Ongoing demand for properties in the Fraser Valley saw overall sales reach the second highest point for an October in the Board’s history.

The Fraser Valley Real Estate Board processed 1,799 sales of all property types on its Multiple Listing Service® (MLS®) in October, an increase of 23 per cent compared to the 1,463 sales in October of last year, and an 11.1 per cent increase compared to the 1,619 sales in September 2017.

Attached sales represented 56% of all market activity for the month, with apartment sales totaling 591 and townhomes at 418.

“The divide between our attached and detached markets continues to widen,” Gopal Sahota, Fraser Valley Real Estate Board president said. “Apartment activity was notably strong in October with a sales-to-actives ratio of 105 per cent, meaning that apartments are selling as fast as we can list them.”

Last month the total active inventory for the Fraser Valley was 5,483 listings. Active inventory decreased by 6.3 per cent month-over-month, and decreased 9.1 per cent when compared to October 2016.

The Board received 2,479 new listings in October, a 13 per cent decrease from September 2017, and a 12.8 per cent increase compared to October 2016’s 2,197 new listings.

“Your real estate experience in the Valley is going to be very different depending on what you’re looking for or selling,” continued Sahota. “Regardless, with the help of a professional REALTOR® you can understand exactly what’s happening in your market and find success.”

For the Fraser Valley region the average number of days to sell an apartment in October was 18 days, and 19 days for townhomes. Single family detached homes remained on market for an average of 31 days before selling.

HPI® Benchmark Price Activity:
– Single Family Detached: At $971,900, the Benchmark price for a single family detached home in the Valley decreased 0.3 per cent compared to September 2017, and increased 11.8 per cent compared to October 2016.
– Townhomes: At $502,800 the Benchmark price for a townhome in the Fraser Valley increased 0.8 per cent compared to September 2017, and increased 18.4 per cent compared to October 2016.
– Apartments: At $369,400, the Benchmark price for apartments/condos in the Fraser Valley increased 3.1 per cent compared to September 2017, and increased 36.4 per cent compared to October 2016.

Below are the detailed statistics:

 

Detached House Statistics

  Sales New Listings Active Listings Benchmark Price Average Price
Abbotsford 114 187 352 $779,100 $811,747
White Rock/South Surrey 63 190 609 $1,489,600 $1,598,929
Langley 110 157 275 $1,003,000 $1,059,888
Delta – North 37 76 157 $921,400 $1,071,081
Surrey – Central 117 217 546 $1,006,000 $1,059,133
Surrey -Cloverdale 51 83 135 $1,000,900 $1,252,318
Surrey – North 64 103 288 $946,700 $957,562

Townhouse Statistics

  Sales New Listings Active Listings Benchmark Price Average Price
Abbotsford 62 70 79 $345,500 $455,525
White Rock/South Surrey 65 105 169 $648,000 $688,856
Langley 90 113 102 $473,100 $561,852
Delta – North 6 12 21 $579,300 $662,200
Surrey – Central 101 114 158 $540,300 $546,548
Surrey -Cloverdale 58 52 54 $562,700 $543,927
Surrey – North 30 30 41 $510,600 $443,484

Condos Statistics

  Sales New Listings Active Listings Benchmark Price Average Price
Abbotsford 113 104 97 $276,500 $257,397
White Rock/South Surrey 72 71 126 $470,100 $506,229
Langley 108 89 49 $379,100 $358,327
Delta – North 9 12 20 $345,100 $393,200
Surrey – Central 56 46 37 $364,200 $348,727
Surrey -Cloverdale 29 30 28 $423,700 $360,137
Surrey – North 197 170 197 $354,800 $340,011

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.