For the fifth consecutive month, demand for real estate in the Fraser Valley showed no signs of waning.

NOVEMBER 2020 MARKET REPORT

Fraser Valley Real Estate Report

The demand train just keeps on rollin’!  Overall property sales for the month of November again set a new Board record, while total inventory was the fourth lowest for the month in the last decade.  That translates into a strong Seller’s market, with a 37% sales to active listings ratio.  For reference, anything over 20% is considered a Seller’s market.  That means for every 100 active listings, 37 were selling.  As a Seller, knowing the best strategy to take advantage of this market dynamic can be the difference between simply doing well and doing REALLY well.  As a Buyer facing potential multiple offers, you should know that there are also strategies which will put your offer in the best position for success without overpaying.  Please reach out to the Team to discuss the specifics for your unique situation and how we can help. 

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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: -0.1%
• Townhouse – SALES DOWN FROM LAST MONTH: -12.9%
• Condo/Apt – SALES DOWN FROM LAST MONTH: -14.3%

Abbotsford

• Detached – SALES DOWN FROM LAST MONTH: -15.6%
• Townhouse – SALES DOWN FROM LAST MONTH: -19.7%
• Condo/Apt – SALES DOWN FROM LAST MONTH: -28.0%

Mission

• Detached – SALES DOWN FROM LAST MONTH: -14.8%
• Townhouse – SALES DOWN FROM LAST MONTH: -62.5%
• Condo/Apt – SALES DOWN FROM LAST MONTH: -16.7%

White Rock / South Surrey

• Detached – SALES DOWN FROM LAST MONTH: -1.4%
• Townhouse – SALES DOWN FROM LAST MONTH: -15.2%
• Condo/Apt – SALES DOWN FROM LAST MONTH: -8.9%

Langley

• Detached – SALES DOWN FROM LAST MONTH: -7.1%
• Townhouse – SALES DOWN FROM LAST MONTH: -8.3%
• Condo/Apt – SALES UP FROM LAST MONTH: 5.0%

Delta – North

• Detached – SALES UP FROM LAST MONTH: 16.7%
• Townhouse – SALES DOWN FROM LAST MONTH: -57.1%
• Condo/Apt – SALES DOWN FROM LAST MONTH: -81.8%

Surrey – Central

• Detached – SALES UP FROM LAST MONTH: 8.3%
• Townhouse – SALES DOWN FROM LAST MONTH: -5.7%
• Condo/Apt – SALES DOWN FROM LAST MONTH: -27.9%

Surrey – Cloverdale

• Detached – SALES UP FROM LAST MONTH: 16.7%
• Townhouse – SALES UP FROM LAST MONTH: 12.9%
• Condo/Apt – SALES DOWN FROM LAST MONTH: -40.0%

Surrey – North

• Detached – SALES UP FROM LAST MONTH: 9.2%
• Townhouse – SALES DOWN FROM LAST MONTH: -44.2%
• Condo/Apt – SALES DOWN FROM LAST MONTH: -9.2%

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

Unrelenting demand for Fraser Valley detached and townhomes continued in November

SURREY, BC – 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.

Find the November Statistics Package here.

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