Tuesday, December 3, 2019

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.

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