October is upon us and with it comes the transformation of nature encompassing all the beautiful colours of the season.
There is also a transformation taking place in the greater Vancouver real estate market, as it appears that we are now entering into a buyer’s market.
The current sales-to-active-listing ratio sits at 14 per cent, which is the lowest it’s been this year. What does this mean? Analysts say that generally a buyer’s market takes place when the ratio dips to about 12-14%.
There are currently 16,085 active listings in Greater Vancouver. This represents a 4.4% increase compared to this time last year. New listings however are up 20% as compared to September 2011. This was the 3rd highest volume for September in 17 years!
Sales of detached properties on the MLS® in September 2011 reached 957, an increase of 10.5% from September of 2011. Benchmark price increased 13.4% since last year.
Attached property sales in September 2011 totalled 367, a 4.2% increase from September 2010. Benchmark price increased 5.4% since last year.
Sales of apartment properties reached 922 in September 2011, a 5% decrease from September 2010. Benchmark price increased 4.4. % since last year.
So the overall picture for home-owners is good, as the benchmark prices have increased from 4.4 to 10.5% depending on if you own a condo, townhouse or house. So if you’re selling you’ve made money in one year. If you’re a buyer, it is a great time to buy as you have a good amount of inventory to choose from. For more info, just ask me...
Stats info courtesy of the Real Estate Board of Greater Vancouver