On the heels of a surge in sales in October, home sales in the Fraser Valley slowed in November as buyers and sellers start to settle into holiday mode.
The Board recorded 1,136 sales in November, down 15 per cent from October and 20 per cent below the 10-year seasonal average. Sales are, however, 28 per cent above November 2023 sales.
“Buying and selling activity is typically quiet at this time of year,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “But it’s worth noting that November 2024 sales are higher than they’ve been compared to the past two Novembers — a sign that overall activity is picking up in the Fraser Valley and with it, growing buyer confidence.”
Fewer sellers listed their homes in November, with new listings down 26 per cent month-over-month, but still 17 per cent higher than the same month last year. With fewer homes coming to the market in November, overall inventory dipped eight per cent to 8,125 active listings.
Sales-to-Active Ratio
The sales-to-active listings ratio decreased one per cent in November to an overall ratio of 14 per cent, down one per cent from October. The market is considered balanced when the ratio is between 12 and 20 per cent.
Detached: 14% (down 1% from October)
Townhouse: 20% (down 4% from October)
Apartment: 17% (down 1% from October)
Benchmark Prices
The composite Benchmark price in the Fraser Valley has dipped for the eighth straight month, down 0.2 per cent to $969,500. The composite Benchmark price declined by 2.9 per cent over November 2023.
Change in price: month-to-month
Detached: $1,482,600 -0.4%
Townhouse: $835,100 +0.3%
Apartment: $536,100 -1.3%
To learn more about HPI Benchmark prices by sub-area, click here.
Days on Market
The average number of days to sell a single-family detached home increased from 34 days in October to 43 days in November, while a townhouse was 33 days (up from 29 in October). On average, condos sold in 36 days (up from 32 in October).
For a more detailed look at the Fraser Valley market, watch Eye on the Market with Board Chair, Jeff Chadha or click here to view the Monthly Statistics Package.