The Fraser Valley housing market saw slight increases in both total transactions and overall inventory this month after sales hit their lowest point for the year in September.“While slight, this is the first time since May that sales here have been on the upswing.” said John Barbisan, President of the Board.
The Fraser Valley Real Estate Board processed 1,155 sales of all property types on its MLS® in October, a decrease of 35.8% compared to the 1,779 sales in October of last year, and a 11.6% increase compared to sales in September 2018. Of the 1,155 sales, 438 were residential detached homes, 306 were townhouses, and 292 were apartments. Active inventory for the Fraser Valley in October finished at 7,746 listings, increasing 1.3% month-over-month and 41.3 % year-over-year. A total of 2,776 new listings were received by the Board in October, a 5.8 % decrease from that received in September 2018, and a 12 % increase compared to October 2017.
“We’re in a much better spot in terms of overall inventory compared to this time last year, and now closer to a more balanced market. Attached inventory in particular has seen notable gains, doubling year-over-year for townhouses and nearly tripling for apartments.” For the Fraser Valley region, the average number of days to sell both an apartment and townhouse in October was 31. Single family detached homes remained on the market for an average of 39 days before selling.
• The Benchmark price for a Single Family Detached was $986,700 a decrease of 0.2% compared to September 2018 and an increase of 1.1% compared to October 2017.
• The Benchmark price for Townhomes was $538,400 a decrease of 1.4% compared to September 2018 and an increase of 7.1% compared to October 2017.
• The Benchmark price for Apartments/Condos was $432,800 a decrease of 1.3% compared to September 2018 and an increase of 17.2% compared to October 2017.
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