Buying and Selling Real Estate Blog
Selling Unique BC Properties
November 2019 Market Stats
November continued in the same trajectory as the previous months with the decrease of Active listings and an increase of sales. Residential sales jumped a surprising 36.7% over this time last year. This unusual activity for this time of year has managed to clear out 33% of the townhomes and 29% of condos. These high amounts of sales is showing that we don't have enough supply to meet the demand for the attached market. As a combined market the Fraser Valley is sitting at 21% ratio of Active to sold listings which makes it the second month in a row as a sellers market. Darin Germyn, President of the Board, says 'Buyers are seeing the effect that tighter supply has on prices. In early summer, the combined residential benchmark price was down 6 per cent compared to the same period last year; in November it was down by 3 per cent.'
We've only seen a slight slow down in the average days on the market from last month with Detached homes increasing by 2 days making it 48 days. The average amount of days a townhouse is on the market for is 38 days which is only one more day then last month. Apartments are on the market for an average of 40 days which is an increase of 6 days when compared with last months numbers.
Some interesting locations to take note:
Abbotsford's townhouse sales were 77.8% higher when compared with last year and 20% above last month.
Mission saw an increase of 62.5% over last year's November even with a 41.2% decrease of new listings.
White Rock / South Surrey saw an increase of 75% sales when compared with last year even with the same amount of active listings.
Langley was somewhat under the trend with a surprising 7.1% decrease in sales when compared with this time last year.
Surrey Central saw an increase of 110% sales over November of last year with a decrease of 32% active listings.
If you'd like to see the full statistics package for November 2019, CLICK HERE.
If you'd like to be emailed the stats every month as soon as they arrive, please email me at firstname.lastname@example.org