Fraser Valley market sees typical spring increase in March sales

 SURREY, BC – Last month, buyers in the Fraser Valley took advantage of the continued stability in home prices and the highest inventory levels for March since 2015.

The Fraser Valley Real Estate Board processed 1,221 sales of all property types on its Multiple Listing Service® (MLS®) in March, a 24.3 per cent increase compared to sales in February 2019, and a 26.6 per cent decrease compared to the 1,664 sales in March of last year. Of the 1,221 total sales, 462 were residential detached homes, 300 were townhouses, and 346 were apartments. This was the lowest sales total for the Board during March since 2013.

Darin Germyn, President of the Board, said of the market: “From a buyer’s perspective, there are more opportunities available as we move deeper into spring. Many of our communities are seeing higher inventory levels, especially in the attached market with the number of available townhomes almost doubling and Fraser Valley condos more than doubling compared to last year.”

There were 7,011 active listings available in the Fraser Valley at the end of March, an increase of 9.4 per cent compared to February 2019’s inventory and an increase of 46.2 per cent year-over-year.

The Board received 2,872 new listings during the month, a 29.6 per cent increase compared to February 2019’s intake of 2,216 new listings and a 0.2 per cent increase compared year-over-year.

“One of the reasons our market has remained stable is simply due to affordability. Although prices have increased dramatically over the last ten years, during the last twelve months we’ve seen prices for all major residential property types in the Fraser Valley decrease between four and five per cent. This is good news for buyers,” continued Germyn.

For the Fraser Valley region, the average number of days to sell an apartment in March was 38, and 29 for townhomes. Single family detached homes remained on the market for an average of 38 days before selling.

HPI® Benchmark Price Activity:
• Single Family Detached: At $963,100, the Benchmark price for a single family detached home in the Fraser Valley increased 0.4 per cent compared to February 2019 and decreased 4.2 per cent compared to March 2018.
• Townhomes: At $517,300, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley increased 0.3 per cent compared to February 2019 and decreased 4.5 per cent compared to March 2018.
• Apartments: At $418,000, the Benchmark price for apartments/condos in the Fraser Valley increased 2 per cent compared to February 2019 and decreased 5.1 per cent compared to March 2018.

Below are the detailed statistics:

 Detached House Statistics

 

Sales

New Listings

Active Listings

Benchmark Price

Average Price

Abbotsford

72

182

343

$800,200

$817,639

White Rock/South Surrey

59

202

589

$1,372,800

$1,465,892

Langley

65

165

358

$986,700

$1,021,442

Delta – North

42

68

145

$902,200

$1,014,992

Surrey – Central

98

203

435

$1,006,300

$1,047,259

Surrey -Cloverdale

33

87

150

$996,900

$981,172

Surrey – North

45

114

308

$947,700

$1,066,268

Townhouse Statistics

 

Sales

New Listings

Active Listings

Benchmark Price

Average Price

Abbotsford

39

93

186

$374,900

$464,449

White Rock/South Surrey

49

109

235

$653,100

$681,898

Langley

60

125

203

$487,800

$577,704

Delta – North

3

14

26

$571,500

$710,633

Surrey – Central

83

161

319

$557,600

$577,502

Surrey -Cloverdale

46

69

118

$545,000

$553,900

Surrey – North

13

28

81

$555,100

$543,961

Condos Statistics

 

Sales

New Listings

Active Listings

Benchmark Price

Average Price

Abbotsford

56

116

246

$314,100

$305,267

White Rock/South Surrey

57

123

279

$498,100

$501,511

Langley

86

150

265

$416,900

$438,173

Delta – North

10

18

44

$392,500

$383,300

Surrey – Central

33

54

124

$424,400

$369,633

Surrey -Cloverdale

22

32

60

$470,900

$362,763

Surrey – North

79

193

418

$407,900

$387,368

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.

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