Fraser Valley Real Estate Board reported 1,247 sales in the month through its MLS system, down 29.4 per cent from a year earlier and 14.8 per cent below October 2016.
“Through the past four months, we’ve seen a slow but steady return to a more normal market for sales and listing activity. Because of that, the pressure that was previously placed on buyers has been thankfully alleviated, and transactions can be made without the need for hasty decisions dictated by intense competition,” says Charles Wiebe, Board President.
Inventory dropped more than 7 per cent from October and was almost 3 per cent down from November 2015 and new listings slipped 18.4 per cent month-over-month and 3.3 per cent year-over-year.
Benchmark prices were up 30.5 per cent year-over-year for single-family detached homes but were down 1.3 per cent from October at $860,800. Townhomes were up 0.7 per cent month-over-month and 33.1 per cent year-over-year to $424,300 while apartments increased 1.7 per cent month-over-month and 24.9 per cent year-over-year to $258,600.
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Sales of homes in the Fraser Valley returned to more typical levels in November.