Fraser Valley Real Estate Statistics - August 2019

Posted by Natasha Taylor on Monday, September 9th, 2019 at 10:54am

Fraser Valley housing market continues to stabilize as sales pick up compared to last year

For the second month in a row, home sales in the Fraser Valley surpassed 2018 levels bringing the market closer to historical norms.  

The Fraser Valley Real Estate Board processed 1,297 sales of all property types on its Multiple Listing Service® (MLS®) in August, an 11 per cent decrease compared to sales in July 2019, and a 12.3 per cent increase compared to the 1,155 sales in August of last year.   

Darin Germyn, President of the Board, observed, “Compared to last year, this August has been quite robust. All property types are selling and we’re seeing a resurgence in the single‐family detached market. Across North Delta, Surrey and Langley, sales are up over 25 per cent.  

“It’s great to see. We’re returning to a normal, steady market. Our sales, new listings and number of active listings in August were all slightly below the 10‐year average.”

There were 8,040 active listings available in the Fraser Valley at the end of August, an increase of 9.6 per cent compared to August of last year and a decrease of 3.6 per cent compared to July 2019. The Board received 2,357 new listings in August, a 15.7 per cent decrease compared to July 2019’s intake of 2,797 new listings and an 8.5 per cent decrease compared to August of last year.

Germyn adds, “Inventory has stopped growing as demand has picked up, which is why we’re also seeing prices moderate. Last month, prices of typical homes in the Fraser Valley were on par with prices from six months ago.”

HPI® Benchmark Price Activity:
- Single Family Detached: At $954,100, the Benchmark price for a single‐family detached home in the Fraser Valley decreased 0.3 per cent compared to July 2019 and decreased 5.4 per cent compared to August 2018.
- Townhomes: At $521,400, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley increased 0.1 per cent compared to July 2019 and decreased 4.9 per cent compared to August 2018.
- Apartments: At $409,200, the Benchmark price for apartments/condos in the Fraser Valley decreased 0.1 per cent compared to July 2019 and decreased 7.7 per cent compared to August 2018.

For the Fraser Valley region, the average number of days to sell an apartment in August was 45, and 36 for townhomes. Single family detached homes remained on the market for an average of 44 days before selling.


Below are the detailed statistics:

Detached House Statistics

 

Sales

New Listings

Active Listings

Benchmark Price

Average Price

Abbotsford

76

143

464

$803,900

$799,008

White Rock/South Surrey

59

152

614

$1,326,700

$1,535,968

Langley

88

134

384

$981,500

$972,909

Delta – North

48

68

210

$875,900

$991,470

Surrey - Central

107

229

623

$998,500

$1,052,127

Surrey -Cloverdale

42

58

179

$983,400

$985,513

Surrey – North

46

82

 357

$933,800

$956,824

 

Townhouse Statistics

 

Sales

New Listings

Active Listings

Benchmark Price

Average Price

Abbotsford

37

65

 203

$383,600

$421,462

White Rock/South Surrey

45

104

266

$639,100

$671,310

Langley

79

110

261

$488,600

$563,270

Delta – North

7

19

 38

$580,500

$596,250

Surrey - Central

84

131

360

$567,600

$570,550

Surrey -Cloverdale

45

52

131

$555,300

$548,588

Surrey – North

14

30

97

$555,500

$541,574

 

Condos Statistics

 

Sales

New Listings

Active Listings

Benchmark Price

Average Price

Abbotsford

76

101

250

$311,300

$300,422

White Rock/South Surrey

63

104

  288

$498,900

$506,036

Langley

65

89

281

$410,400

$395,014

Delta – North

5

8

 28

$369,300

$363,100

Surrey - Central

22

47

124

$408,200

$381,122

Surrey -Cloverdale

16

23

 53

$451,500

$413,296

Surrey – North

81

122

 403

$396,100

$381,232

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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