Market remains stable despite cooler fall sales
Sun
Vancouver, BC – The Real Estate Board of Greater Vancouver (REBGV) reports that year-to-date sales for October 2004 remained relatively unchanged with a less than one per cent decrease in units sold compared to 2003. Sales of detached, attached and apartment properties totaled 2735 in October 2004, a decrease of 27.4 per cent from the 3766 properties sold during the same period in 2003. “What we’re seeing is a stable market,” says REBGV President Andrew Peck. “Sales numbers for October 2004 were unheard of between October 1993 and October 2001. “There is a good balance between home buyers and sellers that has resulted in less pressure on home prices,” Peck says. “While benchmark prices increased in comparison to last year, we’re seeing less of a change in comparison to last month. To get a better understanding of what’s happening in your local market, consult your realtor.” According to Multiple Listings Service data, sales of apartment properties decreased 24.7 per cent in October 2004 to 1,271 sales, compared to 1,689 sales in October 2003. The benchmark price of an apartment property in Greater Vancouver, calculated by the Board’s Housing Price Index, is $243,090, up 15.1 per cent from one year ago. Sales of attached properties decreased 20.5 per cent in October 2004 to 431 units sold, compared to 542 units in October 2003. The benchmark price of an attached unit is $324,280, up 13.6 per cent from October 2003. Sales of detached properties totaled 1,033 in October 2004 compared to 1,534 sales in October 2003. The benchmark price of a detached home increased to $493,220 up 10.7 per cent from a year ago. Bright spots in Greater Vancouver in October 2004 compared to October 2003:
October 2004 detached, attached and apartment properties sales compared to October 1993 through October 2001 sales
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