Housing Rally Continues
While a 19 percent increase in October sales is normally notable news, it is being taken in stride by the Fraser Valley real estate community who view the numbers simply as a return to "typical" October activity, on par with that month's 10-year average.
According to the Fraser Valley Real Estate Board, members posted 1,249 sales on its Multiple Listing Service® in October 2013, an increase of 19 percent compared to the 1,053 sales processed during October 2012. At the same time, the Board received 2,336 new listings, a decrease of seven percent compared to the 2,522 new listings received during the same time period last year.
Ron Todson, President of the Fraser Valley Real Estate Board, notes, "We've had a great summer and good early fall, but it's important to remind everyone of the context. The last four months of 2012 were amongst the slowest for our real estate market in the last 15 years."
"What we're witnessing is a return to a balanced residential market indicated by prices remaining unchanged or down slightly compared to a year ago, stable inventory levels and the average length of time to sell a home is about two months."
In October, the benchmark price of single-family detached homes in the Fraser Valley area was $551,400, compared to townhouses at $295,500 and apartments at $199,500.
Is it time for you to trade up, move down, or just look around? Please call for a discussion on your real estate plans today!