Unrelenting demand for Fraser Valley detached and townhomes continued in November

For the fifth consecutive month, demand for real estate in the Fraser Valley showed no signs of waning. Overall property sales for the month of November again set a new Board record. Sales records were also broken in September and October; and since July, all activity including new listings, has continued to be inordinately high.

The Fraser Valley Real Estate Board processed 2,173 sales of all property types on its Multiple Listing Service® (MLS®) in November, an increase of 54.7 per cent compared to the 1,405 sales in November of last year, and an 8.3 per cent decrease month‐over‐month compared to the 2,370 sales in October.

The Board received 2,217 new listings in November, a 28.0 per cent decrease compared to October’s intake and an 18.1 per cent increase compared to the 1,877 new listings received during the same month last year. For November, it was the second highest volume of new inventory in the last decade.

Chris Shields, President of the Board, observes, “We’re running out of superlatives. We expected November activity to moderate due to the season, but the desire for family‐sized homes and their benefits continues to dominate. Since the summer, we’ve seen the strongest demand in our Board’s 99‐year history specifically for single‐family detached and townhomes.

“For example, in Cloverdale, demand for detached homes exceeded supply; and in four of our communities the sales‐to‐actives ratio for townhomes was 50 per cent or more. Meaning, for every 100 active listings, 50 were selling.”

November finished with 5,847 active listings, a decrease of 14.9 per cent compared to October and a decrease of 13.2 per cent year‐over‐year. November’s total inventory was the fourth lowest for the month in the last decade.

Baldev Gill, Chief Executive Officer of the Board, adds, “It’s impressive how consumers – in very high numbers, the highest ever – have adapted to the shifting realities and appreciate our industry’s adherence to strict safety measures. REALTORS® are working very hard currently serving their buyers and sellers using technology and innovation and the numbers clearly show that it’s working.”

For the Fraser Valley region, the average number of days to sell an apartment in October was 34 days, and 25 days for townhomes. Single family detached homes remained on market for an average of 32 days before selling.

MLS® HPI Benchmark Price Activity:

Single Family Detached: At $1,061,500 the Benchmark price for a single‐family detached home in the Fraser Valley increased 1.4 per cent compared to October and, increased 11.5 per cent compared to November 2019.

Townhomes: At $570,100, the Benchmark price for a townhome in the Fraser Valley increased 0.2 per cent compared to October and increased 5.8 per cent compared to November 2019.

Apartments: At $435,900, the Benchmark price for apartments/condos in the Fraser Valley increased by 0.3 per cent compared to October and increased 4.6 per cent compared to November 2019.

 

Below are the detailed statistics:

Detached House Statistics

Sales New Listings Active Listings Benchmark Price Average Price
Abbotsford 151 111 257 $881,500 $920,618
White Rock/South Surrey 137 133 454 $1,447,700 $1,557,080
Langley 143 115 167 $1,115,200 $1,242,314
Delta – North 70 65 116 $983,800 $1,125,914
Surrey – Central 234 176 375 $1,099,100 $1,209,160
Surrey -Cloverdale 84 61 75 $1,109,300 $1,122,614
Surrey – North 107 91 266 $1,035,900 $1,182,270

Townhouse Statistics

Sales New Listings Active Listings Benchmark Price Average Price
Abbotsford 61 71 144 $80,900 $532,475
White Rock/South Surrey 78 79 155 $674,800 $753,581
Langley 121 139 186 $579,200 $612,650
Delta – North 6 12 28 $581,800 $580,416
Surrey – Central 166 148 309 $586,000 $621,303
Surrey -Cloverdale 70 56 80 $604,300 $617,430
Surrey – North 24 34 72 $560,400 $549,795

Condos Statistics

Sales New Listings Active Listings Benchmark Price Average Price
Abbotsford 67 97 237 $323,400 $340,325
White Rock/South Surrey 72 100 334 $507,200 $538,013
Langley 127 164 346 $398,000 $417,645
Delta – North 2 14 40 $381,200 $512,500
Surrey – Central 31 61 136 $427,600 $393,435
Surrey -Cloverdale 18 26 47 $469,400 $383,916
Surrey – North 108 139 393 $415,500 $389,073

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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