The housing market in the Fraser Valley is continuing to rebound from last year’s trough with sales rising and inventory tightening.
Fraser Valley Real Estate Board members reported 1,592 residential sales through the MLS in October, up 18.5% from September and up 37.8% from October 2018.
“Our market started to pick up in the summer and we’ve been steadily improving since. It’s rare to see October home sales in the Fraser Valley outpace April and that’s what we’ve seen this year; our typical spring and fall markets have flipped,” said Darin Germyn, President of the Board.
Demand for homes has increased to the best month since spring 2018 as consumers are feeling more confident.
“Buyers have grown accustomed to the government’s regulation changes. Interest rates have thankfully remained stable and we’re likely seeing some pent-up demand from buyers who were holding off earlier this year. October’s beautiful, sunny weather didn’t hurt either,” Germyn said.
Active listings eased 4.5% year-over-year and were 6.9% below September 2019 levels with 7,398 homes available at the end of October. New listings totaled 2,383, down 13.9% month-over-month and down 14.2% compared to October 2018.
“We’re still seeing some hesitation from sellers to list as they continue to watch for further price erosion, however, it’s important to talk to your local market expert because prices in some areas have turned the corner and are starting to creep up again,” added Germyn.
MLS® HPI Benchmark Price Activity
- Single Family Detached: At $952,600, the Benchmark price for a single-family detached home in the Fraser Valley increased 0.3% compared to September 2019 and decreased 3.5% compared to October 2018.
- Townhomes: At $516,000 the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 0.8% compared to September 2019 and decreased 4.2% compared to October 2018.
- Apartments: At $405,100, the Benchmark price for apartments/condos in the Fraser Valley decreased 0.1% compared to September 2019 and decreased 6.4% compared to October 2018.
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