Property sales in
Fraser Valley have recovered bringing market into balance
For the third straight month, home sales in the Fraser Valley surpassed 2018
levels bringing the market back in line with long-term
averages.
The Fraser Valley Real
Estate Board processed 1,343 sales of all property types
on its Multiple
Listing Service® (MLS®) in September, a 3.5 per cent increase
compared to
sales in August 2019, and a 29.8 per cent increase compared to the
1,035
sales in September of last year.
Darin Germyn,
President of the Board, says, "The market's return to balance is
good
news for both buyers and sellers, however it's important to put the 30 per
cent year-over-year increase in sales into context. September's sales went
from
amongst the worst in 10 years to just above our 10-year average."
 "Home prices are still dropping compared to a year ago, but on a month-to-month
basis, prices are moderating because supply is shrinking. Our
incoming supply of
new listings has dropped consistently for the last four
months pushing our total
inventory in the Fraser Valley to the lowest it's
been since April, which has had an
impact on prices."
 There were 7,946 active listings available in the Fraser Valley at the end of
September, an increase of 3.9 per cent compared to September of last year and
a decrease of 1.2 per cent compared to August 2019. The Board received
2,769
new listings in September, a 17.5 per cent increase compared to August
2019's
intake of 2,357 new listings and a 6 per cent decrease compared to
September
of last year.
 Germyn adds, "Financing is still a challenge for many clients, but fortunately in
a balanced market like this, REALTORS® have the time to work
with clients and
advise them of the best strategies for them, whether they
are buying or selling."
MLS® HPI Benchmark Price Activity
For the Fraser Valley
region, the average number of days to sell an apartment
in September was 41,
and 37 for townhomes. Single family detached homes
remained on the market for
an average of 46 days before selling.
For the FULL Statistics Package click HERE
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