Fraser Valley Real Estate Statistics - January 2019

Posted by Natasha Taylor on Wednesday, February 13th, 2019 at 10:14am

Inventory rises and apartment sales take lead during modest January market

Overall inventory levels continued to recover as market activity remained moderate through January.

The Fraser Valley Real Estate Board processed 784 sales of all property types on its Multiple Listing Service® (MLS®) in January, a 2 per cent decrease compared to sales in December 2018, and a 35.2 per cent decrease compared to the 1,210 sales in January of last year.

Of the 784 total sales, 250 were residential detached homes, 190 were townhouses, and 257 were apartments. This is the first time in the Board’s history that apartments have outsold residential detached homes during a month.

“This remains a challenging environment for buyers and sellers alike,” said John Barbisan, President of the Board. “Factors such as reduced buying power, changing expectations for pricing, and a recovering inventory are all having an impact.”

There were 5,995 active listings available in the Fraser Valley at the end of January, an increase of 9.9 per cent compared to December 2018’s inventory and an increase of 51.3 per cent year-over-year.

Additionally, 2,609 new listings were received by the Board for the month, a significant increase compared to December 2018’s intake of 978 new listings and a 24.7 per cent increase compared year-over-year.

“Historically, January months start slowly, and 2019 is following that trend,” explained Barbisan. “Pricing for each of our major residential property types remains either stable or decreased in most areas. This isn’t necessarily indicative of what’s to come in 2019, but it reinforces the need to be aware of what’s happening in your local market in order to be effective.” For the Fraser Valley region, the average number of days to sell an apartment in January was 45, and 44 for townhomes. Single family detached homes remained on the market for an average of 55 days before selling.

HPI® Benchmark Price Activity:
- Single Family Detached: At $954,100, the Benchmark price for a single family detached home in the Fraser Valley decreased 1.2 per cent compared to December 2018 and decreased 3.3 per cent compared to January 2018.
- Townhomes: At $522,100, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 1.8 per cent compared to December 2018 and increased 0.5 per cent compared to January 2018.
_ Apartments: At $409,000, the Benchmark price for apartments/condos in the Fraser Valley decreased 2.2 per cent compared to December 2018 and increased 1.2 per cent compared to January 2018.

Below are the detailed statistics:

 Detached House Statistics

 

Sales

New Listings

Active Listings

Benchmark Price

Average Price

Abbotsford

36

123

270

$777,900

$731,044

White Rock/South Surrey

23

212

501

$1,351,300

$1,294,742

Langley

52

148

298

$980,300

$1,021,932

Delta – North

22

63

139

$879,600

$952,141

Surrey - Central

53

198

412

$998,100

$1,001,278

Surrey -Cloverdale

26

58

121

$978,700

$1,002,492

Surrey – North

17

125

293

$956,400

$891,375

Townhouse Statistics

 

Sales

New Listings

Active Listings

Benchmark Price

Average Price

Abbotsford

20

73

141

$377,100

$400,735

White Rock/South Surrey

27

94

202

$669,000

$654,561

Langley

58

100

163

$485,000

$550,344

Delta – North

4

11

22

$587,800

$672,500

Surrey - Central

46

127

277

$569,900

$546,081

Surrey -Cloverdale

26

63

101

$532,400

$536,552

Surrey – North

8

34

69

$569,200

$509,875

Condos Statistics

 

Sales

New Listings

Active Listings

Benchmark Price

Average Price

Abbotsford

52

132

251

$307,100

$322,567

White Rock/South Surrey

34

129

255

$481,000

$413,217

Langley

55

149

234

$408,800

$408,600

Delta – North

5

8

33

$391,000

$327,600

Surrey - Central

22

51

98

$417,900

$367,354

Surrey -Cloverdale

21

29

57

$454,400

$375,867

Surrey – North

67

173

334

$400,800

$370,090

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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