The Fraser Valley Real Estate Board, FVREB, have released their November Statistics Report. Not only has the weather cooled down this past month, but so has the housing market.
The Key Stats:
- Property sales recorded 986 in November, a 21% decrease compared to October 2013
- 24% decrease of new listings
- Average number of days to sell a detached home, 57, townhomes, 58, and apartments 78 days
- Benchmark price for homes increased by 1% from $544,700 in November 2012
Ron Todson, President of the FVREB says, “We typically see a slowdown just before the holidays and this year it started a little sooner reflecting what we are seeing in our overall economy.”
“Similar to last November, sales are hovering at about 14 per cent off normal levels, but so are new listings. They’re down about 7 per cent 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.”
*All statistics are from FVREB’s Multiple Listing Services (MLS)
To see the full FVREB November Statistics Report click here.
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