{"id":14591,"date":"2020-01-10T11:11:00","date_gmt":"2020-01-10T19:11:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=14591"},"modified":"2020-01-03T15:16:20","modified_gmt":"2020-01-03T23:16:20","slug":"fvreb-real-estate-finish-strong-for-mediocre-year","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/01\/fvreb-real-estate-finish-strong-for-mediocre-year\/","title":{"rendered":"FVREB Real Estate Finish Strong for Mediocre Year"},"content":{"rendered":"<p style=\"text-align: justify;\">SURREY, BC \u2013 After a sluggish first half of the year, property sales in the Fraser Valley started picking up speed in the summer and finished strong in December, but not enough to surpass last year\u2019s sales totals.<\/p>\n<p style=\"text-align: justify;\">The Board\u2019s Multiple Listing Service\u00ae (MLS\u00ae) processed 15,487 sales in 2019, a 0.6% decrease compared to 2018\u2019s 15,586 sales and the lowest total sales volume for the Fraser Valley since 2013. The total dollar volume of MLS\u00ae transactions for the year was $11.2 billion, dropping from $11.8 billion sold during the year prior.<\/p>\n<p style=\"text-align: justify;\">In 2019, total sales of the three main residential property types \u2013 detached, townhome and apartment \u2013 was 13,773. Of that total, 5,770 were detached, 3,888 were townhouses and 4,115 were apartments. Year-over-year, sales of detached and townhomes increased by 0.6% compared to 2018, while apartment sales dropped by 4.2%.<\/p>\n<p style=\"text-align: justify;\">\u201cComparatively, 2019 was slower than normal for our region,\u201d said Darin Germyn, President of the Board. \u201cEarlier in the year, we were still feeling the impact of the stress test introduced in 2018, but with steady job growth in our region and a stable economy, we\u2019ve seen sales in the last few months return to above-average levels.\u201d<\/p>\n<p style=\"text-align: justify;\">In December the Board processed a total of 1,247 sales, the third best December since 2010. Active inventory finished at 4,686 units in December, 20.3% lower than the 10-year average for the month, with a total of 948 new listings entering the market throughout the month.<\/p>\n<p style=\"text-align: justify;\">Germyn added, \u201cSome sellers have been holding back on listing, waiting until the market improves, with the result that supply in many areas currently is quite tight; so if you\u2019re looking to enter the market in 2020, now is a good time. Without a healthy supply of inventory in the coming months, we could see upward pressure on prices.\u201d<\/p>\n<p style=\"text-align: justify;\">A total of 30,568 new listings were received by the Board\u2019s MLS\u00ae system in 2019. This year was the second lowest for new inventory for the Board in the last decade.<\/p>\n<p style=\"text-align: justify;\"><strong>MLS\u00ae HPI Benchmark Price Activity<\/strong><\/p>\n<p style=\"text-align: justify;\">\u2022 Single Family Detached : At $953,700, the Benchmark price for a single-family detached home in the Fraser Valley increased 0.2% compared to November 2019 and decreased 1.2% compared to December 2018.<br \/>\n\u2022 Townhomes : At $514,900, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley remained on par with November 2019 and decreased 3.2% compared to December 2018.<br \/>\n\u2022 Apartments : At $405,500, the Benchmark price for apartments\/condos in the Fraser Valley increased 0.2% compared to November 2019 and decreased 3.1% compared to December 2018.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/fvreb.bc.ca\/statistics\/Package201912.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Click here<\/a> to view the December Statistics Package.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/www.fvreb.bc.ca\/statistics\/strong-finish-for-mediocre-year-in-fraser-valley-real-estate\/\" target=\"_blank\" rel=\"noopener noreferrer\">Strong Finish for Mediocre Year in Fraser Valley Real Estate<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>SURREY, BC \u2013 After a sluggish first half of the year, property sales in the Fraser Valley started picking up speed in the summer and finished strong in December, but &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2020\/01\/fvreb-real-estate-finish-strong-for-mediocre-year\/\">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-14591","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FVREB Real Estate Finish Strong for Mediocre Year &#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\/2020\/01\/fvreb-real-estate-finish-strong-for-mediocre-year\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"FVREB Real Estate Finish Strong for Mediocre Year &#8226; 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