Fraser Valley market moves to familiar territory in November

Sales and listing activity in the Fraser Valley decreased once again month-over-month, returning to typical
levels for the month of November.

Through the past four months, there has been a slow but steady return to a more normal market for sales and listing
activity. The pressure that was previously placed on buyers has been lifted, and transactions can be made with not
so much pressure by intense competition.

Active inventory continued to tighten at 5,602 available listings, dropping 7.2 per cent compared to October 2016.
Additionally, compared year-over-year, this November decreased by 2.8 per cent.
The Fraser Valley Real Estate Board received 1,792 new listings in November, an 18.4 per cent decrease from October 2016, and a 3.3 per cent
decrease compared to November 2015’s 1,854 new listings.

After this record-setting housing market through summer months, the sellers are sharpening their list prices to
respond to the changing market. Even though homes are still selling at strong levels, especially for attached homes which are
elevated compared to previous November months, is all due to the leveling off of prices and consistent buyer demand here in the Fraser Valley.

The number of days to sell a single family detached home in the Fraser Valley for November 2016 was 37 days, matching
the 37 days to sale average in November 2015.
HPI® Benchmark Price Activity
• Single Family Detached: At $860,800, the Benchmark price for a single family detached home in the Valley
decreased 1.3 per cent compared to October 2016, and increased 30.5 per cent compared to November 2015.
• Townhomes: At $424,300 the Benchmark price for a townhome in the Fraser Valley increased 0.7 per cent
compared to October 2016, and increased 33.1 per cent compared to November 2015.
• Apartments: At $258,600, the Benchmark price for apartments/condos in the Fraser Valley increased 1.7 per
cent compared to October 2016, and increased 24.9 per cent compared to November 2015

  

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