Well, the Christmas decorations are up in the shops, it's dark at 5:00PM and Whistler is open. It must be winter! Well, almost.
Our Fall real estate market in Greater Vancouver continues to be in an overall balanced state. Last month's sales totaled 2,661, which is 2.8% above the 10-year sales average for the month, a 37.8% increase compared to October 2012 (which was a very slow month, so don't be misled by the comparison), and 7.2% more than September 2013.
New listings, which totaled 4,315 was 1.9% below the 10-year average. This is also .2% lower compared to October 2012 and down 14.2% compared to September 2013.
“We continue to see fairly typical activity when it comes to monthly home sale and listing totals,” Sandra Wyant, REBGV president said. “Today’s activity is helping to keep us in balanced market territory, which means that prices tend to experience minimal fluctuation.”
Looking specifically at Vancouver's east and west sides, most market segments finished the month with between 4.3 - 4.9 month's supply of inventory, which is considered a Seller's market, on the cusp of Balanced. The one exception was attached properties (townhouses and duplexes) on the eastside, with a 3.3 month supply of inventory. This represents a fairly strong Seller's market, albeit this is quite a small market segment.
Inventory for sale is, overall, down from the same time last year and in comparison to 2011. Even so, my colleague and I were surprised to discover that in East Van's highly desirable Mount Pleasant neighbourhood there are currently a total of 15 detached homes for sale. That is an extremely low number. If you or someone you know lives in the area and are thinking of listing, now may be a good time!
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