Fraser Valley Real Estate at Its Peak Since 2018
Fraser Valley Real Estate at its Peak since 2018
A rise of 38.8 per cent (total of 1,592) property sales of all property types on Multiple Listing Service® (MLS®) has been processed by the Fraser Valley Real Estate Board since October last year’s 1,155 sales. This is also 18.5 per cent higher compared to the September 2019 sales.
Darin Germyn, President of the Board, remarked, “Our market started to pick up in the summer and we’ve been steadily improving since. It’s rare to see October home sales in the Fraser Valley outpace April and that’s what we’ve seen this year; our typical spring and fall markets have flipped
Fraser Valley’s 7,398 total active listings by the end of October is 6.9 per cent decrease from the previous month and 4.5 per cent decrease compared to last year’s.
“Consumers are feeling more confident. Buyers have grown accustomed to the government’s regulation changes. Interest rates have thankfully remained stable and we’re likely seeing some pent-up demand from buyers who were holding off earlier this year. October’s beautiful, sunny weather didn’t hurt either.” Germyn explained.
Only a total of 2,383 new listings were obtained by the board this October 2019 which is a 13.9 per cent dive compared to the previous month’s 2,769 new property listings and also a 14.2 per cent decrease compared to last year’s.
“We’re still seeing some hesitation from sellers to list as they continue to watch for further price erosion, however, it’s important to talk to your local market expert because prices in some areas have turned the corner and are starting to creep up again.” the board president added.
MLS® HPI Benchmark Price Activity in the Fraser Valley
Single Family Detached: $952,600
3.5 per cent decrease from October 2018
0.3 per cent increase from September 2019
4.2 per cent decrease from October 2018
0.8 per cent decrease from September 2019
6.4 per cent decrease from October 2018
0.1 per cent decrease from September 2019
The average number of days to sell a property in the Fraser Valley region was also affected by this new pacing. Selling an apartment now averages to 34 days and townhomes for 37 days. Meanwhile, the Single family detached homes retain an average of 46 days in the market.
Resource: Fraser Valley Real Estate Board
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