The Fraser Valley housing market remained active through October, with sales breaking slightly higher than the 10-year historical average for the month.
The Board’s MLS® processed 1,463 sales across all property types last month, a decrease of 17.4 per cent when compared to October of last year, but an increase of 12.1 per cent compared to the 1,305 sales in September 2016.
Of the 1,463 sales processed last month, 389 were townhouses and 400 were apartments, representing a significant portion of October’s market activity. Townhome transactions increased 10.2 per cent when compared to last year, and apartment sales reached even higher levels seeing a 56.3 per cent gain.
“Sales activity was healthy in October, especially in the townhome and apartment categories. With prices beginning to level-off, it appears that buyers are becoming more motivated to explore the Valley’s available inventory,” said Charles Wiebe, Board President.
Inventory, however, was down as active listings decreased 7.7 per cent year-over-year and also 6 per cent when compared to September 2016. At 6,035 actives to close off the month, our region experienced the lowest level of stock for an October in ten years.
The Board received 2,197 new listings in October, an 18.9 per cent decrease from September 2016, and a 1.9 per cent increase compared to October 2015’s 2,155 new listings.
The MLS® HPI benchmark price of a Fraser Valley single family detached home in October was $872,100, an increase of 34.3 per cent compared to October 2015 when it was $649,200.
The benchmark price of Fraser Valley townhomes in October was $421,300, an increase of 34.3 per cent compared to October 2015’s benchmark price of $313,700. The benchmark price for an apartment in the Fraser Valley increased 25.2 per cent year-over-year, from $203,100 in October 2015 to $254,300 in October of this year.
Other notable statistics from October:
- The average number of days to sell a single family detached home in October 2016 was 31 days, compared to 36 days in October 2015. For townhouses it was 22 days, and for apartments it was 30 days.
- So far, this year’s sales across all property types are up 22.4 per cent compared to 2015. New listings are also up 15.4 per cent.
- Compared to last year, single family detached home sales were down across all of our communities. However, many communities saw large increases in sales in the townhome and apartment categories.
You can find the full stats package for October 2016 here. Further graphs, reports, and analysis can be found on REALTOR® Link.