Sandra's Seasonal Greeting 🎄🎁

Season's Greetings!

As we reach the end of a year, it is common to reflect on the year that is almost over. In 2019 I was fortunate to be able to work with many wonderful clients, travel to a few new and exciting places, adopt a new puppy, enjoy our local outdoors and spend many happy times with family and friends. Unfortunately this past year I have also had some sad moments, but I am grateful for all the memories from 2019 because our lives are shaped by the combination of all our experiences.

How were we connected in 2019? Maybe I was privileged to help you buy or sell a home? Maybe you attended one of the many events that my RE/MAX Fort Langley office has been part of, such as the May Day Parade, Porchfest Fort Langley or one of our bi-monthly Art, Wine and Cheese events? Maybe I popped by with one of my small thank-you gifts throughout the year, such as apples, pies or wrapping paper? Maybe you dropped in at one of my open houses? Or maybe you are one of the many regular readers of my monthly newsletter? Regardless of how we have been in touch this year, I am truly thankful for your support. The pictures below are just a few snapshots of my life this past year.

Although this newsletter is mostly just about saying thank you, it wouldn't be complete without the latest real estate statistics, so of course, the latest November Fraser Valley Real Estate Board report is below.

Merry Christmas!

Unusual end-of-year demand for Fraser Valley real estate

December 3, 2019

A combination of unseasonably high demand and declining supply reinforced Fraser Valley’s real estate market in November.

The Fraser Valley Real Estate Board processed 1,405 sales of all property types on its Multiple Listing Service® (MLS®) in November, an 11.7 per cent decrease compared to sales in October 2019, and a 36.7 per cent increase compared to the 1,028 sales in November of last year.

Darin Germyn, President of the Board, says, “Some listings are seeing a lot of activity depending on location and property type. REALTORS® are reporting more showings, higher traffic at open houses and even some multiple offer situations, which is atypical for the time of year.

“For our region, a balanced market is when 12 to 20 per cent of active inventory is selling. In November, 33 per cent of our supply of townhomes sold, as did 29 per cent of Fraser Valley condos; indicating that the supply of attached properties isn’t keeping up with demand.”

There were 6,733 active listings available in the Fraser Valley at the end of November, a decrease of 8.5 per cent compared to November of last year and a decrease of 9 per cent compared to October 2019. The Board received 1,877 new listings in November, a 21.2 per cent decrease compared to October 2019’s intake of 2,383 new listings and a 9.6 per cent decrease compared to November of last year.

Germyn adds, “Buyers are seeing the effect that tighter supply has on prices. In early summer, the combined residential benchmark price was down 6 per cent compared to the same period last year; in November it was down by 3 per cent.”

MLS® HPI Benchmark Price Activity

Single Family Detached: At $952,200, the Benchmark price for a single-family detached home in the Fraser Valley remained unchanged compared to October 2019 and decreased 2.5 per cent compared to November 2018.

Townhomes: At $514,700 the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 0.3 per cent compared to October 2019 and decreased 3.4 per cent compared to November 2018.

Apartments: At $404,500, the Benchmark price for apartments/condos in the Fraser Valley decreased 0.1 per cent compared to October 2019 and decreased 4.3 per cent compared to November 2018.

For the Fraser Valley region, the average number of days to sell an apartment in November was 40, and 38 for townhomes. Single family detached homes remained on the market for an average of 48 days before selling.