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October 2020 Fraser Valley Market Stats
Who Likes Breaking Records? The Fraser Valley does! - It seems like the only numbers that are going down is for Active Listings. This is the fourth record breaking month in a row and the whole situation is unprecedented. Overall sales in the Fraser Valley are the highest for the month of October in the board's history!
With the amount of New Listings coming in for October 2020 being 12.2% lower than September, it is still a 29.3% over October of 2019. These 3081 new listings weren't enough to satisfy the demand in the Fraser Valley with 2370 sales, which is a 48.9% increase compared to last year and a 6.2% increase over last month. This left the total amount of active listings in October at 6872, which is 7.1% lower than last year, 6.9% lower than last month and 11.9% lower than the ten-year average for October.
With the above statics it makes sense to see Multiple Offers and over asking sales prices become more and more common. The Sales - to - Active Ratio of all listings is currently at 34% (a balanced market is 12-20%). We also saw the benchmark price rise 6.5% over last year to $871,800 for all residential properties.
More specifically we say the Benchmark price of detached homes rise almost 10% over last year's prices to $1,046,900 with the average days on market being 30.
Townhouse benchmark prices rose 5% over last year to $569,200 and spent an average of 27 days on the market.
Apartments were on the market for an average of 36 days and the benchmark price went up 4.2% to $434,600 when compared to last year.
The Sales - To - Active Ratio for Apartments is closer to a balanced market at 27% than detached (37%) or townhouses (43%). We see that although apartments saw a large increase in sales over last year (21%) we also saw a large increase in new listings (26.3%) which allowed the condo market to be a little more steady than the detached market for example. Detached homes saw an increase of 60.8% of sales over last October with only a 35% increase in new listings. This put the Active Listings at 14.5% lower than last year and pushed the benchmark price up 9.9%
Some specific areas of extreme numbers are:
Mission Detached: There was a rise of 27% in sales over last year, but a decrease of 7.7% in new listings and a decrease of 45.9% of Active listings
Mission Townhouses: There was a rise of 45.5% in sales over last year, but a decrease of 40% in new listings and a decrease of 48.4% of Active listings.
Abbotsford Detached: There was a rise of 108.1% in sales over last year, an increase of 44.4% in new listings and a decrease of 21.7% of Active listings.
Abbotsford Townhouses: There was a rise of 90% in sales over last year, an increase of 50% in new listings and a decrease of 13.3% of Active listings.