Buying and Selling Real Estate Blog
Selling Unique BC Properties
September 2020 Fraser Valley Market Stats
Record Breaking Sales & New listings again for the fourth month in a row! September has continued in the same trend as the previous months with high consumer demand. Chris Shields, President of the Board notes 'For many existing homeowners and first-time buyers, their buying power is greater than it's been in a long time. Interest rates are very low, people have saved money over the last few months, and they're choosing to invest in their most important asset. Sellers are also recognizing that with lower than normal inventory, this is a smart time to list.'
The difference between last year and this year are significant, with the Fraser Valley processing 2231 sales this September, which is a 66% increase in comparison with last year and a 9.4% rise over last month. New Listings also rose compared to last year and last month, but not enough to keep the Active listings on par. We saw 3515 new listings in September, which is an increase of 26.9% over last year and 6.2% over last month. The Active listings in September fell 7.2% when compared with last year, which is a drop of 0.4% from August 2020.
This brings the Sales to Active Ratio up to 30% which is up 2% from last month. We have also seen the Benchmark Price of homes rise 5.9% over last year to $867,700.
In specific, benchmark prices rose 8.7% from in Single Family homes over last year, Townhouses rose 4% and Apartments rose 4.7%. The average days on market for a Single family home was 28, Townhouse was 25 and Apartment was 35. The highest sales to active ratio was townhouses at 43%.
Here are some locations to take note of:
Abbotsford saw Sales in their townhouse market rise 105.4% over this time last year while their Detached homes rose 92.1% over this time last year.
The combined areas of Surrey had an 80%increase in sales of detached homes and 74.9% increase of townhouse sales over this time last year.
To see the full detailed stats Click Here