According to the Fraser Valley Real Estate Board the housing market activity reaches historic levels in October.
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% compared to the 1,592 sales in October of last year, and a 6.2% increase month-over-month compared to the 2,231 sales in September.
Fraser Valley Real Estate Board reported that in October the board finished with 6,872 active listings, a decrease of 6.8% compared to September and a decrease of 7.1% year-over-year. Last month’s active listings were 11.9% below the ten-year average for October.
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.
Find all the infographics related to the May Market Statistics by visiting the Facebook Album.
Abbotsford
Cloverdale
Langley
Mission
North Delta
North Surrey
Surrey Central
White Rock / South Surrey
Looking for more information about the real estate market in specific neighbourhoods in Surrey, Langley and Fraser Valley?
Macdonald Realty has offices in North Delta, White Rock/South Surrey, and Langley. Please email [email protected] or call 1-877-278-3888 to be matched with a REALTOR® working in your area.
MLS® Home Price Index (HPI) Benchmark Price
Average and median home prices are often misinterpreted, are affected by change in the mix of homes sold, and can swing dramatically from month to month (based on the types and prices of properties that sold in a given month). The MLS® HPI overcomes these shortcomings and uses the concept of a benchmark home, a notional home with common attributes of typical homes in a defined area. Visit www.housepriceindex.ca for more information.
This blog post is based on market data provided by the Fraser Valley Real Estate Board (FVREB) www.fvreb.bc.ca
