Over the past four months we’ve seen steady home sales in Greater Vancouver, indicating a healthy level of stability. Generally we are seeing properties sit on the market longer and sell for less than asking, but properties that are properly priced are indeed selling especially in faster moving markets like downtown Vancouver.

We’ve seen less and less inventory come onto the market, coupled with steady buyer demand, which has eased downward pressure on prices. 

“We’ve seen a lot more consistency and less volatility in recent months when it comes to both number of sales and pricing, although it’s important to remember that conditions often vary between communities and neighbourhoods,” Jake Moldowan, Real Estate Board of Greater Vancouver (REBGV) president said.

Here are the stats for October 2010 according to the Real Estate Board of Greater Vancouver (REBGV)

RESIDENTIAL PROPERTY SALES - DOWN 37% from last year
2,337 homes were sold in October 2010

• This represents a 5% increase compared with September 2010
• In comparison, this represents a 71% increase over the 1,364 residential sales in October 2008, a 23% decline compared to October 2007’s 3,028 sales, and an 14% decline compared to October 2006’s 2,722 sales.

Total active property listings posted on the Multiple Listing Service® (MLS®) in Greater Vancouver currently sit at 14,075, a 9% decline from last month and a 16% increase from October 2009.

NEW LISTINGS - DOWN 26% from last year
3,698 properties were newly listed in October 2010

HOUSING PRICE INDEX - UP 7% from last year
According to the MLSLink® Housing Price Index (HPI), the benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 5% to $579,349 in October 2010 from $553,702 in October 2009. Since June, however, residential home prices in Greater Vancouver have remained relatively unchanged, declining 0.2 %.

• The benchmark price for detached properties increased 6% from October 2009 to $796,883.
• The benchmark price of an apartment property increased 2% from October 2009 to $390,074.
• The benchmark price of an attached unit increased 4% from October 2009 to $487,530.

SALES OF DETACHED PROPERTIES - DOWN 34% from last year
976 detached homes sold in October 2010. Although this is a significant decrease compared to last year, this represents a 98% increase compared to sales in October 2008 where 493 units were sold.

SALES OF APARTMENT PROPERTIES - DOWN 39% from last year
984 apartment properties sold in October 2010. This is a 52% increase compared to sales in October 2008.

SALES OF ATTACHED PROPERTIES - DOWN 38% from last year
There were a total of 377 attached property sales in October 2010. This marks a 68% increase from October 2008 sales.

Download the complete REBGV October 2010 Stats Package >>