Buying and Selling Real Estate Blog
Selling Unique BC Properties
November Market Stats
The statistics for November are not a surprise based on the trajectory of the past few months, but let's take a look and see what it shows.
For the Fraser Valley, there was a decrease of sales of all types of properties of 11% compared to last month, and 41% compared to November of last year. While that sounds like a huge number, something to balance that with is the amount of active listings by the end of the month. There was a decrease of active listings of 5% compared to last month and 43.4% when looking at November 2017. Seeing this comparative drop in active listings along with sales is what keeps our 'Sales-to-Active Listings Ratio' relatively steady at 14%. This 14% Ratio keeps us in a balanced market, but closer to the Buyers side then the Sellers.
It seems like the feeling in the market right now is that we should be heavily in the buyers market, but when buyers are looking around at properties, there aren't as many available as might be expected. The purchasing power is still leaning toward the buyers though, especially when compared with the previous few years. The benchmark price of homes has been decreasing month after month, but in comparison to this time last year we are in the same place. There is a bit more time to consider homes still with the average time on the market for a home increasing to 28 days. Of course, these details change slightly within different areas and products.
Even though the info shows decreases and declines, the sales and inventory levels for November are similar with the historical averages of this time of year. As always, feel free to call or email if you have any questions, we'd be glad to help!