It was another particularly strong month for home sales for the Fraser Valley Real Estate Board (FVREB).
Newly released statistics for September 2020 show there were 2,231 home sales over the month, representing an increase of 66.1% compared to September of last year, and an increase of 9.4% compared to August 2020.
This amounts to the highest recorded sales in September for FVREB, who’s jurisdiction covers much of Metro Vancouver — Surrey, North Delta, White Rock, and Langley — as well as Mission and Abbotsford.
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Residential real estate activity has been “robust” for four consecutive months, since the restart of BC’s economy. However; demand has shifted towards single family homes with sales between July and September reaching 47% of the three main home types, compared to 43% during the same period in 2019.
“Our homes have never been more important. Across the Fraser Valley, we’re seeing a trend towards buyers looking for more space and livability in both single-family homes and townhomes,” said Chris Shields, president of FVREB, in a statement.
“For many existing homeowners and first-time buyers, their buying power is greater than it’s been in a long time. Interest rates are very low, people have saved money over the last few months, and they’re choosing to invest it in their most important asset. Sellers are also recognizing that with lower than normal inventory, this is a smart time to list.”
There were also 3,515 new listings in September 2020, a record for the month — a 6.2% increase compared to the previous month, and 26.2% increase from September 2019. Currently, FVREB has a total of 7,377 listings, which is a 0.4% decrease from August 2019 and a drop of 7.2% compared to this time last year.
September 2020 home sales statistics
- Detached homes
- Number of units sold: 929 (+5.9% over August 2020; +78.3% over September 2019)
- Number of active listings: 2,518
- Benchmark price: $1,032,700 (+1.3% over August 2020; +8.7% over September 2019)
- Average days on market: 28
- Apartment homes
- Number of units sold: 482 (+14.2% over August 2020; +33.5% over September 2019)
- Number of active listings: 1,804
- Benchmark price: $436,900 (-0.1% over August 2020; +4.7% over September 2019)
- Average days on market: 35
- Number of units sold: 555 (+7.6% over August 2020; +74.0% over September 2019)
- Number of active listings: 1,297
- Benchmark price: $567,300 (+0.6% over August 2020; +4% over September 2019)
- Average days on market: 25