The Fraser Valley housing market had its second highest selling year on record in 2017, with total MLS® transactions and dollar volume sold behind only 2016’s unprecedented level of activity.

The Board’s Multiple Listing Service® (MLS®) processed 22,338 sales in 2017, 7.3 per cent less than the record of 23,974 sales set in 2016. The total dollar volume of MLS® sales was $15.7 billion, coming out slightly beneath 2016’s record setting total dollar volume of $16.2 billion.

Of the total transactions for the year, 5,198 were townhouses sold and 6,183 were apartments, together representing over half of overall market activity for the region. This was also the highest total annual sales for apartments in the Board’s history.

“Much of the market’s momentum through 2017 came from the incredible shift in demand to attached-style homes, particularly in our larger communities,” remarked Gopal Sahota, President of the Board.

“While prices continued to see slight gains month-to-month, a lot of our attached inventory remained affordable and an excellent option for consumers of all types.

” For inventory, a total of 32,651 new listings were received by the Board’s MLS® system, the third highest in the Board’s history after 2016 (34,768) and 2008 (35,651).

Last month the Board processed 1,344 sales, the second-most transactions for a December on record in the Fraser Valley. December inventory finished at 3,818 active units, with a total of 1,277 new listings entering the market throughout the month.

Sahota adds, “All year, supply levels remained below where we’d like them to be, and that has put a tight grip on inventory and pressure on the pace of the market. This is still a challenging market for many consumers.

“However, if you have your finances in order, and the support of a local REALTOR® who fits your needs, you’ll be in the best position to make a move in 2018 and find success.”

HPI® Benchmark Price Activity:
– Single Family Detached: At $976,400, the Benchmark price for a single family detached home in the Valley increased 0.4 per cent compared to November 2017, and increased 14.2 per cent compared to December 2016.
– Townhomes: At $513,100, the Benchmark price for a townhouse in the Valley increased 1.5 per cent compared to November 2017, and increased 23 per cent compared to December 2016.
– Apartments: At $388,600, the Benchmark price for an apartment in the Valley increased 3.2 per cent compared to November 2017, and increased 40.5 per cent compared to December 2016.

Below are the detailed statistics:

 

Detached House Statistics

  Sales New Listings Active Listings Benchmark Price Average Price
Abbotsford 82 82 252 $792,300 $819,548
White Rock/South Surrey 58 83 419 $1,472,300 $1,662,670
Langley 84 68 184 $1,002,200 $1,017,424
Delta – North 34 35 94 $921,800 $995,858
Surrey – Central 114 130 408 $1,014,600 $1,031,445
Surrey -Cloverdale 33 36 81 $1,004,900 $940,319
Surrey – North 53 62 195 $950,900 $979,987

Townhouse Statistics

  Sales New Listings Active Listings Benchmark Price Average Price
Abbotsford 35 31 48 $356,000 $448,108
White Rock/South Surrey 59 40 104 $647,300 $679,830
Langley 58 36 50 $490,100 $578,868
Delta – North 10 3 10 $561,400 $746,590
Surrey – Central 97 63 98 $549,700 $576,023
Surrey -Cloverdale 37 32 41 $572,600 $560,156
Surrey – North 23 23 27 $533,500 $489,852

Condos Statistics

  Sales New Listings Active Listings Benchmark Price Average Price
Abbotsford 65 37 37 $286,600 $286,862
White Rock/South Surrey 42 35 78 $493,100 $453,939
Langley 62 58 49 $396,900 $394,588
Delta – North 8 12 16 $361,800 $404,862
Surrey – Central 32 30 26 $382,300 $366,989
Surrey -Cloverdale 24 13 14 $448,600 $377,369
Surrey – North 141 120 141 $375,500 $385,615

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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