Fraser Valley Market Statistic for October 2021

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Fraser Valley home sales continued to soar in November further depleting supply

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SURREY, BC – Robust demand for Fraser Valley real estate continued in November, with the Fraser Valley Real Estate Board (FVREB) recording the region’s second-highest volume of sales of all property types for the month – second only to November 2016.

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In November, the FVREB processed 1,972 sales of all property types on its Multiple Listing Service® (MLS®), a decrease of 9.2 percent compared to the 2,173 sales in November of last year, and a 1.8 percent increase month-over-month compared to the 1,938 sales in October.

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The Board received 2,096 new listings in November, a 4.2 percent decrease compared to October’s intake and a decrease of 5.5 percent compared to the 2,217 new listings received during the same month last year. The 10-year average for November new listings is 1,948, so last month finished slightly above normal levels.

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Larry Anderson, President of the Board, said, “Lack of supply continues to be the biggest factor impacting the market. To see sales increase from October to November, even slightly, is unusual. Typically, as the weather changes and the holiday season approaches, we see sales start to decline, but not this year.

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“This is not an easy market. Buyers and sellers alike are relying on the experience and skill of their REALTOR® to help them navigate a lack of supply, multiple offer situations, and very fast turnaround times.”

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November finished with 3,048 active listings, a decrease of 11.6 percent compared to October and a decrease of 47.9 percent year-over-year, and an 11.6 percent decrease compared to last month. In a typical November market, inventory levels in the Fraser Valley would be more than double.

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Baldev Gill, Chief Executive Officer of the Board, said, “We’re seeing a number of factors at play, including historically low interest rates fueling purchases, with buyers aware that rates are likely to increase next year.

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“Our province has seen a strong economic recovery in most sectors through this pandemic, and this strength bolsters home purchasing decisions.”

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For the Fraser Valley region, the average number of days to sell an apartment in November was 24 days, and 16 days for townhomes. Single-family detached homes remained on market for an average of 24 days before selling.

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MLS® HPI Benchmark Price Activity

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  • Single Family Detached:

At $1,448,000 the Benchmark price for a single-family detached home in the Fraser Valley increased 3.7 percent compared to October and, increased 36.4 percent compared to November 2020.

  • Townhomes

At $740,100, the Benchmark price for a townhome in the Fraser Valley increased 2.7 percent compared to October and increased 29.8 percent compared to November 2020.

  • Apartments:

At $530,400, the Benchmark price for apartments/condos in the Fraser Valley increased by 3.2 percent compared to October and increased 21.7 percent compared to November 2020.

[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_single_image image=”3732″ img_size=”large” add_caption=”yes” alignment=”center” onclick=”img_link_large” img_link_target=”_blank”][/vc_column][vc_column][dt_default_button link=”url:http%3A%2F%2Ffvreb.bc.ca%2Fstatistics%2FPackage202111.pdf|title:Fraser%20Valley%20Market%20Stats%20for%20November%202021|target:_blank” size=”custom” button_alignment=”btn_center” font_size=”16px” button_padding=”10px 100px 10px 100px” border_radius=”3px” btn_decoration=”btn_3d” default_btn_border_color=”#000000″ default_btn_bg_color=”#627364″ bg_hover_color=”#3e362c”]Source: Latest Statistics Package[/dt_default_button][/vc_column][/vc_row][vc_row][vc_column][dt_gap height=”50″][vc_separator color=”custom” style=”shadow” border_width=”3″ accent_color=”#627364″][vc_row_inner][vc_column_inner width=”1/4″][mvc_team_profile member_visibility=”outset” image_id=”1739″ memb_name=”Liz Penner” memb_prof=”Realtor”][/vc_column_inner][vc_column_inner width=”3/4″][vc_column_text]

About Liz Penner | Your Best Langley Real Estate Agent

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Liz Penner is a top-selling licensed real estate salesperson with the Fraser Valley Real Estate Board and has been a top-selling realtor specializing in the residential resale of condos, townhomes, and houses for over a decade. Liz assists residents of the Langley and Surrey areas to sell real estate while looking out for the client’s best interests. Liz also helps first-time homebuyers, families, and repeat purchasers with their property search process, ensuring that her clients get access to the very best homes on the market while receiving excellent service ensuring that they find the perfect place to call home.

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Liz holds a BBA in leadership and has completed a variety of specific training through the Fraser Valley Real Estate Board in the areas of selling strata properties, foreclosures, estate sales, and new construction properties. Liz is also well versed in POAs, the Strata Property Act, and more.

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If you are looking for a knowledgeable and professional real estate agent that is willing to do everything possible to ensure that you get top dollar for the sale of your home or to find the dream home you are looking for in the Surrey and Langley, BC areas then get in contact today.

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Why list your home for sale with Liz Penner

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  • I’ve helped my clients sell over 400 condos, townhomes, and houses throughout the Langley and Cloverdale area, and I’d love the opportunity to do the same for you.
  • I’ve experienced straightforward sales and sales that have gone off the rails, back on the rails, off the rails, and then back on again. That’s just the way the real estate train rolls, and it never rattles me.
  • I’ve got a solid toolkit to pull from when a problem arises. I take my job seriously each time, and I will make sure you get top dollar for your  Fraser Valley, Langley, or Cloverdale home, smooth sailing, or otherwise.
  • If you’re looking for a realtor that you can count on in the Langley and Surrey area.
  • I’m your Agent!
  • If you want top dollar for your home
  • I can do that!
  • Do you want to save money on your next home purchase?
  • I can do that too!

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What you can expect when working with Liz Penner

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  • Fast, Reliable, and Quality service
  • Frequent Communication – from somebody who is available to serve you in the key moments that matter.
  • Expert Advice – from a well-trained and well trained and experienced agent with almost 2 decades of experience as a top-selling real estate agent.

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