As we enter into November, and what is typically a slower winter season in the Vancouver real estate market, let’s take look back at the October stats.
In the condo and townhome market, we are seeing signs of real stability. Average sales price, active listings and sales are all down slightly, but nothing outside of season trends. Look back at year over year trends, this October has slid downwards compared to 2009, but way ahead of the dismal 2008. With mortgage rates expected to remain steady and a continued lack of inventory, it appears likely that the market will remain flat into 2011.
When we look at the detached housing market in Kitsilano, we see a slightly different picture. Ignoring the odd spike in prices in June of this year (attributable to a few luxury home sales), we have actually seen a upwards push in prices since a slight downturn in July. An interesting point here though is that we did see inventory increase while sales dropped. I would expect to see a mild downturn in prices next month with things leveling off from there.
