The overall total MLS transactions, and the dollar volume sold in the 2016 Fraser Valley Real Estate market, both showed remarkable increases over 2015.
Overall sales for 2016 increased by 13.6% to 23,974 transactions over the 21,095 sales in 2015. This was also 12.6% higher than the previous record set in 2005 when 21,282 properties sold.
|All Property Types|
|Fraser Valley Grand Totals||Dec-16||Dec-15||% Change||Nov-16||% Change|
Dollar Volume Sales Records in Fraser Valley
Dollar volume of sales superceded the record set in 2015 by closing out 2016 with $16.2 billion dollars in sales. That exceeds 2015’s record by $4 billion dollars. Statistics for the year included 34,768 new listings:
- 5,369 townhouses
- 5,069 apartments
- 16,833 detached dwellings
Inventory volumes in December dipped by 29.8% from November, with active real estate listings topping 3,930 for the month. This was also 85% fewer listings than in December of 2015.
These aren’t necessarily detrimental numbers for would-be home sellers if you take into account that median prices for detached dwelling rose from $639,000.00 in 2015 to $810,000.00 in 2016 (a 26.8% increase), and average prices rose from $720,000.00 in 2015 to $915,851.00 (a 27.5% increase) in 2016.
House Valuations Still Strong in Fraser Valley
Valuations are still strong, and sellers interested in the spring market should be further encouraged by the robust pricing still being experienced throughout the Fraser Valley. Speak with a realtor today to discuss the best way to approach the coming real estate market in 2017 or check out our article Tips for Getting Your Home Ready to Sell This Spring.
Even though benchmarks for detached, single family dwellings dropped .5% compared with November of 2016 at $856,700.00, it increased significantly compare to 2015, bounding ahead by 27.4%.
Fraser Valley Townhomes and Apartments
Benchmark prices for Surrey townhomes in December 2016 came in at $442,100.00, decreasing by just 1.4% from November of 2016, and increasing by 29.8% compared to December 2015.
Benchmark prices for Surrey condos in December 2016 came in at $259,000.00. This is a slight decrease of 0.6% compared with November of 2016 and substantial increase of 21.0% compared to December 2015.
For more information, please refer to the full December 2016 Real Estate Statistics Package published by the Fraser Valley Real Estate Board.