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Optimum October

Posted by Chaddeboer on November 23, 2016
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With October came a steady increase in sales transactions throughout the Fraser Valley. Each year consistently see’s August and September being the 2 slower months, and despite the skepticism October saw the anticipated increase we expected.  Despite the new mortgage policies implemented on October 17th, better known as the “stress test”, sales transactions increased 12.1% in comparison to September of this year. There were 1,463 sales of all property types throughout the Fraser Valley in October, when compared to the 1,305 that sold in September. This 1,463 property sales consisted of 400 condominiums, as well as 389 townhomes. Both categories showed significant increases both on a monthly, as well as annual comparison. The Fraser Valley Real Estate Board received 2,197 new listings. Fraser Valley Real Estate Board President Charles Weibe stated that, “it seems that there is no bad time to sell a home in 2016 as demands for Fraser Valley real estate remain strong.” Single family detached homes were highly sought after throughout October as the inventory of them became significantly depleted due to high demand. The average days on the market was down 13.89% when compared to this time last year while the average price increased 34.3% from $649,200 (Oct.15) to $872,100 (Oct.16). With all this being said, taking into consideration the economies of scale, when demand increases, and supply decreases, the price of these single family detached homes is anticipated to increase over November.

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