In Metro Vancouver, realtors recorded some 2,337 sales in October through the realtor-controlled Multiple Listing Service, which was down almost 37 per cent from the frenetic pace of the same month a year ago, the Real Estate Board of Greater Vancouver reported Tuesday.

However, October's 2,337 sales were some 71 per cent higher than the recessionary October of 2008, and board president Jake Moldowan said agents have "seen a lot more consistency and less volatility" in sales levels and pricing over the past few months.

"As we enter the final two months of the year, buyer demand is in closer alignment with supply than we've seen for most of 2010," Moldowan said. "Those buying today recognize that they still have a chance to enter the market with near-record-low interest rates, while gradual reductions in inventory have eased downward pressure on prices."

In the Fraser Valley, realtors made 1,014 MLS sales in October, down 40 per cent from the same month a year ago, but 32 per cent higher than the doldrums of October 2008.

"With help from near-record-low mortgage rates and a steady decrease in the supply of homes, we're getting back to what I call a 'normal,' balanced market," Deanna Horn, president of the Fraser Valley Real Estate Board said in a news release.

In the area of Metro Vancouver covered by the Real Estate Board of Greater Vancouver, the benchmark price (an average of typical homes sold) for detached homes hit $796,833, which was up 6.3 per cent from the same month a year ago.

For townhouses, the benchmark price hit $487,530 in October, up four per cent from the same month a year ago.

For condominiums, the benchmark price reached $390,074 in October, up 2.4 per cent from the same month a year ago.

In the Fraser Valley's board area, which includes Surrey, the benchmark price for detached homes hit $505,759 in October, up three per cent from October 2009, but down 0.3 per cent compared with September of this year.

For townhouses, the $319,058 benchmark was up 2.2 per cent compared with the same month a year ago, but down 0.9 per cent compared with September.

The benchmark for Fraser Valley condominiums reached $240,542 in October, up 0.2 per cent from a year ago and was 0.4 per cent higher than September of this year.

Read more: http://www.vancouversun.com/business/real-estate/Loweer+Mainland+real+estate+sales+pace+remains+lukewarm/3765441/story.html#ixzz14KiisAH0