Real estate rebound continues for Fraser Valley

The demand for Fraser Valley real estate is the strongest it’s been since the spring of 2018.

The Fraser Valley Real Estate Board processed 1,592 sales of all property types on its Multiple Listing Service® (MLS®) in October, a  18.5 per cent increase compared to sales in September 2019, and a 37.8 per cent increase compared to the 1,155 sales in October of last year.

Darin Germyn, President of the Board, says, “Our market started to pick up in the summer and we’ve been steadily improving since. It’s rare to see October home sales in the Fraser Valley outpace April and that’s what we’ve seen this year; our typical spring and fall markets have flipped. “Consumers are feeling more confident. Buyers have grown accustomed to the government’s regulation changes. Interest rates have thankfully remained stable and we’re likely seeing some pent‐up demand from buyers who were holding off earlier this year. October’s beautiful, sunny weather didn’t hurt either.”

There were 7,398 active listings available in the Fraser Valley at the end of October, a decrease of 4.5 per cent compared to October of last year and a decrease of 6.9 per cent compared to September 2019. The Board received 2,383 new listings in October, a 13.9 per cent decrease compared to September 2019’s intake of 2,769 new listings and a 14.2 per cent decrease compared to October of last year.

Germyn adds, “We’re still seeing some hesitation from sellers to list as they continue to watch for further price erosion, however, it’s important to talk to your local market expert because prices in some areas have turned the corner and are starting to creep up again.”

MLS® HPI Benchmark Price Activity
– Single Family Detached: At $952,600, the Benchmark price for a single‐family detached home in the Fraser Valley increased 0.3 per cent compared to September 2019 and decreased 3.5 per cent compared to October 2018.
– Townhomes: At $516,000 the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 0.8 per cent compared to September 2019 and decreased 4.2 per cent compared to October 2018.
– Apartments: At $405,100, the Benchmark price for apartments/condos in the Fraser Valley decreased 0.1 per cent compared to September 2019 and decreased 6.4 per cent compared to October 2018.

For the Fraser Valley region, the average number of days to sell an apartment in October was 34, and 37 for townhomes. Single family detached homes remained on the market for an average of 46 days before selling.

Below are the detailed statistics:

Detached House Statistics

  Sales New Listings Active Listings Benchmark Price Average Price
Abbotsford 86 133 437 $786,700 $850,790
White Rock/South Surrey 73 140  560 $1,318,300 $1,326,591
Langley 119 131 336 $983,500 $1,006,743
Delta – North 52 54 153 $886,800 $963,598
Surrey – Central 128 221  569 $1,005,200 $1,043,375
Surrey -Cloverdale 40 53  131 $996,500 $1,000,031
Surrey – North 63 99 329 $937,600 $991,156

Townhouse Statistics

  Sales New Listings Active Listings Benchmark Price Average Price
Abbotsford 40 64   180 $381,200 $459,477
White Rock/South Surrey 69 100 252 $640,300 $650,470
Langley 88 116 234 $484,100 $572,340
Delta – North 9 15  31 $547,800 $733,666
Surrey – Central 112 142 312 $558,700 $584,341
Surrey -Cloverdale 43 50 106 $559,300 $569,869
Surrey – North 24 32 100 $544,000 $489,458

Condos Statistics

  Sales New Listings Active Listings Benchmark Price Average Price
Abbotsford 79 115 253 $308,600 $314,843
White Rock/South Surrey 62 86  291 $474,800 $448,737
Langley 86 135 269 $399,700 $415,155
Delta – North 6 13  36 $372,100 $418,300
Surrey – Central 39 48 107 $410,400 $366,935
Surrey -Cloverdale 24 32 61 $453,500 $380,250
Surrey – North 114 166 375 $397,900 $375,107

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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