BUSIER THAN NORMAL NOVEMBER FOR
FRASER VALLEY REAL ESTATE MARKET
(Surrey, BC) - The Fraser Valley Real Estate Board (FVREB) processed 1,522 sales on its Multiple
Listing Service (MLS®) in November, an increase of 200 per cent compared to the 507 sales during the
same month last year and only 10.7 per cent less than in October.
“Interest rates continue to be a strong motivator resulting in unseasonably high real estate sales for this
time of year,” said Paul Penner, President of the Board.
“We typically see both sales and listing activity slow in November as people start to get ready for the
holidays and we did experience that on the listing side, but not in sales. This was the second busiest
November Fraser Valley REALTORS® have seen in ten years.”
The number of active Fraser Valley listings in November decreased 5.4 per cent from October, dropping
to 8,334 listings. This represents a 29.4 per cent decrease from last year. The MLS® saw 2,093 new
listings come on stream in November, 26 per cent fewer than were received in October, however, 12 per
cent more than were received in November last year.
The benchmark price of a detached home in October was $497,697, an increase of 6.5 per cent compared
to November 2008, when it was $467,497.
The benchmark price of townhouses increased 2.3 per cent from $308,647 in November 2008 to $315,890
last month. The benchmark price of apartments also increased year-over-year by 1.9 per cent, going from
$231,498 in November of last year to $235,842 in November 2009.
“Although prices are edging up, buyers seeking value and lifestyle continue to find both in the Fraser
Valley,” said Penner. “In November, 70 per cent of all homes and 46 per cent of single detached homes
sold for under $500,000, indicative of a diverse housing stock across our six communities.”
Penner says the average days on market in the Fraser Valley remains competitive: 56 days on average for
single detached homes; 46 days on average for townhomes; and, 58 days on average for apartments.