The Fraser Valley Real Estate Board (FVREB) is a community of real estate professionals committed to providing valuable resources, tools, and information to help you learn more about the real estate industry and processes within it. The association focuses on the areas of North Delta, Abbotsford, White Rock, Surrey, Langley, and Mission, offering information on properties in these areas.
One of FVREB’s most significant contributions includes a monthly statistics package, which may be accessed through their website. Within each package, you get to see some of the latest news in real estate, along with important metrics like sales, active and new listings, and property prices within its covered areas. Having access to these statistics can help you learn more about how the housing market is faring, and whether it would be a good idea to buy or sell property at a specific time.
To help you better the content in FVREB’s statistics packages, check out some of the latest insights published by the association.
Real Estate Demand Continued to Rise in November
While the pandemic may have disrupted many industries, including real estate, Fraser Valley continued to see a rise in demand in November. The industry remained active throughout the month, so much so that FVREB noted that they saw the strongest demand in its 99-year history. Single-family detached homes and townhouses, in particular, were found to be the most sought-after, with the former’s benchmark price increasing by 1.4% and the latter’s increasing by 0.2% compared to October.
The real estate market started to recover from the impact of the pandemic in June this year. During this time, consumers and businesses have started to adjust to the changes to the new normal, thus stabilizing the market in a way. The performance in November, however, turned out to be much better than expected. Customers have started to adapt to the changes in the industry and focus on safety standards.
Due to social distancing requirements, realtors have also worked towards digitizing the home buying process. The use of innovation and technology have proven to be effective, minimizing the need for face-to-face contact while still addressing buyers’ needs. Likewise, consumers are more reliant than ever on the Internet to do research on properties and find active listings.
FVREB November 2020 Statistics Package Summary
Based on the November 2020 FVREB Statistics Package, 2,217 new listings were added, totaling 5,847 listings. 2,173 sales were registered, with the average price being $906,755. Upon breaking down the sales based on property type, 978 sales were attributed to detached homes, 532 to townhouses, and 430 to apartments.
For detached homes, Central Surrey registered the highest sales with 234 properties, followed by Abbotsford with 151. The benchmark price was at $1,061,500. For townhouses, Central Surrey also recorded the most sales with 166 properties, followed closely by Langley with 121. The benchmark price was at $570,100. Finally, for apartments, Langley had the highest sales with 127 properties, followed by North Surrey with 108. The benchmark price was at $435,900, an increase of 0.3% from the previous month.
As of November 2020, the sales to active listings ratio was at 37%, showing a promising seller’s market in Fraser Valley. The unexpected and unwavering demand for detached homes and townhouses contributed to the market’s growth significantly.