October proved to be a bit busier with a slight increase in home sales, a reduction in listings, and a slight decrease in home prices compared to the summer months. The sales to active ration increased to 11% from 8% in September. There is no "bell that goes off to say we are at the "bottom of the market," however, the sales to active listing ratio is a good indicator for buyers, sellers or balanced market condition.
"Buyer demand increased slightly in October compared to previous months," Sandra Wayant, 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."
October Stats: October 2012 from the Real Estate Board of Greater Vancouver (REBGV)
October sales 28.5% below the 10 year October sales average of 2,700.
October new listings for all residential properties declined 18.8% compared to new listings in September 2012.
Residential property listings increased 12% from this time last year.
Detached Properties: Since reaching its peak in May, benchmark price has declined 4.1% to $927,500/sales declined 18.9% from the 974 detached sales recoreded in October 2011.
Attached Properties: Since reaching its peak in April, the benchmark price has declined 2.9% to $457,700/sales declined 11.5% compared to 382 sales in October 2011.
Condo Properties: Since reaching its peak in May, the benchmark price has declined 2.9% to $368,800/sales declined 16.2% compared to the 958 sales in October 2010.
Item of Value - "Why We Work by Referral"
82% of our primary source of new busines is referrals from clients and friends who know and trust us, we don't have to spend precious time prospecting and promoting ourselves. We can dedicate ourselves fully to the activities that benefit you most, and always deliver truly exceptional service! Even if your friends or family don't live here we have a network of individuals throughout Canada and the US that would love to help them.
Business Partner - Cooks'n Corks
Check out this newsletter, we have taken cooking classes - outfitted our kitchen wiht many great products from Cooks'n Corks. Please go visit - we know you will love the product & service! It is perfect with the holiday season coming up - hostess gifts - specialty items & gift baskets.