Fraser Valley’s real estate market moved towards balance in October as inventory continued to decrease and sales and prices remained stable.
A total of 1,014 sales were processed on the Fraser Valley Real Estate Board’s Multiple Listing Service® in October, a decrease of 3 per cent compared to 1,044 sales in September and a decrease of 40 per cent compared to 1,704 sales in October of last year.
Deanna Horn, FVREB President, says, “With help from near record low mortgage rates and a steady decrease in the supply of homes, we’re getting back to what I call a ‘normal’, balanced market.
“However, sellers should be aware that demand for homes is strong, yet selective. Buyers in the Fraser Valley recognize that selection, although dropping is still generous and they’re looking for properties priced competitively. Even with carrying costs remaining stable, the affordability threshold is a factor.”
The Board received 2,125 new listings last month, a 12 per cent decrease from September and a 25 per cent decrease compared to October 2009. The Board finished October with 9,561 active listings, 4 per cent fewer than in September and an increase of 9 per cent compared to the 8,807 properties available in October 2009.
Horn adds, “When supply and demand move into balance, prices can become a real ‘sticking point’ underlining the importance of hiring a professional REALTOR® who knows your local market and can provide detailed comparisons to ensure your home is priced competitively.”
The benchmark price for Fraser Valley detached homes in October was $505,759, down 0.3 per cent compared to September and 3 per cent higher compared to $491,128 in October 2009.
The benchmark price of Fraser Valley townhouses in October was $319,058, a 0.9 per cent decrease compared to September and a 2.2 per cent increase compared to October 2009 when it was $312,339.
Year-over-year, the benchmark price of apartments increased 0.2 per cent going from $240,048 in October 2009 to $240,542 last month and 0.4 per cent higher compared to September 2010.