Sellers market continues for single family detached and townhomes in Fraser Valley.
A couple weeks ago the Fraser Valley Real Estate Board (FVREB) released the monthly Fraser Valley real estate statistics package for September 2015. Results show that property sales in the Fraser Valley remained strong in September.
Here are 5 other key takeaways you need to know about the current Surrey and Fraser Valley real estate market.
Home sales are brisk.
This September saw an increase of 22% compared to sales in September 2014. A total of 1,727 sales were processed which is equivalent to September 2005 and second only to September 1992 which holds the record for sales for the month of September.
House and townhouse selection is tight.
FVREB President Jorda Maisey points out that in Langley there is less than 2 months’ supply of single family homes and townhomes. In September, there was a 4% decrease overall in the number of active listings compared to August and a 22% decrease compared to last September. There are fewer options on the market.
Be prepared with a solid buying strategy.
Because selection and availability is scarce buyers need to be aggressive. They need an Realtor who will keep them informed and prepared, and help executive a solid strategy that can compete against all the other active buyers.
There’s opportunity in the Fraser Valley condo market.
Currently the condo market in the Fraser Valley is balanced with a good choice of both brand new and resale condo units for sale. Sellers are benefiting from the steady sales over the last few months with modest increases in prices.
Overall, there’s confidence in our economy and Fraser Valley real estate.
Maisey closes her press release stating that current real estate conditions reflect consumers’ confidence in the economy and in the Fraser Valley:
“We have amongst the most affordable real estate in the Lower Mainland in some of the fastest-growing, dynamic communities in BC. It’s a smart place to invest.”
Average Home Prices at a Glance – Sept 2015
Average Home Prices in Central Surrey
- Condos $208,981 (213,409 Sept-2014)
- Townhouses $337,586 (320,183 Sept-2014)
- Detached Homes $706,583 (618,734 Sept-2014)
Average Home Prices in North Surrey
- Condos $209,262 (204,465 Sept-2014)
- Townhouses $281,775 (290,894 Sept-2014)
- Detached Homes $665,040 (669,355 Sept-2014)
Average Home Prices in South Surrey/ White Rock
- Condos $345,578 (361,401 Sept-2014)
- Townhouses $493,026 (522,783 Sept-2014)
- Detached Homes $1,293,500 (1,005,972 Sept-2014)
Average Home Prices in Langley
- Condos $200,867 (242,142 Sept-2014)
- Townhouses $330,718 (361,305 Sept-2014)
- Detached Homes $691,624 (599,988 Sept-2014)
The Taylor Team works closely with buyers looking to buy their very first home, needing to relocate to Surrey, wanting to purchase an investment property, or simply needing to upsize their home.
For more information on the specific real estate market of your choice or to talk about how we can help with a solid buying strategy, please call us at 1-778-316-4290 or fill out our quick contact form.
Read the entire FVREB News Release here.