Market Cool, But Stable
The Fraser Valley Real Estate Board's Multiple Listing Service® (MLS®) recorded 986 property sales this past November, a nine percent increase compared to sales from November 2012, although a 21 percent decrease compared to October 2013 sales.
Month-over-month, while the Board also received 24 percent fewer new listings – 1,774 in November 2013 compared to 2,336 in October – it saw an improvement over November 2012's new listings total of 1,723.
Ron Todson, President of the Board says, "We typically see a slowdown just before the holidays and this year it started a little sooner reflecting what we're seeing in our overall economy."
"Similar to last November, sales are hovering at about 14 percent off normal levels, but so are new listings. They're down about seven percent compared to the 10-year average, so what we're seeing is a slower but steady market keeping home prices in check and the average number of days to sale stable."
Benchmark prices remained steady in November, showing just nominal year-over-year increases or singledigit decreases. The benchmark price for single-family detached homes increased by one percent in one year to $550,300 in November 2013, while the November 2013 benchmark price for townhouses was $292,400 and the benchmark price of apartments in the Fraser Valley area was $196,200.
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