According to the latest data published by FVREB, October saw a total of 901 residential property sales, down 53.5% from this time last year, with 1,938 transactions. fraservalley
Fraser Valley Real Estate Board
The FVREB — which includes Surrey, Langley, White Rock, North Delta, Mission, and Abbotsford — says it also saw 2,186 new listings in October, which is on par with October 2021, and bringing the total number of active listings in the region to 5,642, an increase of 63.7% compared to this time last year. Properties listed stayed on the market for an average of about 27 to 34 days.
For sales-to-active-listings, 20% or higher is generally considered a sellers’ market, while a ratio 12% or lower indicates a buyers’ market. Following October, the ratio is 15.9%, a number that signals balance in the market.-listings, where 55% or higher is typically considered a sellers’ market and 40% or lower a buyers’ market. Using that metric, the ratio is 41.2%, a confirmation that the market is indeed in balance.
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