November Fraser Valley Real Estate Market Data and Insights
"Detached home prices in the Fraser Valley are up 11.5% year-over-year, with the single-family detached product performing incredibly strong.
November marks the fifth straight month of over 2,000 sales combined in all property types. We've not seen sales volume this high in November since the peak in the summer of 2016 and 2017. Since August, the sales to listing ratio has continued to see growth in absorptions month over month in all property types combined," Brittany Reimer, Managing Director, Fraser Valley.
With the month over month inventory from October to November down almost 15%, it continues this conversation thread we've been having about supply and demand. A real lack of supply in the Fraser Valley market and way too much demand for the current market. An issue compounded by the incredible surge of buyers in the market gravitating further east - primarily due to a lack of being bound to an office. The millennial, Gen Z and Gen X buyers embrace this new normal and think differently about their home purchases by searching for property in neighbourhoods that weren't previously part of their search criteria. The Fraser Valley is one of the biggest benefactors of that change in perspective.
To learn more about the Fraser Valley pre-sale and resale data and some trends we're seeing in the area affecting the local real estate market, watch the latest Fraser Valley edition of MLA Canada's Pre-sale Pulse.
For the latest real estate market data on Greater Vancouver, watch the latest video featuring Ryan Lalonde and Suzana Goncalves.