Linda Linfoot - Keeping You Informed
Buyers Enjoying More Housing Options
A consistent increase in property listings, in conjunction with fewer home sales over the summer, has resulted in a buyer's market in the Greater Vancouver area.
The number of properties listed for sale on the Greater Vancouver Multiple Listing Service (MLS)® has risen each month since the beginning of the year. At 16,085, the total number of residential property listings on the MLS® increased by 4.6 percent in September compared to August 2011, and rose 4.4 percent compared to this time last year.
Rosario Setticasi, President of the Real Estate Board of Greater Vancouver said, "Our sales-toactive- listing ratio currently sits at 14 percent, which is the lowest it's been this year. Generally analysts say that a buyer's market takes shape when the ratio dips to about 12 to 14%, or lower, for a sustained period of time."
From a pricing standpoint, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months increased by 8.8 percent to $627,994 in September 2011 from $577,174 in September 2010. The HPI benchmark price for all residential properties in Greater Vancouver reached a peak of $630,921 in June of this year.
With more competition amongst home sellers, and more options for homebuyers, today's consumers need the services of a qualified real estate sales representative more than ever.
Please call today for help in sorting through all your options in today's real estate market, and for detailed information and updates on the housing climate in your particular area of interest.
