October was a record-breaking month for sales, according to the Fraser Valley Real Estate Board.
“Ongoing demand for Fraser Valley real estate saw overall sales reach the highest point for the month of October in the Board’s history,” says a Nov. 3 news release from the board. “This is the fourth consecutive month of record-breaking or near-record activity for sales and new listings in the region.”
A total of 2,370 sales were made through the board’s listing service, an increase of 48.9 per cent since last year and a 6.2 per cent increase from September.
The 3,081 new listings were not as high as September’s numbers, but they still reached levels not seen in October for over a decade and were the fourth highest of all time. October’s listings saw an increase of 29.3 per cent over last year.
“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,” said Chris Shields, president of the board. “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.
“If you’re thinking of buying or selling, seek expert advice because every neighbourhood and property type is unique.”
At the end of the October, there were 6,872 active listings, a decrease of 6.8 per cent compared to September, 7.1 per cent less than last year and 11.9 per cent under the 10-year average for the month.
The average time it took to sell an apartment was 36 days, for townhomes it was 27 days and 30 days for single-family detached homes.
- The benchmark price for a single-family detached home in the Fraser Valley increased 1.4 per cent from September to $1,046,900 – and increased 9.9 per cent compared to October 2019.
- The benchmark price for a townhome increased 0.3 per cent from September to $569,200 – and increased 5.0 per cent compared to October 2019.
- The benchmark price for apartments and condos decreased by 0.5 per cent from September to $434,600 – and increased 4.2 per cent compared to October 2019.