October was a month of stability in the Greater Vancouver Real Estate scene as it continues to hold its status as a balanced market, and statistics remain consistent with historical averages. In contrast to October 2012, sales volume is up 37.8%, although October 2012 is a weak point of comparison as the market then was much below historical averages. When comparing sales volume in October 2013 to September 2013 the Greater Vancouver market showed a decrease of 7.2%.
Here area a few markets within Greater Vancouver that performed much better than the average 7.2% decrease in sales from the previous month. Coquitlam detached home sales increased by a strong 27% and sales of attached dwellings increased 18.28%. Port Coquitlam also had a strong month with a 12.9% increase in sales.
Once again, this monthly data shows sales in areas outside of Metro Vancouver continue to be stronger than average statistics in the Greater Vancouver Market. The growth in Coquitlam and Port Coquitlam is partially due to the new Evergreen line currently under construction. The Line is expected to be completed in 2016 but that isn’t the only factor driving young and growing families to this area. The Tri-Cities has always been a great place to raise a family, with attractive pricing compared to Vancouver, Burnaby and New Westminster. The future Skytrain line is simply an added benefit to the area and demand has grown - the proof is in the numbers.
November and December are often the slowest months of the year; October experienced a 14.2% decrease in new listings compared to the previous month, and this trend is expected to continue to the end of the year. Sellers who don’t need to sell or who haven’t found that perfect property to purchase may simply chose to sit tight until 2014. For those first time buyers, there may be the perfect opportunity to find a home at a great price, as some sellers are very motivated to sell their property before the end of the year!