Buying and Selling Real Estate Blog
Selling Unique BC Properties
November 2020 Fraser Valley Market Stats
The previous 4 months have been trendsetting, why change it now?!
We've seen 5 months in a row with incredible demand for Real Estate with many records being broken. November continued in this trend breaking records for overall property sales with 2173 processed. This is 54.7% higher than November of 2019 while being a decrease of 8.3% over the month of October which saw 2370 sales.
While new listings this month saw a decrease of 28% when looking at last month's numbers, it is still 18.1% higher than this time last year. For that matter, it was the number two for November new listings in the past ten years!
We have seen the total amount of Active listings dip to the 4th lowest month in the past ten years. By the end of November there was we saw a decrease of 13.9% of Active listings from last month and a decrease of 13.2% when compared with last year. This puts the overall Sales to Active Listings Ratio in the Fraser Valley to 37%, well into a Sellers market.
With so much demand over these past months we see the benchmark price of homes continue to rise. The combined residential benchmark price of homes rose 7.5% over this time last year which brings it to $878,100.
The demand for single family homes pushed their benchmark prices up 11.5% over last year to $1,061,500 and took on average 32 days to sell.
At 54%, Townhouses had the same Sales to Active ratio as detached homes and their benchmark price rose 5.8% to $570,100. Townhomes took an average of 25 days to sell.
The demand for Condos is not quite as high with a Sales to Active ratio of 28% which is still well into the Sellers market. This pushed the benchmark selling price up 4.6% over last year to $435,900 and condos took 34 days on average on the market.
Some specific areas of high demand over last year are as follows.
Abbotsford Detached homes had an increase of 104.1% over over last year with a Benchmark price rise of 12.3%.
Mission Detached homes had a 40% drop in Active listings and a rise of 15.6% in the Benchmark price over last year.
Condos sales in Langley rose 95.4% over this time last year and also saw 72.6% more new listings.
Surrey - Cloverdale saw an impressive jump of 140% in sales of detached homes over last year and a 141.4% jump in Townhouse sales.
All of Surrey combined had their Detached home sales rise 109.7% over this time last year and townhomes rose 75.5%.