Sales Volumes Remain Exceptional in the Fraser Valley

Sales Volumes Remain Exceptional in the Fraser Valley

Sales volumes remain exceptional in the Fraser Valley

Ongoing demand for Fraser Valley real estate saw overall sales reach the highest point for the month of October in the Board’s history. This is the fourth consecutive month of record-breaking or near-record activity for sales and new listings in the region.

The Fraser Valley Real Estate Board processed 2,370 sales of all property types on its Multiple Listing Service® (MLS®) in October, an increase of 48.9 per cent compared to the 1,592 sales in October of last year, and an 6.2 per cent increase month-over-month compared to the 2,231 sales in September.

The volume of new listings received by the Board in October dipped compared to September, however still ranked the highest for the month in the last decade and the fourth highest of all time. The Board received 3,081, a 12.3 per cent decrease compared to September’s intake and a 29.3 per cent increase compared to October 2019.

Chris Shields, President of the Board, observes, "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. 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."

October finished with 6,872 active listings, a decrease of 6.8 per cent compared to September and a decrease of 7.1 per cent year-over-year. Last month’s active listings were 11.9 per cent below the ten-year average for October.

Baldev Gill, Chief Executive Officer of the Board, adds, "As our region faces a current surge in cases of COVID-19 and gatherings are being further restricted, it’s important to emphasize that the real estate industry – one of the first to adapt successfully to the necessary safety requirements – continues to be vigilant in order to contain the spread. REALTORS® are strongly encouraging their clients to embrace technology and avoid in-person activities."

For the Fraser Valley region, the average number of days to sell an apartment in October was 36 days, and 27 days for townhomes. Single family detached homes remained on market for an average of 30 days before selling.

MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $1,046,900 the Benchmark price for a single-family detached home in the Fraser Valley increased 1.4 per cent compared to September and, increased 9.9 per cent compared to October 2019.
  • Townhomes: At $569,200, the Benchmark price for a townhome in the Fraser Valley increased 0.3 per cent compared to September and increased 5.0 per cent compared to October 2019.
  • Apartments: At $434,600, the Benchmark price for apartments/condos in the Fraser Valley decreased by 0.5 per cent compared to September and increased 4.2 per cent compared to October 2019.

Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.