The Fraser Valley Real Estate Board recently published the MLS® statistics for the real estate market, among others, for October 2019.
In this post, we’re going to take a close look at key numbers for the condominium market for October 2019 – 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.
Our market started to pick up in the summer and we've been steadily improving since. It's rare to see October home sales in the Fraser Valley outpace April and that's what we've seen this year; our typical spring and fall markets have flipped.
Darin Germyn, President of the FVREB – President, Fraser Valley Real Estate Board
And we're going to look at how the Abbotsford MLS® numbers for October 2019 compare with the numbers for October 2018 and for September 2019.
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 2019.
- 79 Sales
- 115 New Listings
- 253 Active listings
- $308,600 Benchmark Price
- $318,000 Median Price
- $314,843 Average Price
The sales-to-active-listings ratio netted out a market absorption rate of 31.23%, indicating that it was a Seller's Market for condominiums in in October 2019 (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 2019:
- There were 79 condominium sales in in October 2019 – an increase of 54.90% over October 2018 and an increase of 14.49% over September 2019
- There were 115 new listings of condominiums in in October 2019 – a decrease of -6.50% over October 2018 and a decrease of -11.54% over September 2019
- The average price of a condominium in in October 2019 was $314,843 – an increase of 4.41% over October 2018 and an increase of 2.40% over September 2019
If you're really keen to understand what happened in the market for condominium in in October 2019, 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 2019 and see how it compares with the previous year and previous month.
Condominium Stats
| Metric | Oct 2019 | Oct 2018 | % Change | Sep 2019 | % Change |
|---|---|---|---|---|---|
| Sales | 79 | 51 | 54.90% | 69 | 14.49% |
| New Listings | 115 | 123 | -6.50% | 130 | -11.54% |
| Active Listings | 253 | 253 | 0.00% | 257 | -1.56% |
| Benchmark Price | $308,600 | $329,200 | -6.26% | $312,200 | -1.15% |
| Median Price | $318,000 | $290,000 | 9.66% | $298,000 | 6.71% |
| Average Price | $314,843 | $301,553 | 4.41% | $307,462 | 2.40% |
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.