Steady demand for homes heading into holidays, real estate board says

Fraser Valley home sales up slightly this November over last; Greater Vancouver sales 'relatively typical'

November property sales in the Fraser Valley are up slightly compared to last year and didn’t experience the usual month-over-month seasonal decline, according to the Fraser Valley Real Estate Board.

The board processed 1,120 sales in November, an increase of three per cent compared to the same month last year, but a decrease of two per cent compared to 1,139 sales in October. In the past decade, the FVREB noted, sales decreased on average by nine per cent from October to November.

“Given the time of year, (the) Fraser Valley is experiencing steady buying activity with notable month-over-month increases in the sale of homes with an attractive price point,” said FVREB president Sukh Sidhu. “For example, townhome sales in central Surrey increased by 20 per cent in one month and in Langley by 43 per cent.”

While sales remained stable, Multiple Listing Service inventory decreased from October to November, typical for the time of year.

“Even with fewer listings coming on stream, buyers can still take advantage of almost nine months of inventory, which is putting downward pressure on prices in certain areas and property types,” said Sidhu.

In November, the benchmark price of a detached home in the Fraser Valley was $532,086, an increase of 5.4 per cent 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.

In Metro Vancouver, the Real Estate Board of Greater Vancouver (REBGV) reports it saw “relatively typical” home sale and listing activity last month, with sales declining by 5.9 per cent compared to the same month last year, but increasing by 1.9 per cent compared to last month.

“The pace of home listings entering the market eased slightly in November compared to recent month, while sale levels remained fairly normal for this time of year,” said REBGV president Rosario Setticasi. “November activity helped put our market firmly in balanced territory.”

Since reaching a peak in June of $630,921, the REBGV said the benchmark price for all residential properties in the region has declined 1.4 per cent.

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