SURREY, BC – A combination of unseasonably high demand and declining supply reinforced Fraser Valley’s real estate market in November.
The Fraser Valley Real Estate Board processed 1,405 sales of all property types on its Multiple Listing Service® (MLS®) in November, an 11.7% decrease compared to sales in October 2019, and a 36.7% increase compared to the 1,028 sales in November of last year.
Darin Germyn, President of the Board, says, “Some listings are seeing a lot of activity depending on location and property type. REALTORS® are reporting more showings, higher traffic at open houses and even some multiple offer situations, which is atypical for the time of year.
“For our region, a balanced market is when 12% to 20% of active inventory is selling. In November, 33% of our supply of townhomes sold, as did 29% of Fraser Valley condos; indicating that the supply of attached properties isn’t keeping up with demand.”
There were 6,733 active listings available in the Fraser Valley at the end of November, a decrease of 8.5% compared to November of last year and a decrease of 9% compared to October 2019. The Board received 1,877 new listings in November, a 21.2% decrease compared to October 2019’s intake of 2,383 new listings and a 9.6% decrease compared to November of last year.
Germyn adds, “Buyers are seeing the effect that tighter supply has on prices. In early summer, the combined residential benchmark price was down 6% compared to the same period last year; in November it was down by 3%.”
MLS® HPI Benchmark Price Activity
• Single Family Detached : At $952,200, the Benchmark price for a single-family detached home in the Fraser Valley remained unchanged compared to October 2019 and decreased 2.5% compared to November 2018.
• Townhomes : At $514,700 the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 0.3% compared to October 2019 and decreased 3.4% compared to November 2018.
• Apartments : At $404,500, the Benchmark price for apartments/condos in the Fraser Valley decreased 0.1% compared to October 2019 and decreased 4.3% compared to November 2018.
For the Fraser Valley region, the average number of days to sell an apartment in November was 40, and 38 for townhomes. Single family detached homes remained on the market for an average of 48 days before selling.
Click here for the November Statistics Package.