Slight uptick in Fraser Valley property sales in May attributable to single family detached

The increase in home sales in the Fraser Valley in May compared to April is thanks to renewed interest in single family detached homes. Although total market activity remained well below historical norms ‐ 18 per cent below the 10‐year average – the sale of detached homes increased by 14.9 per cent in one month.

The Fraser Valley Real Estate Board processed 1,517 sales of all property types on its Multiple Listing Service® (MLS®) in May, a 9.7 per cent increase compared to sales in April 2019, and a 13.7 per cent decrease compared to the 1,758 sales in May of last year.

In looking at the three main residential property types, detached homes garnered 41.2 per cent of the market in May, up from 39.4 per cent in April. Attached homes garnered 58.8 per cent in May, compared to 60.6 per cent in April.

Darin Germyn, President of the Board, said of the market: “Buyers are recognizing that in the last three months, home prices have stopped declining and that in order to take advantage of the improvement in prices over the past year, now is a great time to consider making the purchase they held off on in the previous months.

“We’re seeing buyers who have been waiting on the sidelines, act, because of better price opportunities and more selection. It’s been four years since buyers had this much choice in the Fraser Valley.”

There were 8,506 active listings available in the Fraser Valley at the end of May, an increase of 26.3 per cent compared to May of last year and an increase of 8.1 per cent compared to April 2019.

The Board received 3,542 new listings during the month, a 4.5 per cent increase compared to April 2019’s intake of 3,391 new listings and a 10.7 per cent decrease year‐over‐year.

“Key to this market is pricing,” continued Germyn. “We empathize with our clients on the challenges they face today to qualify to buy a home and we work with them to find the right property at a realistic price they can afford.”

HPI® Benchmark Price Activity:
– Single Family Detached: At $964,200, the Benchmark price for a single family detached home in the Fraser Valley remained unchanged compared to April 2019 and decreased 5.9 per cent compared to May 2018.
– Townhomes: At $522,500, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley increased 0.1 per cent compared to April 2019 and decreased 5.9 per cent compared to May 2018.
– Apartments: At $416,800, the Benchmark price for apartments/condos in the Fraser Valley decreased 0.9 per cent compared to April 2019 and decreased 8.0 per cent compared to May 2018.

 

Below are the detailed statistics:

Detached House Statistics

 

Sales

New Listings

Active Listings

Benchmark Price

Average Price

Abbotsford

100

253

472

$803,300

$ 820,276

White Rock/South Surrey

71

231

715

$1,363,400

$1,416,424

Langley

87

204

439

$988,700

$1,060,256

Delta – North

34

103

 225

$892,300

$ 958,717

Surrey – Central

105

265

597

$1,002,200

$1,071,427

Surrey -Cloverdale

54

101

180

$1,000,100

$1,042,010

Surrey – North

55

146

 377

$947,400

$958,342

 

Townhouse Statistics

 

Sales

New Listings

Active Listings

Benchmark Price

Average Price

Abbotsford

66

142

 226

$378,800

$463,896

White Rock/South Surrey

70

140

270

$650,200

$703,555

Langley

85

161

 276

$497,900

$584,128

Delta – North

7

18

30

$589,400

$623,214

Surrey – Central

106

220

 382

$563,500

$569,435

Surrey -Cloverdale

37

73

133

$551,100

$561,705

Surrey – North

29

39

 89

$546,500

$519,920

 

Condos Statistics

 

Sales

New Listings

Active Listings

Benchmark Price

Average Price

Abbotsford

77

151

304

$317,500

$317,224

White Rock/South Surrey

60

153

352

$499,100

$568,763

Langley

81

147

322

$418,100

$378,657

Delta – North

12

18

39

$381,900

$392,658

Surrey – Central

41

72

125

$420,000

$377,046

Surrey -Cloverdale

27

43

62

$454,500

$363,870

Surrey – North

94

173

 443

$404,800

$380,650

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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