Home sales slipped back in the Fraser Valley last month but were broadly in line with historic averages for the time of year.
A total of 1,028 sales were recorded through the MLS system of the Fraser Valley Real Estate Board, including 383 residential detached homes, 241 townhouses, and 286 apartments.
This was a decline of 41% compared to the record high of November 2017 (1,743) and down 11% from October 2018.
“Lessening demand continues to impact our market significantly,” said John Barbisan, President of the Board. “In turn, that has given purchasing power back to buyers who now have more time and more options when it comes to making a decision.”
Although the number of active listings fell 5% month-over-month, buyers had 41% more choice than a year ago with 7,355 in the inventory. New listings totaled 2,077, down 25.2% from the previous month and down 10.6% from November 2017.
HPI benchmark prices varied
FVREB’s HPI Benchmark Price across the three main home types in November were:
- Single Family Detached: $976,200, down 1.1% from October but unchanged from November 2017.
- Townhomes: $532,800, down 1% compared to October 2018 but up 5.4% year-over-year.
- Apartments: $422,500, down 2.4% month-over-month but up 12.2% compared to November 2017.
“The market is shifting, albeit slowly. But while buyers are enjoying a more comfortable real estate environment, sellers will have to pay attention to how these changes will affect their chances at success,” added Barbisan.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
More market watch: