Metro Vancouver home sales down but prices still rose in November

Metro Vancouver home sales in November were down compared to a year ago, but up slightly from October, according to a report released by the Real Estate Board of Greater Vancouver Friday.

“The pace of home listings entering the market eased slightly in November, compared to recent months, while sale levels remained fairly normal for this time of year,” REBGV president Rosario Setticasi said in a statement. “November activity helped put our market firmly in balanced territory.”

According to the report, sales totalled 2,360 in November, a 5.9-per-cent decline compared to the 2,509 sales in November 2010 and a 1.9-per-cent increase compared to the 2,317 sales in October 2011.

Last month’s total is also 5.8 per cent below the 10-year average for November sales.

The total number of properties currently listed for sale currently sits at 14,090, a drop of nine per cent compared to October 2011 but an increase of 13 per cent when compared to this time last year.

As well, the benchmark price for all residential properties increased 7.2 per cent to $622,087 in November from $580,080 in November 2010.

Since reaching a peak in June of $630,921, the price has declined 1.4 per cent.

Meanwhile, November sales in the Fraser Valley are up slightly compared to the same month last year and didn’t experience the usual month-over-month seasonal decline.

The Fraser Valley Real Estate Board reported that it processed 1,120 sales in November, an increase of three per cent compared to the 1,084 sales during the same month last year and a decrease of two per cent compared to 1,139 sales in October.

In the last decade, sales decreased on average nine per cent from October to November.

In November, the benchmark price of a detached home in the Fraser Valley was $532,086, an increase of 5.4 per cent compared to $504,848 in November 2010 and an increase of 0.3 per cent compared to October.

Source: Brian Morton, Vancouver Sun

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