Market Update!
(December 14, 2016
)
As each month comes and goes, the Fraser Valley Real Estate Board puts out an update on how the previous month went. Below is a partial of that with my comments afterwards for November 2016.
"The Board received 1,792 new listings in November, an 18.4 per cent decrease from October 2016, and a 3.3 per cent decrease compared to November 2015’s 1,854 new listings."
A decrease coming to the end of the year is always excepted. The weather is colder with some snow here and there, and people are busy getting ready for the holiday celebrations to come! It's never a bad time to start looking to buy or sell a home, but don't be discouraged if it seems a little tougher during the next couple months - this happens every year!
“As we move away from the record-setting demand seen earlier this year, sellers are sharpening their list prices to respond to the changing market – and REALTORS® can certainly help with this,” explains Wiebe. “I’m pleased to see that homes are still selling at strong levels, especially for attached homes which are elevated compared to what we’re used to in November, thanks to both the leveling off of prices and consistent demand for our region.”
Homes have definitely been at a record high as of late and even though the slower months have come upon us, the market is still strong. If you've been thinking about buyer or selling, it's worth looking into right now.
November Stats based on Dwelling Type:
"The Board received 1,792 new listings in November, an 18.4 per cent decrease from October 2016, and a 3.3 per cent decrease compared to November 2015’s 1,854 new listings."
A decrease coming to the end of the year is always excepted. The weather is colder with some snow here and there, and people are busy getting ready for the holiday celebrations to come! It's never a bad time to start looking to buy or sell a home, but don't be discouraged if it seems a little tougher during the next couple months - this happens every year!
“As we move away from the record-setting demand seen earlier this year, sellers are sharpening their list prices to respond to the changing market – and REALTORS® can certainly help with this,” explains Wiebe. “I’m pleased to see that homes are still selling at strong levels, especially for attached homes which are elevated compared to what we’re used to in November, thanks to both the leveling off of prices and consistent demand for our region.”
Homes have definitely been at a record high as of late and even though the slower months have come upon us, the market is still strong. If you've been thinking about buyer or selling, it's worth looking into right now.
November Stats based on Dwelling Type:
- Single Family Detached: At $860,800, the Benchmark price for a single family detached home in the Valley decreased 1.3 per cent compared to October 2016, and increased 30.5 per cent compared to November 2015.
- Townhomes: At $424,300 the Benchmark price for a townhome in the Fraser Valley increased 0.7 per cent compared to October 2016, and increased 33.1 per cent compared to November 2015.
- Apartments: At $258,600, the Benchmark price for apartments/condos in the Fraser Valley increased 1.7 per cent compared to October 2016, and increased 24.9 per cent compared to November 2015
It's all in the numbers! Detached single family homes are still in high demand. If you're thinking of downsizing, now is the best time to sell your home!
If you have any questions or would like more information on how I can help you buy or sell your home, contact me today at (604) 583-2000 or email me sold@tom-mcconnell.com.
Happy Holidays!
- Tom
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