whole October 2010 REBGV statistics.

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