{"id":14118,"date":"2019-11-05T10:10:02","date_gmt":"2019-11-05T18:10:02","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=14118"},"modified":"2019-11-04T14:20:38","modified_gmt":"2019-11-04T22:20:38","slug":"fvreb-is-seeing-pent-up-demand-from-homebuyers","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/11\/fvreb-is-seeing-pent-up-demand-from-homebuyers\/","title":{"rendered":"FVREB Housing Market Recovery Continues"},"content":{"rendered":"<p style=\"text-align: justify;\">SURREY, BC \u2013 The demand for Fraser Valley real estate is the strongest it\u2019s been since the spring of 2018.<\/p>\n<p style=\"text-align: justify;\">The Fraser Valley Real Estate Board processed 1,592 sales of all property types on its Multiple Listing Service\u00ae (MLS\u00ae) in October, a 18.5% increase compared to sales in September 2019, and a 37.8% increase compared to the 1,155 sales in October of last year.<\/p>\n<p style=\"text-align: justify;\">Darin Germyn, President of the Board, says, \u201cOur market started to pick up in the summer and we\u2019ve been steadily improving since. It\u2019s rare to see October home sales in the Fraser Valley outpace April and that\u2019s what we\u2019ve seen this year; our typical spring and fall markets have flipped.<\/p>\n<p style=\"text-align: justify;\">\u201cConsumers are feeling more confident. Buyers have grown accustomed to the government\u2019s regulation changes. Interest rates have thankfully remained stable and we\u2019re likely seeing some pent-up demand from buyers who were holding off earlier this year.<br \/>\nOctober\u2019s beautiful, sunny weather didn\u2019t hurt either.\u201d<\/p>\n<p style=\"text-align: justify;\">There were 7,398 active listings available in the Fraser Valley at the end of October, a decrease of 4.5% compared to October of last year and a decrease of 6.9% compared to September 2019. The Board received 2,383 new listings in October, a 13.9% decrease compared to September 2019\u2019s intake of 2,769 new listings and a 14.2% decrease compared to October of last year.<\/p>\n<p style=\"text-align: justify;\">Germyn adds, \u201cWe\u2019re still seeing some hesitation from sellers to list as they continue to watch for further price erosion, however, it\u2019s important to talk to your local market expert because prices in some areas have turned the corner and are starting to creep up again.\u201d<\/p>\n<p style=\"text-align: justify;\"><strong>MLS\u00ae HPI Benchmark Price Activity<\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>\u2022 Single Family Detached :<\/strong> At $952,600, the Benchmark price for a single-family detached home in the Fraser Valley increased 0.3% compared to September 2019 and decreased 3.5% compared to October 2018.<br \/>\n<strong>\u2022 Townhomes :<\/strong> At $516,000 the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 0.8% compared to September 2019 and decreased 4.2% compared to October 2018.<br \/>\n<strong>\u2022 Apartments :<\/strong> At $405,100, the Benchmark price for apartments\/condos in the Fraser Valley decreased 0.1% compared to September 2019 and decreased 6.4% compared to October 2018.<\/p>\n<p style=\"text-align: justify;\">For the Fraser Valley region, the average number of days to sell an apartment in October was 34, and 37 for townhomes. Single family detached homes remained on the market for an average of 46 days before selling.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/fvreb.bc.ca\/statistics\/Package201910.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Click here<\/a> to view the October Statistics Package.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.fvreb.bc.ca\/statistics\/real-estate-rebound-continues-for-fraser-valley\/\" target=\"_blank\" rel=\"noopener noreferrer\">Real Estate Rebound Continues for Fraser Valley<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>SURREY, BC \u2013 The demand for Fraser Valley real estate is the strongest it\u2019s been since the spring of 2018. The Fraser Valley Real Estate Board processed 1,592 sales of &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/11\/fvreb-is-seeing-pent-up-demand-from-homebuyers\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-14118","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FVREB Housing Market Recovery Continues &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2019\/11\/fvreb-is-seeing-pent-up-demand-from-homebuyers\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"FVREB Housing Market Recovery Continues &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"SURREY, BC \u2013 The demand for Fraser Valley real estate is the strongest it\u2019s been since the spring of 2018. 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