Total MLS sales processed by the Fraser Valley Real Estate Board were up 23% compared to October 2016 and up 11.1% compared to September 2017.
Attached sales took the largest share of sales (56%) with 591 apartments and 418 townhomes.
The divide between our attached and detached markets continues to widen,” Gopal Sahota, Fraser Valley Real Estate Board president said. “Apartment activity was notably strong in October with a sales-to-actives ratio of 105%, meaning that apartments are selling as fast as we can list them.”
Inventory continued to tighten with 5,483 active listings (down 6.3% from September and 9.1% from October 2016) while new listings dropped 13% month-over-month and year-over-year.
Apartments sold in an average 18 days while townhomes were spending an average 19 days on the market; compared to 31 days on average for detached homes.
Benchmark prices were up for townhomes (0.8% m-o-m and 18.6% y-o-y) to $502,800; and for apartments/condos (3.1% m-o-m and 36.4% y-o-y) to $369,400.
For detached homes, the benchmark price of $971,900 was down from 0.3% from the previous month but up 11.8% year-over-year.
More market update:
There were 1,799 home sales in the Fraser Valley in October, the second highest number for the month since the region’s real estate board was founded.