Here is a quick recap of the top four takeaways from the Fraser Valley Real Estate Board’s latest statistics for September 2017.

1. Fifth highest sales for September in the Board’s history.

September is typically the transition month from summer demand to the market cool down that occurs in fall. This year demand continued into September and it is not unusual to see this continue into fall.

This September, attached homes (townhouses and apartments) account for more than half of sales processed.

Property Type # Sales Processed % of Sales Processed
Detached Homes 757 47%
Townhouses 392 24%
Apartments 470 29%
TOTAL 1,619 100%

2. Increase in new listings for September compared to last year.

Even though the Fraser Valley Real Estate Board received 8.2% fewer listings from August 2017 we saw 5.1% increase in new listings this month compared to September 2016.

3. Return to balanced market for Fraser Valley

Board President Gopal Sahota reports:

“It’s also interesting to observe the return to a balanced market for detached homes here in the Valley. While pricing remains stable, competition for houses has simmered and listings are staying on market longer. If you were waiting to make a move or upgrade, now might be a good time to talk to your REALTOR® and see what’s out there.”

Property Type Average Days on Market
Detached Homes 29
Townhouses 18
Apartments 19

4. Average benchmark price for home in Fraser Valley on the rise across all property types.

Overall, we see the benchmark price for detached, townhouse and condos in the Fraser Valley increase from September 2016. Biggest jumps in benchmark prices are for condos.

Property Type September 2016 Benchmark Price September 2017 Benchmark Price % Change
Detached Home $876,400 $974,500 11.2%
Townhouse $423,900 $498,900 17.7%
Condo $264,900 $358,200 35.2%

Be sure to check out previous month’s Real Estate Recaps:

For more information on the current state of the real estate market within the specific community and property type you are interested in please contact Natasha Taylor directly by calling or texting 778-316-4290 or by emailing ntaylor@sutton.com.

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