Vancouver Real Estate Statistics – October 2012

Vancouver Real Estate Statistics – October 2012

November 2, 2012 in Market News, Vancouver Real Estate News

The number of sales in the Vancouver Real Estate market climbed slightly from September, and we saw a total of 1,931 combines sales in the Vancouver area during the month of October. This represents an increase from September 2012 of 27.4%, and a 16.7% decline from October 2011.

With respect to the 10 year average, the number of sales in October trended below the 10 year average by 28.5%.

“Buyer demand increased slightly in October compared to the previous few months,” Sandra Wyant, REBGV president-elect said. “Overall conditions in today’s market remain in favour of buyers, with low interest rates, more choice, and less time pressure in terms of decision-making. This translates into a calmer atmosphere for those looking to buy a home and it places more onus on sellers to ensure their homes are priced to compete in today’s marketplace.”

There were 4,323 new listings added to the Vancouver MLS during October. This is 1.2% lower than the same time a year earlier, and 18.8% less than the 5,321 new listings during September 2012. The total number of active listings declined slightly from September by 5.3% and increased from the same time last year by 12%.

Price

“There’ve been modest price changes since they peaked in the spring. The largest reductions have occurred in the areas and property types that experienced the biggest price increases over the last few years,” Wyant said.
The record month for prices was April 2012, since then, the benchmark price of Vancouver West detached properties has declined by 8.6%, and homes in West Vancouver Real Estate and Richmond have declined 6%.

Detached Vancouver Real Estate

Total number of sales in October totalled 790, a year on year decrease of 18.9% (974 sold during October 2011). Prices peaked in May for detached homes, and since then prices have declined 4.1% to an average of $927,500.

Apartment Real Estate in Vancouver

October saw 803 sales of Apartments during October, compared to the same month a year ago this represents a decrease of 16.2% (958 sales in October 2011). Prices peaked in May, and since then we have seen a decline of 2.9% to $368,800.

Attached Property in Vancouver

Sales totalled 338 for October 2012, which was an 11.5% decrease compared to October 2011 (382 sales). Peaking in April, prices have declined 2.9% to $457,700.

Call me today to put a plan in place to sell your current property or to discuss a strategy to take advantage of this market. Adam Chahl Group – RE/MAX Select – +1 778 385 6141

October 2012, REBGV, Statistics, Vancouver Real Estate

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