Unseasonably high demand and declining supply reinforced Fraser Valley’s real estate market in November.

NOVEMBER 2019 STATISTICS REPORT

Fraser Valley Real Estate Report

We are seeing a lot of activity in the Fraser Valley Real Estate market for this time of year.  When priced correctly, all product types are moving faster than expected, as inventory levels are not keeping up with the demand. 

These are signs of a strong and early spring market approaching.  As always, there is ample opportunity in this market; call us to chat further and understand what it means for you.

See Listed Properties For Sale in Langley BC

If you are considering selling, buying or just have questions about the market, please give us a call today and let’s chat.

GO TO LAST MONTHS STATS

All Fraser Valley Areas Combined

• Detached – SALES DOWN FROM LAST MONTH: -15.6%
• Townhouse – SALES DOWN FROM LAST MONTH: -11.1%
• Condo/Apt – SALES DOWN FROM LAST MONTH: -10.1%

Abbotsford

• Detached – SALES DOWN FROM LAST MONTH: -14.0%
• Townhouse – SALES UP FROM LAST MONTH: 20.0%
• Condo/Apt – SALES DOWN FROM LAST MONTH: -7.6%

Mission

• Detached – SALES UP FROM LAST MONTH: 8.3%
• Townhouse – SALES UP FROM LAST MONTH: 9.1%
• Condo/Apt – SALES FROM LAST MONTH: 0.0%

White Rock / South Surrey

• Detached – SALES FROM LAST MONTH: 0.0%
• Townhouse – SALES DOWN FROM LAST MONTH: -8.7%
• Condo/Apt – SALES DOWN FROM LAST MONTH: -8.1%

Langley

• Detached – SALES DOWN FROM LAST MONTH: -31.1%
• Townhouse – SALES UP FROM LAST MONTH: 6.8%
• Condo/Apt – SALES DOWN FROM LAST MONTH: -24.4%

Delta – North

• Detached – SALES DOWN FROM LAST MONTH: -36.5%
• Townhouse – SALES DOWN FROM LAST MONTH: -55.6%
• Condo/Apt – SALES UP FROM LAST MONTH: 116.7%

Surrey – Central

• Detached – SALES DOWN FROM LAST MONTH: -10.9%
• Townhouse – SALES DOWN FROM LAST MONTH: -25.9%
• Condo/Apt – SALES UP FROM LAST MONTH: 2.6%

Surrey – Cloverdale

• Detached – SALES DOWN FROM LAST MONTH: -12.5%
• Townhouse – SALES DOWN FROM LAST MONTH: -32.6%
• Condo/Apt – SALES UP FROM LAST MONTH: 12.5%

Surrey – North

• Detached – SALES DOWN FROM LAST MONTH: -20.6%
• Townhouse – SALES DOWN FROM LAST MONTH: -20.8%
• Condo/Apt – SALES DOWN FROM LAST MONTH: -16.7%

What Does The Fraser Valley Real Estate Board Have To Say?

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

SURREY, BC – 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.

Find the November Statistics Package here.

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