Fraser Valley real estate market gears up for spring

Coming off a mild January, the Fraser Valley real estate market saw an increase in sales activity and overall inventory in February along with decreased prices in several of its communities.

The Fraser Valley Real Estate Board processed 982 sales of all property types on its Multiple Listing Service® (MLS®) in February, a 25.3 per cent increase compared to sales in January 2019, and a 29.1 per cent decrease compared to the 1,385 sales in February of last year. Of the 982 total sales, 354 were residential detached homes, 236 were townhouses, and 288 were apartments.

Darin Germyn, President of the Board, said of the market: “With inventory continuing to build, and prices softening across many of our areas and property types, buyers will be well positioned to make a move this spring.”

There were 6,406 active listings available in the Fraser Valley at the end of February, an increase of 6.9 per cent compared to January 2019’s inventory and an increase of 47.6 per cent year-over-year.

The Board received 2,216 new listings during the month, a 15.1 per cent decrease compared to January 2019’s intake of 2,609 new listings and a 3.4 per cent decrease compared year-over-year.

“Demand within our region varies depending on the community, with both residential detached homes and attached properties garnering interest when priced effectively,” continued Germyn. “If you’re looking to list, contact a REALTOR® who can help you understand the local market and what price point will bring you the buyers you’re looking for.”

For the Fraser Valley region, the average number of days to sell an apartment in January was 40, and 39 for townhomes. Single family detached homes remained on the market for an average of 43 days before selling.

HPI® Benchmark Price Activity

• Single Family Detached: At $958,900, the Benchmark price for a single family detached home in the Fraser Valley increased 0.5 per cent compared to January 2019 and decreased 3.7 per cent compared to February 2018.

• Townhomes: At $516,000, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 1.2 per cent compared to January 2019 and increased 2.8 per cent compared to February 2018.

• Apartments: At $409,700, the Benchmark price for apartments/condos in the Fraser Valley increased 0.2 per cent compared to January 2019 and decreased 3 per cent compared to February 2018.

Below are the detailed statistics:

 Detached House Statistics

 

Sales

New Listings

Active Listings

Benchmark Price

Average Price

Abbotsford

61

103

273

$782,000

$797,875

White Rock/South Surrey

38

169

545

$1,382,800

$1,391,102

Langley

59

113

312

$983,900

$1,071,717

Delta – North

26

51

149

$882,400

$941,173

Surrey – Central

66

140

422

$1,003,000

$1,077,534

Surrey -Cloverdale

31

49

123

$995,300

$995,430

Surrey – North

36

84

297

$952,30

$1,026,131

Townhouse Statistics

 

Sales

New Listings

Active Listings

Benchmark Price

Average Price

Abbotsford

36

78

154

$378,000

$469,990

White Rock/South Surrey

29

81

212

$646,400

$757,862

Langley

53

86

177

$486,100

$570,928

Delta – North

1

4

19

$568,200

$520,000

Surrey – Central

62

130

299

$551,200

$558,813

Surrey -Cloverdale

36

61

109

$547,700

$557,040

Surrey – North

13

28

73

$565,000

$538,600

Condos Statistics

 

Sales

New Listings

Active Listings

Benchmark Price

Average Price

Abbotsford

66

86

222

$303,100

$299,271

White Rock/South Surrey

47

104

263

$488,800

$526,566

Langley

63

123

248

$415,200

$445,961

Delta – North

7

25

40

$376,700

$361,985

Surrey – Central

25

74

125

$408,400

$373,453

Surrey -Cloverdale

21

31

59

$456,700

$410,714

Surrey – North

59

143

370

$403,300

$376,534

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.