Unusual end-of-year demand for Fraser Valley real estate

A combination of unseasonably high demand and declining supply reinforced Fraser Valley’s real estate market in November.

The Fraser Valley Real Estate Board processed 1,405 sales of all property types on its Multiple Listing Service® (MLS®) in November, an 11.7 per cent decrease compared to sales in October 2019, and a 36.7 per cent increase compared to the 1,028 sales in November of last year.

Darin Germyn, President of the Board, says, “Some listings are seeing a lot of activity depending on location and property type. REALTORS® are reporting more showings, higher traffic at open houses and even some multiple offer situations, which is atypical for the time of year.

“For our region, a balanced market is when 12 to 20 per cent of active inventory is selling. In November, 33 per cent of our supply of townhomes sold, as did 29 per cent of Fraser Valley condos; indicating that the supply of attached properties isn’t keeping up with demand.”

There were 6,733 active listings available in the Fraser Valley at the end of November, a decrease of 8.5 per cent compared to November of last year and a decrease of 9 per cent compared to October 2019. The Board received 1,877 new listings in November, a 21.2 per cent decrease compared to October 2019’s intake of 2,383 new listings and a 9.6 per cent decrease compared to November of last year.

Germyn adds, “Buyers are seeing the effect that tighter supply has on prices. In early summer, the combined residential benchmark price was down 6 per cent compared to the same period last year; in November it was down by 3 per cent.”

MLS® HPI Benchmark Price Activity
– Single Family Detached: At $952,200, the Benchmark price for a single-family detached home in the Fraser Valley remained unchanged compared to October 2019 and decreased 2.5 per cent compared to November 2018.
– Townhomes: At $514,700 the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 0.3 per cent compared to October 2019 and decreased 3.4 per cent compared to November 2018.
– Apartments: At $404,500, the Benchmark price for apartments/condos in the Fraser Valley decreased 0.1 per cent compared to October 2019 and decreased 4.3 per cent compared to November 2018.

For the Fraser Valley region, the average number of days to sell an apartment in November was 40, and 38 for townhomes. Single family detached homes remained on the market for an average of 48 days before selling.

Below are the detailed statistics:

Detached House Statistics

  Sales New Listings Active Listings Benchmark Price Average Price
Abbotsford 74 87 379 $785,100 $780,044
White Rock/South Surrey 73 111 502 $1,311,500 $1,452,140
Langley 82 90 298 $990,300 $1,058,575
Delta – North 33 43 141 $890,600 $1,015,357
Surrey – Central 114 166 519 $1,002,200 $1,089,504
Surrey -Cloverdale 35 37  115 $998,900 $1,030,029
Surrey – North 50 70 289 $935,500 $1,072,417

Townhouse Statistics

  Sales New Listings Active Listings Benchmark Price Average Price
Abbotsford 48 56 148 $377,700 $454,733
White Rock/South Surrey 63 76 220 $632,000 $664,923
Langley 94 68 180 $490,400 $585,952
Delta – North 4 12  30 $530,700 $720,750
Surrey – Central 83 104 275 $554,400 $566,077
Surrey -Cloverdale 29 38 96 $552,900 $546,079
Surrey – North 19 20 88 $554,300 $508,636

Condos Statistics

  Sales New Listings Active Listings Benchmark Price Average Price
Abbotsford 73 81 223 $309,200 $318,812
White Rock/South Surrey 57 82 264 $471,100 $525,929
Langley 65 95 269 $399,200 $394,389
Delta – North 13 12  30 $369,100 $400,669
Surrey – Central 40 30 84 $409,600 $346,012
Surrey -Cloverdale 27 27 49 $451,200 $384,588
Surrey – North 95 110 333 $398,200 $369,919

For more information about the state of today’s market or how to become a buyer ready to make an attractive offer in this fast moving market, please contact The Taylor Team of Sutton WestCoast Realty by calling or texting 1-778-316-4290 or contacting us online.

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