Fraser Valley Real Estate Statistics - November 2018

Posted by Natasha Taylor on Monday, December 10th, 2018 at 2:51pm.

Fraser Valley market stays quiet through November

Despite November’s market continuing at a slower pace and dropping compared to all-time highs in 2017, sales and inventory levels for the month were on par with historical averages for this time of year.

The Fraser Valley Real Estate Board processed 1,028 sales of all property types on its Multiple Listing Service® (MLS®) in November, a decrease of 41 per cent compared to the 1,743 sales in November of last year, and a 11 per cent decrease compared to sales in October 2018.

Of the 1,028 total sales, 383 were residential detached homes, 241 were townhouses, and 286 were apartments.

“Lessening demand continues to impact our market significantly,” said John Barbisan, President of the Board. “In turn, that has given purchasing power back to buyers who now have more time and more options when it comes to making a decision.”

Active inventory for the Fraser Valley in November finished at 7,355 listings, decreasing 5 per cent month-over-month and increasing 43.4 per cent year-over-year.

A total of 2,077 new listings were received by the Board in November, a 25.2 per cent decrease from that received in October 2018, and a 10.6 per cent decrease compared to November 2017.

“The market is shifting, albeit slowly. But while buyers are enjoying a more comfortable real estate environment, sellers will have to pay attention to how these changes will affect their chances at success.”

“Work with a local REALTOR® who can help you put your home in the best position to move. There are always ways to elevate your home’s appeal and potential to sell, even when the market is slower.”

HPI® Benchmark Price Activity:
- Single Family Detached: At $976,200, the Benchmark price for a single family detached home in the Fraser Valley decreased 1.1 per cent compared to October 2018 and did not change compared to November 2017.
- Townhomes: At $532,800, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 1 per cent compared to October 2018 and increased 5.4 per cent compared to November 2017.
- Apartments: At $422,500, the Benchmark price for apartments/condos in the Fraser Valley decreased 2.4 per cent compared to October 2018 and increased 12.2 per cent compared to November 2017.

Below are the detailed statistics:

 Detached House Statistics

 

Sales

New Listings

Active Listings

Benchmark Price

Average Price

Abbotsford

55

116

392

$803,000

$781,294

White Rock/South Surrey

60

127

565

$1,391,100

$1,494,882

Langley

63

109

397

$1,008,600

$960,533

Delta – North

41

65

175

$913,200

$978,598

Surrey - Central

65

149

547

$1,019,500

$1,053,708

Surrey -Cloverdale

34

50

166

$981,400

$919,467

Surrey – North

33

73

327

$979,800

$970,015

Townhouse Statistics

 

Sales

New Listings

Active Listings

Benchmark Price

Average Price

Abbotsford

27

62

158

$391,700

$464,622

White Rock/South Surrey

36

72

220

$659,800

$688,389

Langley

71

96

214

$496,800

$578,364

Delta – North

3

12

27

$599,500

$639,999

Surrey - Central

49

126

352

$578,300

$566,377

Surrey -Cloverdale

41

48

129

$555,600

$558,935

Surrey – North

10

21

75

$588,500

$496,810

Condos Statistics

 

Sales

New Listings

Active Listings

Benchmark Price

Average Price

Abbotsford

50

85

286

$320,200

$306,606

White Rock/South Surrey

40

73

254

$501,100

$431,987

Langley

70

123

271

$415,500

$404,638

Delta – North

8

20

38

$403,300

$462,200

Surrey - Central

19

34

124

$432,000

$385,426

Surrey -Cloverdale

16

33

79

$471,500

$391,831

Surrey – North

82

152

378

$413,700

$379,108

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


Natasha TaylorNatasha Taylor is an award winning Realtor based out of Sutton WestCoast Realty in White Rock, BC. She specializes in Surrey, South Surrey, White Rock, and Langley BC real estate. Please contact Natasha by phone at 778-316-4290 or by email ntaylor@sutton.com.

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