Fraser Valley home sales continued to soar in November further depleting supply.
Demand for Fraser Valley real estate continued in November, with the Fraser Valley Real Estate Board (FVREB) recording the region’s second-highest volume of sales of all property types for the month.
The Board processed a total of 1,972 sales of all property types on its Multiple Listing Service® (MLS®) in November, an 1.8 per cent increase month-over-month compared to the 1,938 sales in October.
Larry Anderson, President of the Board, said, “Lack of supply continues to be the biggest factor impacting the market. To see sales increase from October to November, even slightly, is unusual. Typically, as the weather changes and the holiday season approaches, we see sales start to decline, but not this year. “This is not an easy market. Buyers and sellers alike are relying on the experience and skill of their REALTOR® to help them navigate a lack of supply, multiple offer situations, and very fast turnaround times.”
November finished with 3,048 active listings, a decrease of 11.6 per cent compared to October and a decrease of 47.9 per cent year-over-year. In a typical November market, inventory levels in the Fraser Valley would be more than double.
Baldev Gill, Chief Executive Officer of the Board, said, “We’re seeing a number of factors at play, including historically low interest rates fueling purchases, with buyers aware that rates are likely to increase next year. “Our province has seen a strong economic recovery in most sectors through this pandemic, and this strength bolsters home purchasing decisions.”
Across the Fraser Valley, in November the average number of days to sell a single-family detached home and apartments was 24 days for both, and 16 days for townhomes.
MLS® HPI Benchmark Price Activity
- Single Family Detached: At $1,448,000 the Benchmark price for a single family detached home in the Fraser Valley increased 3.7 per cent compared to October and, increased 36.4 per cent compared to November 2020.
- Townhomes: At $740,100, the Benchmark price for a townhome in the Fraser Valley increased 2.7 per cent compared to October and increased 29.8 per cent compared to November 2020.
- Apartments: At $530,400, the Benchmark price for apartments/condos in the Fraser Valley increased by 3.2 per cent compared to October and increased 21.7 per cent compared to November 2020.
Resource: The Fraser Valley Real Estate Board