It's fall, but the Greater Vancouver real estate market rose. A bit.
Compared to September, a few more buyers bought, and not as many sellers listed their houses on the MLS®. That put the sales-to-active-listings ratio back up to 11 per cent, from September's 8 per cent.
We're still in buyer's market territory. And with benchmark prices dropping from their highs in the spring as well as plenty of anecdotes about price reductions, sellers settling for less than offers they turned down three months ago, and buyers walking away if sellers won't deal we're in a market that actually encourages buying.
Sandra Wyant, Real Estate Board of Greater Vancouver president-elect, calls it "a calmer astmosphere for those looking to buy a home," and notes that "it places more onus on sellers to ensure their homes are priced to compete in today's marketplace."
Sales and Listings
What's Up, What's Down - At a Glance Oct 2012/Sept 2012 Oct 2012/Oct 2011 Overall Sales +27.4% -16.7% - Detached +32.5% -18.9% - Townhome +37.4% -11.5 % - Apartment +18.8% -16.2% New Listings -18.8% -1.2% Current Listings -5.3% +12%
The month-on-month increases look pretty impressive as percentages, but the numbers were small to begin with: only 1,931 sales altogether. Actual increases in sales over September were: detached, 193; townhomes, 92; apartments, 127.
In fact, October sales were 28.5 per cent below the 10-year October average.
Benchmark Price (MLS® Home Price Index)
In spring the MLS® benchmark prices for homes in Greater Vancouver hit their highest level ever, and they've been dropping gently ever since.
Greater Vancouver Benchmark Prices % Change Oct 2012 Sept 2012 Oct 2011 Detached $927,500 -0.9% -1.3% Townhome $457,700 -0.2% -2.0% Apartment $368,800 -0.1% -0.3%
However, in all the major markets within the GVREB, benchmark prices for detached houses and townhouses are still substantially above what they were three years ago. Condo benchmark prices are lower than they were three years ago in these areas: Burnaby East and North, Maple Ridge, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, Squamish and Tsawwassen. (Except for Burnaby and Richmond, these are all areas with very few condo sales.)
You can read the REBGV full stats package here.
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