As spring comes to a close in just a few short weeks many have watched in awe as the Fraser Valley real estate market has experienced month after month of recording breaking action.
This May is no exception and we are now starting to see the ripple effect of the detached housing market move into the townhome and apartments
Here’s a quick look at real estate statistics for Townhouses, Condos/ Apartments, and single family Detached Homes throughout the Fraser Valley for the month of May.
Fraser Valley Townhomes – Surrey, Langley, White Rock
A total of 615 townhomes made up 21% of sales in May 2016, which represents a 56.1% increase in townhome transactions compared to last year. The benchmark price of townhouses was $365,000 (up 20.4% from May 2015).
Here’s how the benchmark price of townhouses throughout the Fraser Valley compare for May 2016:
|White Rock/ South Surrey Townhouse||$494,700|
|North Delta Townhouse||$410,800|
|Surrey Central Townhouse||$374,200|
|Surrey – Cloverdale Townhouse||$419,800|
|North Surrey Townhouse||$283,400|
Fraser Valley Condos and Apartments
A total of 557 condo apartments made up 19% of sales in May 2016 which represents a 112.6% gain compared to last year. The benchmark price for a condo in the Fraser Valley in May 2016 was $225,200 which represents a 17% increase from May 2015.
Here’s how the benchmark price of condos for sale in the Fraser Valley compare for May 2016:
|White Rock/ South Surrey Condo||$297,600|
|North Delta Condo||$184,900|
|Surrey – Central Condo||$226,800|
|Surrey – Cloverdale Condo||$272,200|
|North Surrey Condo||$216,800|
Single Family Detached Houses
Charles Wiebe, President of the Fraser Valley Real Estate Board, responds to May 2016 real estate statistics saying, “Demand is tremendous, still, for detached homes in our region, but it’s encouraging to see that the upward pace of that demand is levelling off.”
In May 2016, the average number of days to sell a single family detached home was only 16 compared to 31 days in May 2015. The benchmark price for a single detached house in the Fraser Valley in May was $834,200, compared to $603,100 in May 2015 (a 38.3% increase).
Considering buying a house in the Fraser Valley? Here’s how benchmark house prices compare between cities in May 2016.
|White Rock/ South Surrey||$1,390,500|
|Delta – North||$881,300|
|Surrey – Central||$835,400|
|Surrey – Cloverdale||$842,400|
|Surrey – North||$853,600|
For more information on the current real estate market in Surrey, White Rock, Langley, or other Fraser Valley areas call The Taylor Team at 778-316-4290 to speak with one of our Sutton real estate agents. You can also contact us to find out what your house, condo, or townhome is worth in this market.