5 Things to know about the Fraser Valley Real Estate Market from November 2015
21 Dec 2015

5 Things to know about the Fraser Valley Real Estate Market from November 2015

Did the market slow down or are

21 Dec 2015

Did the market slow down or are sales still up in November? Here 5 things to know about the Real Estate Market in the Fraser Valley for the month of November 2015:

 

  1. Supply:  We had 3,713 properties listed thru the month of November which is down -54.5% from this time last year (November 2014) and down -17.0% from last month (October 2015).
    What this means is…. we have 1.7 months of inventory for detached houses and 3.9 months of inventory for attached homes (condos, townhomes and 1/2 duplex).

  2. Demand: 1,571 properties sold in November which is up +62.1% from this time last year (November 2014) and up +1.6% from last month (October 2015).
  3. Time:  The average time for a detached house to sell was 18.6 daysFor attached homes (condos, townhouses and 1/2 duplexes) it was 33.6 days.
  4. Prices: The average price of detached house is $697,848 which is up +22.5% from last year (November 2014) and the average price of an attached home is $294,179 which is up +14.8% from last year (November 2014).
  5. Hottest Areas

For Detached houses, the following areas saw the largest price increases from this time last year (November 2014):

  • South Surrey and White Rock with an increase of +36.7% to an Average price of $1,157,500.  There is currently 2.1 months of supply for detached houses.
  • Surrey with an increase of +24.3% to an Average price of $710,786.  There is 2.1 months of supply for detached houses.
  •  North Delta with an increase of +22.9% to an Average price of $693,000.  There is only 1.0 months of supply for detached houses.

For Attached homes, the following areas saw the largest price increases from this time last year (November 2014)

  • North Delta with an increase of +49% to an Average price of $444,500.  There is currently 5.4 month of inventory for attached homes.
  • Abbotsford with an increase of +26.6% to an Average price of $214,000.  There is 3.3 months of supply of attached homes!
  • Surrey with an increase of +9.4% to an Average price of $290,000.  There is 4.0 months of supply of condos, townhomes and 1/2 duplexes.
If you have any questions about the market in your neighbourhood or need assistance in planning your next real estate move, please feel free in calling me or simply fill out our contact form.
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