Maria Mak - Burnaby Chinese Real Estate Agent
.Maria Mak. Burnaby REALTOR® .Burnaby Real Estate Agents .When someone asks how house prices are doing...
By Maria Mak - Sut... on July 23, 2012 - 8:20pm
When someone asks how house prices are doing in a particular neighbourhood, the question seems easily answered.
The big real estate boards all issue monthly price reports that spell out what the average selling price was in the previous month and how that compares to the month, and the year, before.
But there's a problem with trying to divine market direction from average price data. It's just too blunt a tool.
If real estate — as the saying goes — is really about "location, location, location," then average prices frequently don’t capture the reality of what's going on in a particular city or neighbourhood.
Calculating the average house price is as simple as adding up the prices realized for all home sales in a particular month and dividing by the number of sales. The problem with that metric begins to emerge, however, when one or more parts of the housing market don't act in tandem with all the other segments, as they seldom do.
The average price is the figure obtained by dividing the total dollar volume of sales in a given period by the number of sales.
By Maria Mak - Sut... on November 2, 2010 - 8:16pm
Home sales remain steady in Greater Vancouver Greater Vancouver home sales have remained steady over the past four months, indicating stability in the residential housing market. With the MLS® sales to active listing inventory ratio indicating a buyers’ market, properties appropriately priced are selling.
According to the MLSLink® Housing Price Index (HPI), the benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 4.6 per cent to $579,349 in October 2010 from $553,702 in October 2009. Since June, however, residential home prices in Greater Vancouver have remained relatively unchanged, declining 0.2 per cent.
“We’ve seen a lot more consistency and less volatility in recent months when it comes to both number of sales and pricing, although it’s important to remember that conditions often vary between communities and neighbourhoods,” Jake Moldowan, Real Estate Board of Greater Vancouver (REBGV) president said.
Looking at transactions, the number of residential property sales in Greater Vancouver totalled 2,337 in October 2010. This represents a 5.3 per cent increase compared to September 2010 and a 36.9 per cent decline from the 3,704 sales in October 2009.