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Wednesday, November 14, 2012

Metro Vancouver home sales jump by 27.4 per cent in October

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VANCOUVER — Home sales in the Real Estate Board of Greater Vancouver’s region soared 27.4 per cent in October, from 1,516 home sales in September to 2,317 last month, the board reported in a news release this morning

But that represents a 16.7 per cent decline compared to the 2,317 sales in October 2011, the release noted, adding that October 2012 sales were 28.5 per cent below the 10-year October sales average of 2,700.Vancouver-Green-Building-Homes-Real-Estate1-670x403

“Buyer demand increased slightly in October compared to the previous few months,” Sandra Wyant, REBGV president-elect, said in the release. “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 atmosphere 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.”

The benchmark price for all residential properties in Greater Vancouver declined 3.4 per cent, to $603,800, in October since reaching a peak of $625,100 in May, the REBGV said, noting that represented a 0.8 per cent decline compared to last year.

Meanwhile, home sales jumped by 23 per cent from September to October in the Fraser Valley Real Estate Board's region, with 1,053 sales registered on its Multiple Listing Service, the board reported this morning.

That was a decrease of eight per cent, compared to the 1,139 sales during October last year, but board president Scott Olson said in a news release: "This is a marked improvement over September. Our sales increased at the same time as our inventory dropped improving our supply-demand conditions.

"Although we remain in a buyer's market, it moves us in the direction we want to go, which is closer to balance."

The benchmark price of a detached home in the board's region, which includes Surrey, was $546,900, an increase of 2.5 per cent compared to October 2011, when it was $533,800. But that was a 0.5 per cent decrease compared to September's $549,500.

The benchmark price of condos increased year-over-year by 2.9 per cent, going from $198,100 in October 2011 to $203,900 this October.2012.

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