realtyreport
Less Listings, Stronger Sales Define Vancouver Market
November 2010 reflected some interesting real estate activity in the Greater Vancouver area. The Real Estate Board of Greater Vancouver (REBGV) reported that the number of residential property sales in Greater Vancouver totaled 2,509, representing a 7.4 percent increase over the previous month, while total active residential listings sat at 12,384, a 12.1 percent decline from October 2010.
Jake Moldowan, REBGV President, noted, "Housing sales numbers were fairly typical for a November and indicate a fairly balanced market. Activity on the buyer side has been stable, with slight increases, over the last few months while the number of homes listed for sale in our region has declined each month since we reached a peak in June."
As far as home prices, Moldowan stated, "Home values have been relatively stable over the last five months compared to the summer period when we were seeing some downward pressure on prices."
He added, "It's the homes priced accurately for today's market that are receiving a lot of attention and selling right now."
Accurate pricing is key in today's market, which is why potential sellers are strongly encouraged to consult with a real estate sales representative they know, and trust.
"The continuation of low interest rates is supporting sales activity, which has been improving over the past few months in a number of major markets including Vancouver," said Georges Pahud, president of the Canadian Real Estate Association.
"National housing market trends are improving, but local market trends can differ significantly, so home buyers and sellers should consult their REALTOR® to understand how their housing market is evolving."
Let's work together to investigate local prices and market activity, to make sure your transactions have the right pricing and conditions.
