Surrey and Fraser Valley saw record-breaking home sales in October: statistics

Nov 4 2020, 1:39 pm

Overall home sales in October 2020 within the jurisdiction of the Fraser Valley Real Estate Board (FVREB) reached a new record for the month.

FVREB states there were 2,370 sales across all home types during the month, representing an increase of 48.9% over the same period in 2019, and a 6.2% increase from September 2020.

This is the fourth consecutive month of record-breaking or near-record activity for sales within FVREB jurisdiction, which covers much of southern and eastern Metro Vancouver — Surrey, North Delta, White Rock, and Langley — as well as Mission and Abbotsford.

“The situation is unprecedented. We are in the middle of a pandemic and in many of our communities we are seeing a strong seller’s market for townhomes and single-family homes priced correctly,” said Chris Shields, president of the FVREB, in a statement.

“For example, in Langley, our current supply of detached homes would sell in 1.4 months if no new listings became available. And for Mission townhomes, we have zero months of inventory.”

But new listings dropped in October 2020 compared to the previous month, with 3,081 units newly listed — a 12.3% month-over-month decrease, but a 29.3% increase compared to October 2019. However, the month’s new listings ranked the highest for the month in the last decade, and the fourth highest of all time.

There were a total of 6,872 active listings during the month, which is a 6.8% drop from September 2019 and a 7.1% year-over-year decrease. The month’s active listings were also 11.9% below the 10-year average for October.

The average home price in the FVRED in October 2020 was $845,833 — up by 0.2% from $844,216 in September 2020, and 17.4% $720,383 in October 2019.

October 2020 home sales statistics

  • Detached homes
    • Number of units sold: 979 (+5.4% over September 2020; +60.8% over October 2019)
    • Number of active listings: 2,328 (-7.5% over September 2020; -14.5% over October 2019)
    • Benchmark price: $1,046,900 (+1.4% over September 2020; +9.9% over October 2019)
    • Average days on market: 30
  • Apartment homes
    • Number of units sold: 502 (+4.1% over September 2020; +21.0% over October 2019)
    • Number of active listings: 1,712 (-5.1% over September 2020; +20.8% over October 2019)
    • Benchmark price: $434,600 (-0.5% over September 2020; +4.2% over October 2019)
    • Average days on market: 36
  • Townhomes
    • Number of units sold: 611 (+10.1% over September 2020; +54.3% over October 2019)
    • Number of active listings: 1,176 (-9.3% over September 2020; -5.7% over October 2019)
    • Benchmark price: $569,200 (+0.3% over September 2020; +5.1% over October 2019)
    • Average days on market: 27

Kenneth ChanKenneth Chan

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