Fraser Valley housing market continues to stabilize as sales pick up compared to last year

For the second month in a row, home sales in the Fraser Valley surpassed 2018 levels bringing the market closer to historical norms.

The Fraser Valley Real Estate Board processed 1,297 sales of all property types on its Multiple Listing Service® (MLS®) in August, an 11 per cent decrease compared to sales in July 2019, and a 12.3 per cent increase compared to the 1,155 sales in August of last year.

Darin Germyn, President of the Board, observed, “Compared to last year, this August has been quite robust. All property types are selling and we’re seeing a resurgence in the single‐family detached market. Across North Delta, Surrey and Langley, sales are up over 25 per cent.

“It’s great to see. We’re returning to a normal, steady market. Our sales, new listings and number of active listings in August were all slightly below the 10‐year average.”

There were 8,040 active listings available in the Fraser Valley at the end of August, an increase of 9.6 per cent compared to August of last year and a decrease of 3.6 per cent compared to July 2019. The Board received 2,357 new listings in August, a 15.7 per cent decrease compared to July 2019’s intake of 2,797 new listings and an 8.5 per cent decrease compared to August of last year.

Germyn adds, “Inventory has stopped growing as demand has picked up, which is why we’re also seeing prices moderate. Last month, prices of typical homes in the Fraser Valley were on par with prices from six months ago.”

HPI® Benchmark Price Activity:
– Single Family Detached: At $954,100, the Benchmark price for a single‐family detached home in the Fraser Valley decreased 0.3 per cent compared to July 2019 and decreased 5.4 per cent compared to August 2018.
– Townhomes: At $521,400, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley increased 0.1 per cent compared to July 2019 and decreased 4.9 per cent compared to August 2018.
– Apartments: At $409,200, the Benchmark price for apartments/condos in the Fraser Valley decreased 0.1 per cent compared to July 2019 and decreased 7.7 per cent compared to August 2018.

For the Fraser Valley region, the average number of days to sell an apartment in August was 45, and 36 for townhomes. Single family detached homes remained on the market for an average of 44 days before selling.

Below are the detailed statistics:

Detached House Statistics

  Sales New Listings Active Listings Benchmark Price Average Price
Abbotsford 76 143 464 $803,900 $799,008
White Rock/South Surrey 59 152 614 $1,326,700 $1,535,968
Langley 88 134 384 $981,500 $972,909
Delta – North 48 68 210 $875,900 $991,470
Surrey – Central 107 229 623 $998,500 $1,052,127
Surrey -Cloverdale 42 58 179 $983,400 $985,513
Surrey – North 46 82  357 $933,800 $956,824

Townhouse Statistics

  Sales New Listings Active Listings Benchmark Price Average Price
Abbotsford 37 65  203 $383,600 $421,462
White Rock/South Surrey 45 104 266 $639,100 $671,310
Langley 79 110 261 $488,600 $563,270
Delta – North 7 19  38 $580,500 $596,250
Surrey – Central 84 131 360 $567,600 $570,550
Surrey -Cloverdale 45 52 131 $555,300 $548,588
Surrey – North 14 30 97 $555,500 $541,574

Condos Statistics

  Sales New Listings Active Listings Benchmark Price Average Price
Abbotsford 76 101 250 $311,300 $300,422
White Rock/South Surrey 63 104   288 $498,900 $506,036
Langley 65 89 281 $410,400 $395,014
Delta – North 5 8  28 $369,300 $363,100
Surrey – Central 22 47 124 $408,200 $381,122
Surrey -Cloverdale 16 23  53 $451,500 $413,296
Surrey – North 81 122  403 $396,100 $381,232

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.

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