These clear blue skies and sunshine have been absolutely wonderful, but my body is finding it a little difficult adjusting to these barely-above-freezing temperatures! I swear it was summer just last week :)
The October real estate market for Greater Vancouver continued to outpace the longer-term averages for this time of year. Sales were up 14.9% compared to October 2013, up 4.6% compared to September 2014 and 16.6% above the 10-year sales average for October.
“We’ve seen strong and consistent demand from home buyers in Metro Vancouver throughout this year. This has led to steady increases in home prices of between four and eight per cent depending on the property,” said REBGV president Ray Harris.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $637,000. This represents a six per cent increase compared to October 2013.
“Detached homes continue to increase in price more than condominium and townhome properties. This is largely a function of supply and demand as the supply of condominium and townhome properties are more abundant than detached homes in our region,” Harris said.
Looking specifically at Vancouver, with inventory levels at generally lower levels and sales at higher levels compared to October 2013, all market segments finished the month in Seller's market territory, with the exception of detached homes on the west side. This segment finished out October with 5 months of inventory - right on the cusp between a Seller's and Balanced market.
Here's the snapshot: