Real Estate Market Stats for November 2020 – High demand for Detached and Townhomes continued in the Fraser Valley

The real estate sales for the month of November set a new Board record for the fifth consecutive month. The desire for single family homes through out the Fraser Valley and low inventory are contributing to the record sales.

The Fraser Valley Real Estate Board processed 2,173 sales of all property types on its Multiple Listing Service® (MLS®) in November, an increase of 54.7 per cent compared to the 1,405 sales in November of last year, and an 8.3 per cent decrease month-over-month compared to the 2,370 sales in October.

The Board received 2,217 new listings in November, a 28.0 per cent decrease compared to October’s intake and an 18.1 per cent decrease compared to the 1,877 new listings received during the same month last year. For November, it was the second highest volume of new inventory in the last decade.

MLS® HPI Benchmark Price Activity

• Single Family Detached: At $1,061,500 the Benchmark price for a single-family detached home in the Fraser Valley increased 1.4 per cent compared to October and, increased 11.5 per cent compared to November 2019.
• Townhomes: At $570,100, the Benchmark price for a townhome in the Fraser Valley increased 0.2 per cent compared to October and increased 5.8 per cent compared to November 2019.
• Apartments: At $435,900, the Benchmark price for apartments/condos in the Fraser Valley increased by 0.3 per cent compared to October and increased 4.6 per cent compared to November 2019

Would you like to inquire about what these stats mean for your residential property. Then feel free to call me today to schedule your complimentary home evaluation. I will prepare a customized report that’s tailored to your neighbourhood.

If you are looking to buy or sell real estate in Surrey, Delta, Cloverdale, Langley, Chilliwack or any of the neighbouring cities then call me today. We offer FREE home evaluation with no strings attached.