The Fraser Valley housing market saw slight increases in both total transactions and overall inventory this month after sales hit their lowest point for the year in September.
The Fraser Valley Real Estate Board processed 1,155 sales of all property types on its Multiple Listing Service® (MLS®) in October, a decrease of 35.8 per cent compared to the 1,779 sales in October of last year, and a 11.6 per cent increase compared to sales in September 2018.Of the 1,155 sales, 438 were residential detached homes, 306 were townhouses, and 292 were apartments.
Active inventory for the Fraser Valley in October finished at 7,746 listings, increasing 1.3 per cent month-over-month and 41.3 per cent year-over-year. A total of 2,776 new listings were received by the Board in October, a 5.8 per cent decrease from that received in September 2018, and a 12 per cent increase compared to October 2017.
The Fraser Valley is in a much better spot in terms of overall inventory compared to this time last year, and now closer to a more balanced market. Attached inventory in particular has seen notable gains, doubling year-over-year for townhouses and nearly tripling for apartments.
For the Fraser Valley region, the average number of days to sell both an apartment and townhouse in October was 31. Single family detached homes remained on the market for an average of 39 days before selling. HPI® Benchmark Price Activity • Single Family Detached: At $986,700, the Benchmark price for a single family detached home in the Fraser Valley decreased 0.2 per cent compared to September 2018 and increased 1.1 per cent compared to October 2017.• Townhomes: At $538,400, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 1.4 per cent compared to September 2018 and increased 7.1 per cent compared to October 2017.• Apartments: At $432,800, the Benchmark price for apartments/condos in the Fraser Valley decreased 1.3 per cent compared to September 2018 and increased 17.2 per cent compared to October 2017.