Property sales in Fraser Valley have recovered bringing market into balance

For the third straight month, home sales in the Fraser Valley surpassed 2018 levels bringing the market back in line with long‐term averages.

The Fraser Valley Real Estate Board processed 1,343 sales of all property types on its Multiple Listing Service® (MLS®) in September, a 3.5 per cent increase compared to sales in August 2019, and a 29.8 per cent increase compared to the 1,035 sales in September of last year.

Darin Germyn, President of the Board, says, “The market’s return to balance is good news for both buyers and sellers, however it’s important to put the 30 per cent year‐over‐year increase in sales into context. September’s sales went from amongst the worst in 10 years to just above our 10‐year average.

“Home prices are still dropping compared to a year ago, but on a month‐to‐month basis, prices are moderating because supply is shrinking. Our incoming supply of new listings has dropped consistently for the last four months pushing our total inventory in the Fraser Valley to the lowest it’s been since April, which has had an impact on prices.”

There were 7,946 active listings available in the Fraser Valley at the end of September, an increase of 3.9 per cent compared to September of last year and a decrease of 1.2 per cent compared to August 2019. The Board received 2,769 new listings in September, a 17.5 per cent increase compared to August 2019’s intake of 2,357 new listings and a 6 per cent decrease compared to September of last year.

Germyn adds, “Financing is still a challenge for many clients, but fortunately in a balanced market like this, REALTORS® have the time to work with clients and advise them of the best strategies for them, whether they are buying or selling.”

MLS® HPI Benchmark Price Activity:
– Single Family Detached: At $950,000, the Benchmark price for a single‐family detached home in the Fraser Valley decreased 0.4 per cent compared to August 2019 and decreased 3.9 per cent compared to September 2018.
– Townhomes: At $520,000 the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 0.3 per cent compared to August 2019 and decreased 4.8 per cent compared to September 2018.
– Apartments: At $405,500, the Benchmark price for apartments/condos in the Fraser Valley decreased 0.9 per cent compared to August 2019 and decreased 7.6 per cent compared to September 2018. For the Fraser Valley region, the average number of days to sell an apartment in September was 41, 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 65 166  463 $791,700 $797,607
White Rock/South Surrey 63 205 612 $1,306,800 $1,446,089
Langley 88 160 392 $982,300 $1,093,132
Delta – North 33 61 183 $875,500 $942,951
Surrey – Central 127 229 598 $1,003,000 $1,083,150
Surrey -Cloverdale 44 53  155 $985,800 $1,014,605
Surrey – North 60 133  359 $941,500 $1,015,808

Townhouse Statistics

  Sales New Listings Active Listings Benchmark Price Average Price
Abbotsford 40 74  200 $382,100 $450,200
White Rock/South Surrey 50 121 273 $638,400 $680,467
Langley 87 121  243 $486,300 $559,139
Delta – North 8 10  28 $556,200 $648,350
Surrey – Central 75 140 352 $566,000 $560,109
Surrey -Cloverdale 37 75 127 $564,700 $557,208
Surrey – North 16 43 108 $553,500 $492,862

Condos Statistics

  Sales New Listings Active Listings Benchmark Price Average Price
Abbotsford 69 130 257 $312,200 $307,462
White Rock/South Surrey 69 139 309 $491,300 $527,973
Langley 74 133 287 $400,200 $387,397
Delta – North 3 17  35 $365,700 $351,666
Surrey – Central 35 49 116 $402,000 $361,968
Surrey -Cloverdale 19 32  58 $450,200 $432,373
Surrey – North 90 164 394 $394,500 $368,842

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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