October 2011 Update

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

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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.