“Fraser Valley apartment sales reach all-time high in June.”

This June apartment/condos represented over one quarter (27%) of all real estate transactions in the Fraser Valley.

Board President Gopal Sahota says there is a growing appetite for attached properties and this June showed exceptional growth (12.2% increase compared to May 2017 and 13.1% increase compared to June 2016).

“I think one reason demand has continued to be so strong for our region is that we have such diverse, robust inventory to help buyers find the right home even in a more complex market like this one.”
– Gopal Sahota, President of Fraser Valley Real Estate Board

In June, it took on average 15 days to sell an apartment compared to 32 days it took at the same time last year.

June 2017 Statistics at a Glance:

  •          3,707 new listings received by the Fraser Valley Real Estate Board.
  •          5,487 listings in the Fraser Valley Real Estate Board’s active inventory.
  •          2,571 sales processed by the Fraser Valley Real Estate Board
  •          10.2% decrease in sales processed compared to June 2016.
  •          5% decrease in sales processed compared to May 2017.
  •          21 days on average to sell a single family detached home.

HPI Benchmark Price Activity:

Property Type (Fraser Valley) Benchmark Price (June 2017) Change from Last Month (May 2017) Change from Last Year (June 2016)
Single Family Detached $934,600 +2.1% +8.5%
Townhomes $467,000 +1.8% 20.6%
Condos/Apartments $325,300 +10.3% 40.3%

 

City Detached House Townhouse Condo/Apartment
Abbotsford $750,600 $321,300 $244,300
White Rock/South Surrey $1,493,300 $619,000 $420,200
Langley $950,800 $449,600 $328,700
North Delta $877,600 $553,800 $309,900
Surrey – Central $960,900 $492,800 $327,100
Surrey – Cloverdale $937,800 $510,500 $376,600
Surrey – North $882,600 $468,400 $311,900

Note: The benchmark price is the estimated sale price of a benchmark property which represents a typical property within the market.

Key Takeaway:

“If it’s priced right, someone will be knocking on your door.”

The general trend is that buyers are looking for more affordable entry points to the Fraser Valley real estate market. If you are selling your home in this market, pricing your home properly is extremely important. If you a buyer in this market it is important to know what you want and what you are willing to pay, so that when the perfect property comes available you are ready to move on it.

For more information about the current real estate market or to learn more about any of the specific cities or property types mentioned in this article please contact The Taylor Team at 778-316-4290 or Contact Us online.

See the full June 2017 Statistics Package here.

Are you a homeowner? Now that summer is in full swing you may be interested in our Ultimate Home Maintenance Checklist for Summer.

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