Detached homes in Surrey are selling like hotcakes.
This comes as the Fraser Valley Real Estate Board reports “unrelenting demand” for single-family homes and townhouses in Surrey and other areas under its jurisdiction.
In its latest market report, the FVREB indicated that 541 freestanding homes sold in Surrey in November 2020.
The number represents a 109.7 percent increase over the 258 sales in November 2019.
Compared to October 2020, which saw 501 transactions, last month’s deals mean an eight percent increase.
The sales numbers represent those in North Surrey, Central Surrey, Cloverdale, and South Surrey. White Rock is not included in the tally.
Moreover, prices have increased.
The price of a typical detached home in Surrey rose to $1,156,800 in November 2020.
That represents a 10.2 percent improvement over the $ 1,049,800 price in November 2019.
Last month’s number show a 1.3 percent increase over the October 2020 price $1,049,800.
The FVREB covers Surrey, North Delta, White Rock, Langley, Abbotsford, and Mission.
The board released a report Wednesday (December 2) indicating that it processed 2,173 sales of all property types in the region in November 2020.
The figure represents an increase of 54.7 percent compared to the 1,405 sales in November 2019, and an 8.3 percent decrease month‐over‐month compared to the 2,370 sales in October.
In a media release, FVREB president Chris Shields stated that the “desire for family‐sized homes and their benefits continues to dominate”.
“Since the summer, we’ve seen the strongest demand in our Board’s 99‐year history specifically for single‐family detached and townhomes,” Shields noted.
Board CEO Baldev Gill, for his part, stated that buyers have “adapted to the shifting realities”.
Gill was apparently referring to increased demand for bigger homes amid the ongoing COVID-19 pandemic.