Housing Market Sees Slight Changes In October:
The Greater Vancouver housing market saw a slight increase in the humber of homes sales, a slight reduction in the number os listings, and a slight decrease in home prices in October compared to the summer months. With those changes, the sales-to-active-listings ratio increased to 11 per cent in October from 8 per cent in September.
The Real Estate Board of Greater Vancouver reported 1,931 residential property sales of detached, attached and apartment properties on the region's Multiple Listing Service in October, a 16.7 per cent decline compared to the 2,317 sales in October 2011 and a 27.4 per cent increase compared to the 1,516 home sales in September 2012.
October sales were 28.5 per cent below the 10-year October sales average of 2,700.
"Buyer demand increased slightly in October compared to the previous few months." Sandra Wyant, REBGV president-elect sait. "Overall conditions in today's market remain in favour of buyers, with low interest rates, more choice, and less time pressure in terms of decision-making. This translates into a calmer tmosphere for those looking to buy a home and it places more onus on sellers to ensure their homes are priced to compete in today's marketplace."
Since reaching a peak of $625,100 in May, the MLS Home Price Indes composite benchmark price for all residential properties in Greater Vancouver declined 3.4 per cent to $603,800 in October. This represents a 0.8 per cent decline compared to last year.
"There have been modest price changes since they peaked in the spring. The largest reductions have occurred in the areas and property types that experienced the biggest price increases over the last few years," Wyant said.
Since hitting a record high in April, the benchmark price of a detached home on the Westside of Vancouver has declined 8.6 per cent while detached homes in Richmond and West Vancouver have seen declines of 6 per cent over the same time period.
Since reaching a peak in May, the benchmark price for a detached property in Greater Vancouver has declined 4.1 per cent to $927,500.
Sine reaching a peak in May, the benchmark price for an apartment property in Greater Vancouver has declined 2.9 per cent to $368,800.
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** All information has been obtained from the Real Estate Board of Greater Vancouver.