Steve Baldwin

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August marked the third consecutive month that home sale activity in Greater Vancouver was below the 10-year average for the month. In contrast, home listing activity in the region  has exceeded the 10-year norm every month since the beginning of the year.

This listing activity represents an eight per cent increase compared to August 2010, but also ranks as the third lowest total for August in the last 10 years.

“MLS® statistics continue to indicate that we’re in a balanced market,” Rosario Setticasi, REBGV president said. “However, with a sales-to-actives listings ratio of 15 per cent, Greater Vancouver is in the lower end of a balanced market and has been trending toward a buyers’ market over the past three months.” New listing total was the highest volume recorded for August in 16 years.

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 8.5 per cent to $625,578 in August 2011 from $576,597 in August 2010.

“Year over year, prices are up. However, in the detached home category, benchmark prices have come down slightly in each of the past two months,” Setticasi said. “It’s important for people entering the market to understand that activity can differ significantly depending on the area and property type.”

The benchmark price for detached properties increased 11.7 per cent from August 2010 to $888,243.

The benchmark price of an apartment property increased 5.6 per cent from August 2010 to $407,457.

The benchmark price of a townhouse or 1/2 duplex increased 4.5 per cent between August 2010 and 2011 to $511,433.

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