Buying and Selling Real Estate Blog
Selling Unique BC Properties
October 2019 Market Stats
As a general statement the fall of 2019 has seen steady growth in comparison to the fall of 2018 and October has shown this more than any month this season. 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.'
October saw an 18.5% increase of sales of all properties sales in comparison to September of 2019, but an impressive 37.8% increase compared to the sales of October 2018. When you combine those numbers with the 14.2% decrease of new listings over October 2018 as well as a 13.9% decrease from last month it explains how we have crept into a sellers market. The Sales-to-Active Listings Ration has made it to 22% which we only saw briefly in early 2018 as the numbers were sliding into the balanced market.
It seems like Buyers are more confident as they see interest rates continue to hold plus we're probably seeing buyers that have held off for the majority of the year begin to jump into the market. What does this mean for average prices and days on market? The Benchmark Price of Single Detached homes are currently at $952,600 which is a 3.5% from October 2018, but a 0.3% increase when compared to September 2019. At 0.8% under September 2019, the benchmark price of Townhomes is $516,000 which in comparison to October 2018 is down 4.2%. The benchmark price of Apartments in the Fraser Valley is basically the same as last month, but 6.4% lower then it was in October 2018.
We saw Detached homes stay on the market for an average of 46 days, townhouses were on for 37 days and apartments lasted just over a month at 34 days on the market.
If you'd like to see the full statistics package for October 2019, CLICK HERE.
If you'd like to be emailed the stats every month as soon as they arrive, please email me at email@example.com