The Fraser Valley Real Estate Board, which includes Langley, Surrey, White Rock, Delta, Abbotsford and Mission reports steady demand for homes heading into the holidays.

The November property sales in the Fraser Valley are up slightly compared to last year, and didn't experience the usual month-over-month seasonal decline.

The Fraser Valley Real Estate Board processed 1,120 sales in November, on its Mulitiple Listing Service, an increase of 3%, compared to the 1,084 sales during the same month last year, and a decrease of 2% compared to 1,139 sales in October.  In the last decade, sales decreased on average, 9% from October to November.

Board president Sukh Sidhu says, "Given the time of year, Fraser Valley is experiencing steady buying activity with notable month-over-month increases in the sale of homes with an attractive price point".

"For example, townhome sales in central Surrey increased by 20% in one month and in Langley by 43%". Sidhu adds "Fraser Valley offers buyers the key value of affordability.  Currently, over half of our townhomes and condos are listed for $289,000 or less".

While sales remained stable, MLS inventory decreased from October to November, which is typical for this time of year. The board posted 1,926 new listings in November, and increase of 9%, compared to November of last year, and a decrease of 23%, compared to October.  November finished with 9,471 active listings in the Fraser Valley, 5% more than the same month last year, and 5% less than October's 10,005 llistings.

Sidhu says, "Even with fewer listings coming on stream, buyers can still take advantage of almost nine months of inventory, which is putting downward pressure on prices in certain areas and property types".  Prices for a typical Fraser Valley condo are down year-over-year and month-over-month, while both single family detached and townhomes are still showing positive price gains compard to November last year and remain stable compared to October".

In November, the benchmark price of a detached home in the Fraser Valley was $532,086, an increase of 5.4%, compared to $504,848 in November 2010, and an increase of 0.3% compared to October.

For townhouses, the benchmark price in November was $327,764, an increase of 2.5%, compared to the same month last year when it was 319,623, and up 0.7% compared to October.  The benchmark price of condos in November was $238,461, a decrease of 1.6% compared to November 2010, and a decrease of 2.2% compared to October.

The Fraser Valley Real Estate Board is an association of 2,897 real estate professionals who live and work in the BC communities of North Delta, Surrey, White Rock, Langley, Abbotsford and Mission.  The FVREB marks it's 90 year anniversary this year.

HAVE QUESTIONS?  CONTACT ME FOR FREE REAL ESTATE ADVICE WITH NO OBLIGATION.