Greater Vancouver Real Estate Market Update. August 2011
August was the third consecutive month that Greater Vancouver home sales activity was below 10-year average.
At the same time number of new listings that come to market has exceeded the 10-year norm every month starting the beginning of the year.
Though number of sales in August 2011 exceeded the same number of August 2010 by 8%, it ranked the third lowest total for August in 10 years.
Statistics indicate that we are in balanced market. However, with a sales-to-activities listings ratio of 15%, Greater Vancouver is in the lower end of a balanced market and has been trending toward a buyers' market over the past three months.
Benchmark Price for properties in Greater Vancouver(Estimated sale price for a typical property). August 2011:
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