British Columbia Provincial MLS home sales for August 2011

British Columbia Provincial MLS home sales for August 2011 ; Provincial MLS home sales for August were virtually unchanged from July at a seasonally-adjusted 5,820 sales, following four straight monthly declines. Regional sales activity was mixed, with half of B.C.’s real estate boards recording monthly gains and the other half showing declines. The most substantial drop was seen in the Okanagan-Mainline area.

While month-to-month sales figures can show substantial volatility, housing market activity has been subdued. The Okanagan, Kootenay and parts of Vancouver Island remain firmly in buyers’ market conditions, as an oversupply of inventory compared with demand keeps prices under downward pressure.
Meanwhile, sales activity in the Lower Mainland has slowed since March, but remains in balanced market conditions as growth in month-end inventory has been modest. The flow of new listings has largely remained in check.

In the north, markets are less over-supplied but hover in mild buyers’ market conditions – economic activity related to mining and energy has supported local economies and housing markets.

The seasonally-adjusted average provincial price edged up by 1.7 per cent in August to $554,840, following three monthly declines. This is a 10.7 per cent rise from August 2010. source www.troymedia.com

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