Fraser Valley Real Estate Statistics - December 2018

Posted by Natasha Taylor on Monday, January 7th, 2019 at 1:38pm

Fraser Valley housing market slows down in 2018

After three consecutive years of total annual sales surpassing 20,000 units, 2018 saw the Fraser Valley real estate market return to more typical levels for both sales and inventory.

The Board’s Multiple Listing Service® (MLS®) processed 15,586 sales in 2018, a 30.2 per cent decrease compared to 2017’s 22,338 sales and the lowest total sales for the Fraser Valley since 2013. The total dollar volume of MLS® transactions for the year was $11.8 billion, dropping from $15.7 billion sold during the year prior.

Of the total transactions that took place in 2018, 3,866 were townhouses and 4,296 were apartments. Each of those property types saw a significant decrease in sales compared to 2017, with total townhouse sales dropping 25.6 per cent year-over-year and apartments dropping 30.5 per cent.

“In terms of demand, this is around what we’re used to seeing for our region,” said John Barbisan, President of the Board. “There is still a great deal of interest for Fraser Valley real estate, but with prices moving slowly and more inventory becoming available, many consumers are taking a deliberate approach now that they can afford to.”

For inventory, a total of 32,058 new listings were received by the Board’s MLS® system in 2018. This was the fourth highest total for new inventory in the Board’s history.

In December the Board processed a total of 800 sales, the lowest for the month since 2012. Inventory in December finished at 5,454 active units, with a total of 978 new listings entering the market throughout the month.

Barbisan adds, “With buyers shifting into the driver's seat and able to navigate the market more comfortably, it has become key for sellers to price effectively and leverage their home’s appeal to stand out and find success.”

“If you’re looking to enter the market in 2019, buying or selling, contact a local REALTOR® who can help you accomplish your goals in the new year.”

HPI® Benchmark Price Activity:
- Single Family Detached: At $965,300, the Benchmark price for a single family detached home in the Fraser Valley decreased 1.1 per cent compared to November 2018 and decreased1.5 per cent compared to December 2017.
- Townhomes: At $531,900, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 0.2 per cent compared to November 2018 and increased 3.7 per cent compared to December 2017.
- Apartments: At $418,300, the Benchmark price for apartments/condos in the Fraser Valley decreased 1 per cent compared to November 2018 and increased 7.6 per cent compared to December 2017.

Below are the detailed statistics:

 Detached House Statistics

 

Sales

New Listings

Active Listings

Benchmark Price

Average Price

Abbotsford

51

39

272

$792,600

$824,350

White Rock/South Surrey

33

63

411

$1,360,200

$1,448,153

Langley

55

41

268

$1,003,000

$1,076,420

Delta – North

16

24

142

$887,800

$892,000

Surrey - Central

58

68

363

$1,007,800

$1,051,979

Surrey -Cloverdale

24

25

114

$982,200

$932,870

Surrey – North

19

30

224

$973,500

$969,002

Townhouse Statistics

 

Sales

New Listings

Active Listings

Benchmark Price

Average Price

Abbotsford

35

29

113

$383,400

$461,572

White Rock/South Surrey

31

38

172

$674,100

$674,112

Langley

40

50

162

$494,700

$525,657

Delta – North

8

4

18

$603,600

$608,437

Surrey - Central

58

58

265

$581,000

$588,980

Surrey -Cloverdale

34

26

94

$550,400

$564,013

Surrey – North

4

14

58

$577,600

$500,475

Condos Statistics

 

Sales

New Listings

Active Listings

Benchmark Price

Average Price

Abbotsford

50

51

217

$314,000

$302,523

White Rock/South Surrey

27

43

206

$500,100

$466,703

Langley

54

45

192

$413,000

$399,587

Delta – North

7

9

32

$400,000

$420,642

Surrey - Central

12

19

90

$428,100

$346,666

Surrey -Cloverdale

14

19

65

$468,100

$394,894

Surrey – North

45

73

309

$409,600

$389,084

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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