October Update
October 2011 East Van Market Update – Listings Count Cools
In the month of October, Vancouver listing numbers remained neck-and-neck with numbers from September. In the grand scheme, October was the first month all year to show a slight decrease in the total amount of listed properties throughout the entire lower mainland. With a sales-to-active ratio of 15%, the Greater Vancouver Market is hovering in the lower end of a balanced market and has been consistent in that trend for 5 months.
Total sales in Vancouver Proper for October 2011 were up ever so slightly (+0.41%) from September, and down (-7.23%) from one year ago. In Vancouver East, the market showed a drop in sales activity this October with 239 sales, down (-6.27%) from last month, and oddly, a zero percent change (+/-0.00%) from October 2010 when 239 homes also sold.
The market is healthy, however the talk has changed about our positioning in a buyer’s market since inventory has cooled for the first time in quite a few months and sales are modestly up. While Vancouver East and Vancouver West showed different trends in sales activity this month, the amount of New Listings was down both areas (-29.13% in Vancouver East to 416 and -21.52% in Vancouver West to 1021) for the month of October.
With fairly steady sales activity, detached benchmark prices in East Vancouver stayed fairly even, with detached prices up (+1.77% at $856,411), and down (-0.58% at $555,452) for attached properties. The apartment market also remained steady, dipping (-1.82%) to an average benchmark price of $335,370.
If you’d like more information from me regarding my East Vancouver Statistics, feel free to drop me an email at bess@bessdurey.com.
The Vancouver Real Estate Board’s official line
“Right now, prospective home buyers have a good selection of properties to choose from and more time to make decisions,” Rosario Setticasi, REBGV president said. “Home sellers should be mindful of local market conditions to ensure they are pricing their properties competitively.”
Posted on November 1, 2011, in Market Information. Bookmark the permalink. Comments Off.
