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(December 14, 2015 )

Market momentum continues for Fraser Valley real estate

 Homebuyers showed no signs of slowing down last month as Fraser Valley REALTORS® experienced
their second busiest November on record.  The Fraser Valley Real Estate Board processed 1,766 property sales on the Multiple Listing Service® (MLS®) in November compared with 1,136 in 2014, an increase of 55 per cent. The previous high of 2,154 sales was set in November, 1989.  If you’ve been thinking about selling your home to capitalize on any equity you’ve acquired, now is a very good time.

The Board received 1,854 new listings last month, 14 per cent fewer than were received in October and 6 per cent more than were received during November of last year. Last month’s total inventory in the Fraser Valley was 5,761 active listings; 31 per cent less than were available during November 2014.

The MLS® Home Price Index benchmark price of a detached home in November was $659,700, an increase of 14.7 per cent compared to November of last year when it was $575,400. The MLS® HPI benchmark price of Fraser Valley townhouses increased 6.7 per cent going from $298,900 in November of last year to $318,800 last month.  The benchmark price of apartments was $207,100, an increase of 9.3 per cent compared to $189,400 in November 2014.