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In November, the FVREB processed 1,972 sales of all property types on its Multiple Listing Service® (MLS®), a decrease of 9.2 percent compared to the 2,173 sales in November of last year, and a 1.8 percent increase month-over-month compared to the 1,938 sales in October.
The Board received 2,096 new listings in November, a 4.2 percent decrease compared to October’s intake and a decrease of 5.5 percent compared to the 2,217 new listings received during the same month last year. The 10-year average for November new listings is 1,948, so last month finished slightly above normal levels.
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 percent compared to October and a decrease of 47.9 percent year-over-year, and an 11.6 percent decrease compared to last month. 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.”
For the Fraser Valley region, the average number of days to sell an apartment in November was 24 days, and 16 days for townhomes. Single family detached homes remained on market for an average of 24 days before selling.
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 percent compared to October and, increased 36.4 percent compared to November 2020.
• Townhomes: At $740,100, the Benchmark price for a townhome in the Fraser Valley increased 2.7 percent compared to October and increased 29.8 percent compared to November 2020.
• Apartments: At $530,400, the Benchmark price for apartments/condos in the Fraser Valley increased by 3.2 percent compared to October and increased 21.7 percent compared to November 2020.