While there is a usual seasonal decline month-over-month in property sales, November sales were up slightly in the Fraser Valley.
The Fraser Valley Real Estate Board processed 1,120 sales in November which is an increase of 3 per cent compared to the 1,084 sales during the same month last year and a decrease of 2 percent compared to 1,139 sales in October. In the last decade, sales decreased on average 9 per cent from October to November.
While sales remained stable, MLS® inventory decreased from October to November, typical for the time of year. The board posted 1,926 new properties in November, an increase of 9 per cent compared to November of last year and a decrease of 23 per cent compared to October. November finished with 9,471 active listings in the Fraser Valley, 5 per cent more than the same month last year and 5 per cent less than October’s 10,005 listings.
In November, the benchmark price of a detached home in the Fraser Valley was $532,086, an increase of 5.4 percent compared to $504,848 in November 2010 and an increase of 0.3 per cent compared to October.
For townhouses, the benchmark price in November was $327,764, an increase of 2.5 per cent compared to the same month last year when it was $319,623 and up 0.7 per cent compared to October. The benchmark price of apartments in November was $238,461, a decrease of 1.6 per cent compared to November 2010 and a decrease of 2.2 per cent compared to October.
To find the latest full statistics package from the Fraser Valley Real Estate Board click here.
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