The Fraser Valley Real Estate Board says November was another record-breaking month, and their “inordinately high” sales show no signs of slowing down.
This is the fifth consecutive month of high demand, according to the board, and the third recording-breaking month in a row, following new highs in September and October.
The board processed 2,173 sales of all property types in November, an increase of 54.7 per cent since last year, but an 8.3 per cent decrease since October.
A total of 2,217 properties were listed in November, a 28.0 per cent decrease compared to October, but an 18.1 per cent increase compared to the 1,877 new listings received during the same month last year. It was the second highest volume of listings for November in the last decade.
“We’re running out of superlatives. We expected November activity to moderate due to the season, but the desire for family-sized homes and their benefits continues to dominate,” said Chris Shields, president of the board. “Since the summer, we’ve seen the strongest demand in our board’s 99-year history specifically for single-family detached and townhomes.
“For example, in Cloverdale, demand for detached homes exceeded supply; and in four of our communities the sales-to-actives ratio for townhomes was 50 per cent or more. Meaning, for every 100 active listings, 50 were selling.”
The month finished with 5,847 active listings, a decrease of 14.9 per cent compared to October, a decrease of 13.2 per cent since last year, and the fourth lowest for the month in a decade.
In October, the average number of days to sell an apartment was 34 days, 25 days for townhomes, and 32 days for single-family-detached homes.
- The benchmark price for an apartment is $435,900, and increase of 0.3 per cent since October and and increase of 4.6 per cent compared to last year.
- The benchmark price for an townhome is $570,100, and increase of 0.2 per cent since October and and increase of 5.8 per cent compared to last year.
- The benchmark price for an single-family-detached home is $1,061,500, and increase of 1.4 per cent since October and and increase of 11.5 per cent compared to last year.