Low Inventory Levels Create Prime Opportunities

In spite of the foreign home buyer’s tax, Fraser Valley property sales in October 2016 keep chugging right along, increasing by 12.1% compared with sales in September 2016. As prices begin to even out, more buyers seem to be exploring listings further into the Fraser Valley, which is good news for homeowners interested in selling their properties.

October inventory in the Fraser Valley was at its lowest level for that month in the past 10 years, with only 6,035 listings. Compared with October of 2015, this is just a 7.7 per cent decrease, but it’s an 18.9% decrease from September of 2016 listings. Currently, this makes it an even more opportune time to offer your home for sale.

Historically, the 10-year average figures for October were slightly higher than normal. Townhouses and Apartments sales led the way with substantial increases. Of the 1,463 sales in October, 389 were townhouses and 400 were apartments.

Fraser Valley

Benchmark Price

Index (HPI)

% Increase/Month

 

% Increase/Year

Combined

$636,500

213.1

-0.1

32.5

Detached

$872,100

232.8

-0.7

34.3

Townhouse

$421,300

187.1

0.5

34.3

Apartment

$254,300

180.0

1.8

25.4

Sales overall are continuing to be strong, and it may be the perfect time to move forward with a listing. $872,000 was the October benchmark for a single family detached dwelling, up 34.3% from a year ago for the same month in 2015, which was $649,200.

On a year-to-date basis, sales have increased by 22.4%, while listings overall for the same period have increased by only 15.4%. The decrease in listing activity suggests that now would be a good time to contact a local realtor and discuss the potential of your home while market indicators are still vibrant in the Fraser Valley markets.

 

All Property Types

Fraser Valley Grand Totals

Oct-16

Oct-15

% Change

Sep-16

% Change

Sales

1,463

1,772

-17.4%

1,305

12.1%

New Listings

2,197

2,155

1.9%

2,709

-18.9%

Active Listings

6,035

6,535

-7.7%

6,422

-6.0%

Average Price

$616,402

606,148

1.7%

$596,310

-3.4%

If you have a townhouse or an apartment and are interested in taking advantage of the recent surge in those specific sectors of the market, why not contact Natasha Taylor today and discuss your possible options.

Natasha has extensive knowledge of the Surrey and Langley real estate markets, has won numerous awards for outstanding achievements, and would be exceptionally pleased to help you list your home, or find a listing to suit your needs.

View the full October Statistics Package here.

Natasha can be reached at 778-316-4290 or by email at ntaylor@sutton.com.

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