The November Fraser Valley Real Estate Stats are in! This November saw a steady stream of listings and the price-points of homes remained stable from October. The market remains to be a SELLERS MARKET with a 45% Home Selling Ratio.
The stats for this month were:
|November 2017 Stats||October 2017 Stats||November 2017 Stats|
|Number of Listings||3410||3674||3692|
|Sale Price||675, 000||668, 000||586, 000|
|Days on Market||16||16||26|
The BC Real Estate Association was quoted as saying “The combination of weakening consumer demand and a surge in new home completions next year is expected to induce more balanced market conditions, producing less upwards pressure on home prices.”
As stated above, a more balanced market is expected to occur in 2018-essentially having prices level off and inventory become more readily available. This is excellent news for buyers wanting to break into the market.
One final consideration for December and 2018: The new mortgage regulations. These new regulations will effect many by reducing their borrowing power up to 20%! They come into full effect as of January 1, making now an advisable time to buy or sell a home!
If you are interested in learning more about the stats for your specific area/location, please give me an email or call and we would be happy to send them your way.