According to the Fraser Valley Real Estate Board, 1,592 sales of all property types were processed on its Multiple Listing Service® (MLS®) in October (an 18.5 % increase compared to sales in September 2019, and a 37.8 % increase compared to the 1,155 sales in October of last year).
Darin Germyn, President of the Board, says, “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. “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.”
It’s true – I saw quite a downward turn in buyers looking for properties earlier this summer, but towards the fall, interest in my listings surged, and I’ve been receiving a lot of requests to view properties, and offers on current listings are starting to come in.
If you’ve been wondering if you should list or wait until spring, I’d be happy to provide you with a FREE EVALUATION and discuss the market conditions with you.
NOW may be a great time to list, and I encourage you to reach out to a trusted Realtor, with expertise in marketing properties in your area TODAY!
Germyn adds, “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.”
MLS® HPI Benchmark Price Activity (taken from FVREB Monthly Statistics Package, October 2019)
- Single Family Detached: At $952,600, the Benchmark price for a single‐family detached home in the Fraser Valley increased 0.3 percent compared to September 2019 and decreased 3.5 percent 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 percent compared to September 2019 and decreased 4.2 percent compared to October 2018.
- Apartments: At $405,100, the Benchmark price for apartments/condos in the Fraser Valley decreased by 0.1 percent compared to September 2019 and decreased 6.4 percent compared to October 2018. For the Fraser Valley region, the average number of days to sell an apartment in October was 34, and 37 for townhomes. Single-family detached homes remained on the market for an average of 46 days before selling.