The Fraser Valley Real Estate Board’s September housing market statistics saw the trends that began in July continue for the third straight month with a massive bump in sales and a stable quantity of active listings. Most key metrics are maintaining levels consistent with 10 year averages.
The total quantity of detached home sales was up almost 39% over last September! Similarly, townhome sales were up 28% and condo sales were up 32%.
Sales are often a leading indicator for pricing trends so, despite September’s incredibly mild decreases in benchmark prices, the aggressive ramp-up in sales coupled with relatively low injection of new listings is driving anticipation that prices may turn around shortly. Furthermore, over the past 13 years of recorded stats, more often than not, September reports mild decreases in benchmark prices so what we’re experiencing is historically typical.
The relatively low injection of new listings in September, down as much as 11% year-over-year depending on home type, resulted in active listings finishing the month at only 7% above the 10 year average for the month.
September stats did go against one trend, after 5 months of decreases, sale price as a percent of list price turned around, which is consistent with the spike in sales. Days on market followed historical trends and increased slightly for all homes types. Despite this, the average remains at 95% of the 10 year average for September.
What does this mean for development land in the Fraser Valley?
All of this is pointing to healthy stability which is driving confidence among investors and developers. Line-ups and reports of steady sales at many sales centres throughout the month of September is also bolstering that confidence. The result is an active buyer pool for residential development land with a strong appetite for readily developable land, especially readily developable townhome sites.
The recent increase in demand for well-located sites has land values plateauing in many areas, following the drawn-out repricing that occurred over the past 12 months.
Check out our curated summary of the Fraser Valley Real Estate Board’s September stats in infographics below.
View the Fraser Valley Real Estate Board’s entire stats package for September 2019 here.
This representation is based in whole or in part on data generated by the Fraser Valley Real Estate Board which assumes no responsibility for its accuracy.