{"id":16855,"date":"2020-11-04T10:10:00","date_gmt":"2020-11-04T18:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=16855"},"modified":"2020-11-04T09:21:58","modified_gmt":"2020-11-04T17:21:58","slug":"fvreb-are-seeing-a-strong-sellers-market-for-townhomes-single-family-homes","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/11\/fvreb-are-seeing-a-strong-sellers-market-for-townhomes-single-family-homes\/","title":{"rendered":"FVREB are Seeing A Strong Seller&#8217;s Market for Townhomes &#038; Single-Family Homes"},"content":{"rendered":"<p style=\"text-align: justify;\">SURREY, BC \u2013 Ongoing demand for Fraser Valley real estate saw overall sales reach the highest point for the month of October in the Board\u2019s history. This is the fourth consecutive month of record-breaking or near-record activity for sales and new listings in the region.<\/p>\n<p style=\"text-align: justify;\">The Fraser Valley Real Estate Board processed 2,370 sales of all property types on its Multiple Listing Service\u00ae (MLS\u00ae) in October, an increase of 48.9% compared to the 1,592 sales in October of last year, and an 6.2% increase month-over-month compared to the 2,231 sales in September.<\/p>\n<p style=\"text-align: justify;\">The volume of new listings received by the Board in October dipped compared to September, however still ranked the highest for the month in the last decade and the fourth highest of all time. The Board received 3,081, a 12.3% decrease compared to September\u2019s intake and a 29.3% increase compared to October 2019.<\/p>\n<p style=\"text-align: justify;\">Chris Shields, President of the Board, observes, \u201cThe situation is unprecedented. We are in the middle of a pandemic and in many of our communities we are seeing a strong seller\u2019s market for townhomes and single-family homes priced correctly. For example, in Langley, our current supply of detached homes would sell in 1.4 months if no new listings became available. And for Mission townhomes, we have zero months of inventory.<\/p>\n<p style=\"text-align: justify;\">\u201cIf you\u2019re thinking of buying or selling, seek expert advice because every neighbourhood and property type is unique.\u201d<\/p>\n<p style=\"text-align: justify;\">October finished with 6,872 active listings, a decrease of 6.8 per cent compared to September and a decrease of 7.1% year-over-year. Last month\u2019s active listings were 11.9% below the ten-year average for October.<\/p>\n<p style=\"text-align: justify;\">Baldev Gill, Chief Executive Officer of the Board, adds, \u201cAs our region faces a current surge in cases of COVID-19 and gatherings are being further restricted, it\u2019s important to emphasize that the real estate industry \u2013 one of the first to adapt successfully to the necessary safety requirements \u2013 continues to be vigilant in order to contain the spread. REALTORS\u00ae are strongly encouraging their clients to embrace technology and avoid in-person activities.\u201d<\/p>\n<p style=\"text-align: justify;\">For the Fraser Valley region, the average number of days to sell an apartment in October was 36 days, and 27 days for townhomes. Single family detached homes remained on market for an average of 30 days before selling.<\/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 $1,046,900 the Benchmark price for a single-family detached home in the Fraser Valley increased 1.4% compared to September and, increased 9.9% compared to October 2019.<br \/>\n\u2022 Townhomes : At $569,200, the Benchmark price for a townhome in the Fraser Valley increased 0.3% compared to September and increased 5.0% compared to October 2019.<br \/>\n\u2022 Apartments : At $434,600, the Benchmark price for apartments\/condos in the Fraser Valley decreased by 0.5% compared to September and increased 4.2% compared to October 2019.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.fvreb.bc.ca\/statistics\/sales-volumes-remain-exceptional-in-the-fraser-valley\/\" 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\/sales-volumes-remain-exceptional-in-the-fraser-valley\/\" target=\"_blank\" rel=\"noopener noreferrer\">Sales Volumes Remain Exceptional in The Fraser Valley<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>SURREY, BC \u2013 Ongoing demand for Fraser Valley real estate saw overall sales reach the highest point for the month of October in the Board\u2019s history. This is the fourth &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2020\/11\/fvreb-are-seeing-a-strong-sellers-market-for-townhomes-single-family-homes\/\">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-16855","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 are Seeing A Strong Seller&#039;s Market for Townhomes &amp; Single-Family Homes &#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\/11\/fvreb-are-seeing-a-strong-sellers-market-for-townhomes-single-family-homes\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"FVREB are Seeing A Strong Seller&#039;s Market for Townhomes &amp; Single-Family Homes &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"SURREY, BC \u2013 Ongoing demand for Fraser Valley real estate saw overall sales reach the highest point for the month of October in the Board\u2019s history. This is the fourth &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2020\\\/11\\\/fvreb-are-seeing-a-strong-sellers-market-for-townhomes-single-family-homes\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2020\\\/11\\\/fvreb-are-seeing-a-strong-sellers-market-for-townhomes-single-family-homes\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"FVREB are Seeing A Strong Seller&#8217;s Market for Townhomes &#038; 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