Slower than normal market still attracting buyers in the Fraser Valley

The Fraser Valley real estate market experienced its second slowest April in ten years and yet sales of certain property types and price ranges remain solid.   The Fraser Valley Real Estate Board processed 1,383 sales of all property types on its Multiple Listing Service® (MLS®) in April, a 13.3 per cent increase compared to sales in March 2019, and a 19 per cent decrease compared to the 1,708 sales in April of last year. Of the 1,383 total sales of residential and commercial combined, 489 were residential detached homes, 379 were townhouses, and 374 were apartments. 

Darin Germyn, President of the Board, said of the market: “Consumers may not have the purchasing power that they did prior to January 2018, but the desire for home ownership is still there and we’re seeing that reflected in our MLS® data.    

“Detached homes under one million dollars and attached homes – ranging from $400,000 to $700,000 – continue to attract buyers in the Fraser Valley. Townhome sales in Abbotsford increased by almost 60 per cent compared to March and were on par with last year’s April sales.”

There were 7,870 active listings available in the Fraser Valley at the end of April, an increase of 12.3 per cent compared to March 2019’s inventory and an increase of 38.9 per cent year‐over‐year.

The Board received 3,391 new listings during the month, an 18.1 per cent increase compared to March 2019’s intake of 2,872 new listings and a decrease of 1.1 per cent compared to April of last year.

“A slower, stable market has had a positive impact on affordability in our region. Prices of typical residential homes in the Fraser Valley have decreased between 5 and 6 per cent in the last year. In the last three months, benchmark prices have either plateaued or have experienced a small recovery,” added Germyn.

For the Fraser Valley region, the average number of days to sell an apartment in April was 37, and 31 for townhomes. Single family detached homes remained on the market for an average of 37 days before selling.

HPI® Benchmark Price Activity
– Single Family Detached: At $964,600, the Benchmark price for a single family detached home in the Fraser Valley increased 0.2 per cent compared to March 2019 and decreased 4.8 per cent compared to April 2018.
– Townhomes: At $521,800 the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley increased 0.9 per cent compared to March 2019 and decreased 5.1 per cent compared to April 2018.
– Apartments: At $420,700, the Benchmark price for apartments/condos in the Fraser Valley increased 0.6 per cent compared to March 2019 and decreased 6 per cent compared to April 2018.

Below are the detailed statistics:

 

Detached House Statistics

 

Sales

New Listings

Active Listings

Benchmark Price

Average Price

Abbotsford

87

202

 394

$805,500

$807,396

White Rock/South Surrey

61

255

666

$1,376,000

$1,318,257

Langley

86

190

 396

$985,900

$1,016,222

Delta – North

30

96

185

$902,600

$956,471

Surrey – Central

90

268

533

$1,003,700

$1,069,229

Surrey -Cloverdale

39

100

182

$989,400

$1,039,676

Surrey – North

54

149

358

$948,400

$1,017,902

 

Townhouse Statistics

 

Sales

New Listings

Active Listings

Benchmark Price

Average Price

Abbotsford

62

100

185

$376,400

$472,586

White Rock/South Surrey

52

108

255

$658,500

$754,542

Langley

78

162

254

$492,700

$587,019

Delta – North

5

12

28

$593,100

$656,100

Surrey – Central

104

197

343

$560,300

$586,205

Surrey -Cloverdale

56

78

119

$551,100

$559,604

Surrey – North

15

47

89

$559,800

$530,766

 

Condos Statistics

 

Sales

New Listings

Active Listings

Benchmark Price

Average Price

Abbotsford

73

126

265

$320,700

$309,436

White Rock/South Surrey

55

145

324

$504,100

$484,428

Langley

82

160

 303

$419,800

$417,210

Delta – North

12

20

41

$392,600

$410,541

Surrey – Central

34

64

 133

$423,600

$382,058

Surrey -Cloverdale

27

37

 58

$469,100

$421,255

Surrey – North

86

204

 458

$408,200

$374,930

For more information about the state of today’s market or how to become a buyer ready to make an attractive offer in this fast moving market, please contact The Taylor Team of Sutton WestCoast Realty by calling or texting 1-778-316-4290 or contacting us online.

You can read the full real estate package here.