This past month the demand for townhouses and single family homes have increased. What does this mean for the Fraser Valley housing market? The key stats from the Fraser Valley Real Estate Board FVREB October Statistics Report are outlined below.
- Total Sales: 1,448 – an increase of 16% compared to October 2013
- New Listings: 2,395 – an increase of 3% compared to October 2013
- Active Listings: 8, 807 – a decrease of 3% compared to October 2013
President of the Fraser Valley Real Estate Board, Ray Werger, says, “Sales overall continue to outperform last year and as we’ve seen for a number of months now are the best they’ve been in five years. Demand remains steady in our region for single family detached homes and townhomes. Last month, the market share of sales of single family homes increased by almost five per cent compared to last year; while the share of condo sales decreased by the same amount and we’re seeing that preference reflected in prices.”
- Detached Homes: $573,500 – an increase of 4% compared to October 2013
- Townhouses: $298,500 – an increase of 1% compared to October 2013
- Apartments: $192,600 – a decrease of 3.5% compared to October 2013
Werger adds, “With the influx of new developments and a steady supply of resale units, we’ve never had a better selection of condos than we do right now at prices the lowest they’ve been in years. For those that say housing isn’t affordable in Metro Vancouver, you need to check out the opportunities currently for condo buyers in the Valley.”
To view the full FVREB October Statistics Report, please click here.
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