The Fraser Valley Real Estate Board recently published the MLS® statistics for the real estate market, among others, for October 2014.
In this post, we’re going to take a close look at key numbers for the condominium market for October 2014 – including sales, new listings, active listings, as well as benchmark, median and average prices for condominiums for sale in .
We're also going to see what kind of shape the condominium market in was in for the month – whether it was a buyer's market, a balanced market, or a seller's market.
– President, Fraser Valley Real Estate Board
And we're going to look at how the MLS® numbers for October 2014 compare with the numbers for October 2013 and for September 2014.
Highlights of FVREB MLS® Data on Condominium Listings and Sales
Here's a high-level snapshot of listing and sales activity for condominiums in October 2014.
- 37 Sales
- 56 New Listings
- 235 Active listings
- $148,500 Benchmark Price
- $157,000 Median Price
- $176,639 Average Price
The sales-to-active-listings ratio netted out a market absorption rate of 15.74%, indicating that it was a Balanced Market for condominiums in in October 2014 (click on the link learn more about local housing market ratios on the BC Real Estate Association blog).
Please note: If you want the most accurate and up-to-date data on MLS® listing and sales activity for condominiums, you need to speak with a real estate agent.
Condominium Market Changes
Following are some of the highlights for condominiums for sale in in October 2014:
- There were 37 condominium sales in in October 2014 – a decrease of -27.45% over October 2013 and a decrease of -15.91% over September 2014
- There were 56 new listings of condominiums in in October 2014 – a decrease of -22.22% over October 2013 and a decrease of -20.00% over September 2014
- The average price of a condominium in in October 2014 was $176,639 – an increase of 23.72% over October 2013 and an increase of 15.30% over September 2014
If you're really keen to understand what happened in the market for condominium in in October 2014, make sure you check out the next section.
Detailed Overview of the Market for Condominiums in
Check out the table below for more detailed information on what happened in the condominium market in October 2014 and see how it compares with the previous year and previous month.
Condominium Stats
| Metric | Oct 2014 | Oct 2013 | % Change | Sep 2014 | % Change |
|---|---|---|---|---|---|
| Sales | 37 | 51 | -27.45% | 44 | -15.91% |
| New Listings | 56 | 72 | -22.22% | 70 | -20.00% |
| Active Listings | 235 | 291 | -19.24% | 258 | -8.91% |
| Benchmark Price | $148,500 | $146,800 | 1.16% | $143,600 | 3.41% |
| Median Price | $157,000 | $140,500 | 11.74% | $142,250 | 10.37% |
| Average Price | $176,639 | $142,774 | 23.72% | $153,200 | 15.30% |
Disclaimer
All of the data for the monthly real estate market updates are taken directly from the MLS® statistics packages that the Fraser Valley Real Estate Board publishes every month.
Although rare, errors and omissions may happen from time to time. If you want to be absolutely certain the you have the most accurate data, we encourage you to click on the link to the latest MLS® statistics for the real estate market.
Or, better still, speak directly with a real estate agent who specializes in condominiums who will be able to provide you with the most accurate, up to the minute information on – and insights into – the real estate market.