Fraser Valley housing market activity in January continued on the momentum seen throughout 2017 with year-over-year increases seen for both sales and pricing.
The Fraser Valley Real Estate Board processed 1,210 sales of all property types on its Multiple Listing Service® (MLS®) in January, an increase of 24 per cent compared to the 976 sales in January of last year, and a 10 per cent decrease compared to the 1,344 sales in December 2017. This was the third highest sales total for a January in the Board’s history, behind only 2016 (1,338) and 1992 (1,270).
Of the 1,210 sales processed last month 281 were townhouses and 338 were apartments, together representing 51 per cent of all transactions in January.
Active inventory for the Fraser Valley finished at 3,962 listings last month, increasing 3.8 per cent month-over-month, and decreasing 10 per cent when compared to January 2017. January’s sales-to-active listing ratio was 31 per cent.
The Board received 2,092 new listings in January, a 63.8 per cent increase from December 2017’s 1,277 new listings, and a 3.9 per cent decrease compared to January 2017.
“Generally, pricing continues to be heavily impacted by ongoing demand and a lack of incoming inventory,” continued Sahota. “While conditions may differ depending on property type and area, it remains a complex real estate environment overall where a thorough understanding of the market and knowing what you’re looking for can make all the difference.”
For the Fraser Valley region the average number of days to sell an apartment in January was 19, and 24 for townhomes. Single family detached homes remained on the market for an average of 46 days before selling.
– HPI® Benchmark Price Activity • Single Family Detached: At $982,700, the Benchmark price for a single family detached home in the Valley increased 0.6 per cent compared to December 2017, and increased 15.1 per cent compared to January 2017.
– Townhomes: At $519,400 the Benchmark price for a townhome in the Fraser Valley increased 1.2 per cent compared to December 2017, and increased 23.4 per cent compared to January 2017.
– Apartments: At $404,100, the Benchmark price for apartments/condos in the Fraser Vall.
Below are the detailed statistics:
Detached House Statistics
| Sales | New Listings | Active Listings | Benchmark Price | Average Price | |
| Abbotsford | 446 | 825 | 1,739 | $982,700 | $ 1,028,781 |
| White Rock/South Surrey | 61 | 194 | 455 | $1,470,800 | $1,418,861 |
| Langley | 79 | 104 | 182 | $1,024,600 | $1,130,779 |
| Delta – North | 20 | 51 | 101 | $941,000 | $1,011,814 |
| Surrey – Central | 106 | 174 | 376 | $1,013,500 | $1,046,690 |
| Surrey -Cloverdale | 26 | 49 | 87 | $1,014,400 | $1,075,164 |
| Surrey – North | 44 | 85 | 185 | $966,200 | $987,824 |
Townhouse Statistics
| Sales | New Listings | Active Listings | Benchmark Price | Average Price | |
| Abbotsford | 281 | 408 | 433 | $519,400 | $563,434 |
| White Rock/South Surrey | 42 | 76 | 107 | $644,200 | $708,800 |
| Langley | 50 | 75 | 69 | $499,200 | $570,086 |
| Delta – North | 4 | 9 | 10 | $561,400 | $805,750 |
| Surrey – Central | 78 | 99 | 102 | $557,100 | $563,887 |
| Surrey -Cloverdale | 44 | 60 | 48 | $578,700 | $569,624 |
| Surrey – North | 22 | 24 | 26 | $543,400 | $498,162 |
Condos Statistics
| Sales | New Listings | Active Listings | Benchmark Price | Average Price | |
| Abbotsford | 48 | 74 | 60 | $300,100 | $291,318 |
| White Rock/South Surrey | 53 | 83 | 92 | $507,400 | $495,812 |
| Langley | 57 | 73 | 63 | $406,800 | $378,035 |
| Delta – North | 10 | 11 | 14 | $375,000 | $481,110 |
| Surrey – Central | 32 | 38 | 27 | $402,000 | $388,417 |
| Surrey -Cloverdale | 13 | 21 | 18 | $469,300 | $464,000 |
| Surrey – North | 124 | 151 | 143 | $391,600 | $372,255 |
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.
