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For the fifth consecutive month, sales processed on the Fraser Valley Real Estate Board’s multiple Listing Service® (MLS®) have remained stable with November’s figures showing a modest increase over October.
“Consumers are responding to how prices have moderated in the last six months, in addition to the double dip in mortgage rates,” says Deanna Horn, Board president.
“Buyers are optimistic because of the improved economic conditions, which is why we’re seeing consistency in homes sales in the Fraser Valley.”
A total of 1,084 sales were processed on the Board’s MLS® in November, an increase of 7 per cent compared to 1,014 sales in October and a decrease of 29 per cent compared to 1,522 sales in November of last year.
The Board received the fewest number of new listings this year to date with 1,773 new properties coming on stream in November, a 17 per cent decrease from October and a 15 per cent decrease compared to November 2009. The Board finished November with 9,049 active listings, 5 per cent fewer than in October and an increase of 9 per cent compared to the 8,334 properties available in November 2009.
Horn says, “It’s not unusual to see a dip in new listings at this time of year, however the level of homebuying interest, in particular for homes priced competitively, is stronger than we expected given we’re approaching the holiday season. That combination continues to have a stabilizing effect on home prices in the Fraser Valley.”
The benchmark price for Fraser Valley detached homes in November was $504,848, down 0.2 per cent compared to October and 1.4 per cent higher compared to $497,697 in November 2009.
The benchmark price of Fraser Valley townhouses in November was $319,623, a 0.2 per cent increase compared to October and a 1.2 per cent increase compared to November 2009 when it was $315,890.
Year-over-year, the benchmark price of apartments increased 2.7 per cent going from $235,842 in November 2009 to $242,276 last month and 0.7 per cent higher compared to October 2010.