Sales volumes remain exceptional in the Fraser Valley
Andy Schildhorn • November 3, 2020
SURREY, BC – Ongoing demand for Fraser Valley real estate saw overall sales reach the highest point for the month of October in the Board’s history. This is the fourth consecutive month of record-breaking or near-record activity for sales and new listings in the region.
The Fraser Valley Real Estate Board processed 2,370 sales of all property types on its Multiple Listing Service® (MLS®) in October, an increase of 48.9 per cent compared to the 1,592 sales in October of last year, and an 6.2 per cent increase month-over-month compared to the 2,231 sales in September.
The volume of new listings received by the Board in October dipped compared to September, however still ranked the highest for the month in the last decade and the fourth highest of all time. The Board received 3,081, a 12.3 per cent decrease compared to September’s intake and a 29.3 per cent increase compared to October 2019.
Chris Shields, President of the Board, observes, "The situation is unprecedented. We are in the middle of a pandemic and in many of our communities we are seeing a strong seller’s market for townhomes and single-family homes priced correctly. For example, in Langley, our current supply of detached homes would sell in 1.4 months if no new listings became available. And for Mission townhomes, we have zero months of inventory.
The volume of new listings received by the Board in October dipped compared to September, however still ranked the highest for the month in the last decade and the fourth highest of all time. The Board received 3,081, a 12.3 per cent decrease compared to September’s intake and a 29.3 per cent increase compared to October 2019.
Chris Shields, President of the Board, observes, "The situation is unprecedented. We are in the middle of a pandemic and in many of our communities we are seeing a strong seller’s market for townhomes and single-family homes priced correctly. For example, in Langley, our current supply of detached homes would sell in 1.4 months if no new listings became available. And for Mission townhomes, we have zero months of inventory.
"If you’re thinking of buying or selling, seek expert advice because every neighbourhood and property type is unique."
October finished with 6,872 active listings, a decrease of 6.8 per cent compared to September and a decrease of 7.1 per cent year-over-year. Last month’s active listings were 11.9 per cent below the ten-year average for October.
Ba;dev Gill, Chief Executive Officer of the Board, adds, "As our region faces a current surge in cases of COVID-19 and gatherings are being further restricted, it’s important to emphasize that the real estate industry – one of the first to adapt successfully to the necessary safety requirements – continues to be vigilant in order to contain the spread. REALTORS® are strongly encouraging their clients to embrace technology and avoid in-person activities."
October finished with 6,872 active listings, a decrease of 6.8 per cent compared to September and a decrease of 7.1 per cent year-over-year. Last month’s active listings were 11.9 per cent below the ten-year average for October.
Ba;dev Gill, Chief Executive Officer of the Board, adds, "As our region faces a current surge in cases of COVID-19 and gatherings are being further restricted, it’s important to emphasize that the real estate industry – one of the first to adapt successfully to the necessary safety requirements – continues to be vigilant in order to contain the spread. REALTORS® are strongly encouraging their clients to embrace technology and avoid in-person activities."
For the Fraser Valley region, the average number of days to sell an apartment in October was 36 days, and 27 days for townhomes. Single family detached homes remained on market for an average of 30 days before selling.
MLS® HPI Benchmark Price Activity
Single Family Detached: At $1,046,900 the Benchmark price for a single-family detached home in the Fraser Valley increased 1.4 per cent compared to September and, increased 9.9 per cent compared to October 2019.
Townhomes: At $569,200, the Benchmark price for a townhome in the Fraser Valley increased 0.3 per cent compared to September and increased 5.0 per cent compared to October 2019.
Apartments:
At $434,600, the Benchmark price for apartments/condos in the Fraser Valley decreased by 0.5 per cent compared to September and increased 4.2 per cent compared to October 2019.
The Bank of Canada has cut its key lending rate by a quarter point, lowering the policy rate to 2.5 per cent. It’s the first change since March and comes as the central bank tries to support a weakening economy and give Canadians some relief from high borrowing costs.. đ More Details Here
I Selling your home in Langley or the Fraser Valley? In this video, I share my proven 5-step process to help you sell smarter, not harder — based on 30 years of experience as a trusted local Realtor. From building the right strategy to closing the deal with confidence, you’ll see how to maximize your value and minimize your stress. ⨠What you’ll learn: 0:00 – Introduction 0:42 – Step 1: Building a Smart Selling Strategy 1:35 – Step 2: Preparing Your Home to Wow Buyers 3:05 – Step 3: Marketing Beyond a Sign in the Yard 4:25 – Step 4: Showings & Staying in Sync 5:30 – Step 5: Negotiating & Closing with Confidence đ
Ready to take the next step? Book a free consultation and let’s talk about your home-selling goals: âĄī¸ https://rly.forsale/Chat-with-Andy âšī¸ About Andy As a trusted Langley & Fraser Valley Realtor with 30 years of experience, I’ve helped hundreds of families sell their homes quickly and for top dollar. My mission is simple: to make your real estate journey as smooth and successful as possible. đ Contact Me đ
https://rly.forsale/Chat-with-Andy đ 778.835.8957 đ§ andy@andytherealtor.com đ www.AndytheRealtor.com īģŋ
Looking for your next move? Swing by our weekend open houses in Fort Langley and Willoughby. Bring your coffee, explore the neighbourhoods, and picture yourself at home. đ View More Det ails
