realtyreport
Steady Sales Indicate Stabilizing Housing Market
The Real Estate Board of Greater Vancouver (REBGV) reports that home sales have remained steady over the past four months, indicating stability in the residential housing market.
"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, REBGV president.
"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 continued. "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."
Sales of detached properties in October 2010 reached 976, a 34.4 percent decrease from sales in October 2009, but a 98 percent increase from the 493 units sold in October 2008. The benchmark price for detached properties increased 6.3 percent from October 2009 to $796,883 in October 2010.
Sales of apartment properties reached 984 in October 2010, a decline of 38.8 percent compared to October 2009, but an increase of 52.1 percent compared to the 647 sales charted in October 2008. The benchmark price of an apartment property rose 2.4 percent from October 2009, to $390,074 in October 2010.
The market is changing every day, creating new opportunities for homeowners and those who wish to become homeowners. Please call if you're considering selling your property or are thinking of looking for a new one, and let's have a look at the latest developments in the real estate market as they apply to your particular situation.
In the meantime, enjoy a safe and healthy holiday season!
