Despite November’s market continuing at a slower pace and dropping compared to all-time highs in 2017, sales and inventory levels for the month were on par with historical averages for this time of year.
The Fraser Valley Real Estate Board processed 1,028 sales of all property types on its Multiple Listing Service® (MLS®) in November, a decrease of 41 per cent compared to the 1,743 sales in November of last year, and a 11 per cent decrease compared to sales in October 2018.
Of the 1,028 total sales, 383 were residential detached homes, 241 were townhouses, and 286 were apartments.
“Lessening demand continues to impact our market significantly,” said John Barbisan, President of the Board. “In turn, that has given purchasing power back to buyers who now have more time and more options when it comes to making a decision.”
Active inventory for the Fraser Valley in November finished at 7,355 listings, decreasing 5 per cent month-over-month and increasing 43.4 per cent year-over-year.
A total of 2,077 new listings were received by the Board in November, a 25.2 per cent decrease from that received in October 2018, and a 10.6 per cent decrease compared to November 2017.
“The market is shifting, albeit slowly. But while buyers are enjoying a more comfortable real estate environment, sellers will have to pay attention to how these changes will affect their chances at success.”
“Work with a local REALTOR® who can help you put your home in the best position to move. There are always ways to elevate your home’s appeal and potential to sell, even when the market is slower.”
HPI® Benchmark Price Activity
• Single Family Detached: At $976,200, the Benchmark price for a single family detached home in the Fraser Valley decreased 1.1 per cent compared to October 2018 and did not change compared to November 2017.
• Townhomes: At $532,800, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 1 per cent compared to October 2018 and increased 5.4 per cent compared to November 2017.
• Apartments: At $422,500, the Benchmark price for apartments/condos in the Fraser Valley decreased 2.4 per cent compared to October 2018 and increased 12.2 per cent compared to November 2017.
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News Release: Fraser Valley Real Estate Board - December 6, 2018