{"id":1555,"date":"2016-12-03T19:11:05","date_gmt":"2016-12-03T19:11:05","guid":{"rendered":"https:\/\/schreders.ca\/?p=1555"},"modified":"2022-11-16T14:05:51","modified_gmt":"2022-11-16T19:05:51","slug":"fraser-valley-markets-november","status":"publish","type":"post","link":"https:\/\/www.schreders.ca\/blog\/fraser-valley-markets-november\/","title":{"rendered":"Fraser Valley Condos And Townhomes Selling Well in November"},"content":{"rendered":"

Langley &\u00a0Surrey (Fraser Valley) See Condos &\u00a0Townhomes Selling Well<\/span><\/h2>\n

The market slowed a touch again in November, bringing things back to a bit of a more normal pace.<\/p>\n

Houses are still selling; condos and townhomes<\/strong> are still selling very well.<\/p>\n

Buyers are just finding themselves in less pressure situations than they were in the record-setting months<\/a><\/span> earlier this year.\u00a0 Having said that, inventory is still very low, making it a good time to list.<\/p>\n

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Here is What The Fraser Valley Real Estate Board Has To Say<\/h2>\n

Fraser Valley market moves to familiar territory in November<\/h3>\n

SURREY, BC<\/strong> \u2013 Sales and listing activity in the Fraser Valley decreased once again month-over-month, returning to typical levels for the month of November.<\/p>\n

The Fraser Valley Real Estate Board<\/strong> processed 1,247 sales of all property types on its Multiple Listing Service\u00ae (MLS\u00ae) in November, a decrease of 29.4 per cent compared to November 2015\u2019s 1,766 sales<\/strong>, and a 14.8 per cent decrease compared to the 1,463 sales in October 2016<\/strong>.<\/p>\n

Of the sales processed last month, 291 were townhouses and 348 were apartments, representing more than half of this November 2016\u2019s market activity.<\/p>\n

\u201cThrough the past four months, we\u2019ve seen a slow but steady return to a more normal market for sales and listing activity. Because of that, the pressure that was previously placed on buyers has been thankfully alleviated, and transactions can be made without the need for hasty decisions dictated by intense competition,” says Charles Wiebe, Board President.<\/p><\/blockquote>\n

Active inventory continued to tighten at 5,602 available listings, dropping 7.2 per cent compared to October 2016. Additionally, compared year-over-year, this November decreased by 2.8 per cent.<\/strong><\/p>\n

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The Board received 1,792 new listings in November, an 18.4 per cent decrease from October 2016, and a 3.3 per cent decrease compared to November 2015\u2019s 1,854 new listings.<\/p>\n

\u201cAs we move away from the record-setting demand seen earlier this year, sellers are sharpening their list prices to respond to the changing market – and REALTORS\u00ae can certainly help with this,\u201d explains Wiebe. \u201cI’m pleased to see that homes are still selling at strong levels, especially for attached homes which are elevated compared to what we\u2019re used to in November, thanks to both the levelling off of prices and consistent demand for our region.”<\/p><\/blockquote>\n

The number of days to sell a single family detached home in the Fraser Valley for November 2016 was 37 days<\/strong>, matching the 37 days to sale average in November 2015.<\/p>\n

HPI\u00ae Benchmark Price Activity<\/strong><\/h3>\n