Fraser Valley Real Estate Statistics - November 2019

Posted by Natasha Taylor on Monday, December 9th, 2019 at 9:28am

Unusual end-of-year demand for Fraser Valley real estate

A combination of unseasonably high demand and declining supply reinforced Fraser Valley’s real estate market in November.

The Fraser Valley Real Estate Board processed 1,405 sales of all property types on its Multiple Listing Service® (MLS®) in November, an 11.7 per cent decrease compared to sales in October 2019, and a 36.7 per cent increase compared to the 1,028 sales in November of last year.

Darin Germyn, President of the Board, says, “Some listings are seeing a lot of activity depending on location and property type. REALTORS® are reporting more showings, higher traffic at open houses and even some multiple offer situations, which is atypical for the time of year.

“For our region, a balanced market is when 12 to 20 per cent of active inventory is selling. In November, 33 per cent of our supply of townhomes sold, as did 29 per cent of Fraser Valley condos; indicating that the supply of attached properties isn’t keeping up with demand.”

There were 6,733 active listings available in the Fraser Valley at the end of November, a decrease of 8.5 per cent compared to November of last year and a decrease of 9 per cent compared to October 2019. The Board received 1,877 new listings in November, a 21.2 per cent decrease compared to October 2019’s intake of 2,383 new listings and a 9.6 per cent decrease compared to November of last year.

Germyn adds, “Buyers are seeing the effect that tighter supply has on prices. In early summer, the combined residential benchmark price was down 6 per cent compared to the same period last year; in November it was down by 3 per cent.”

MLS® HPI Benchmark Price Activity
- Single Family Detached: At $952,200, the Benchmark price for a single-family detached home in the Fraser Valley remained unchanged compared to October 2019 and decreased 2.5 per cent compared to November 2018.
- Townhomes: At $514,700 the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 0.3 per cent compared to October 2019 and decreased 3.4 per cent compared to November 2018.
- Apartments: At $404,500, the Benchmark price for apartments/condos in the Fraser Valley decreased 0.1 per cent compared to October 2019 and decreased 4.3 per cent compared to November 2018.

For the Fraser Valley region, the average number of days to sell an apartment in November was 40, and 38 for townhomes. Single family detached homes remained on the market for an average of 48 days before selling.


Below are the detailed statistics:

Detached House Statistics

 

Sales

New Listings

Active Listings

Benchmark Price

Average Price

Abbotsford

74

87

379

$785,100

$780,044

White Rock/South Surrey

73

111

502

$1,311,500

$1,452,140

Langley

82

90

298

$990,300

$1,058,575

Delta – North

33

43

141

$890,600

$1,015,357

Surrey - Central

114

166

519

$1,002,200

$1,089,504

Surrey -Cloverdale

35

37

 115

$998,900

$1,030,029

Surrey – North

50

70

289

$935,500

$1,072,417

 

Townhouse Statistics

 

Sales

New Listings

Active Listings

Benchmark Price

Average Price

Abbotsford

48

56

148

$377,700

$454,733

White Rock/South Surrey

63

76

220

$632,000

$664,923

Langley

94

68

180

$490,400

$585,952

Delta – North

4

12

 30

$530,700

$720,750

Surrey - Central

83

104

275

$554,400

$566,077

Surrey -Cloverdale

29

38

96

$552,900

$546,079

Surrey – North

19

20

88

$554,300

$508,636

 

Condos Statistics

 

Sales

New Listings

Active Listings

Benchmark Price

Average Price

Abbotsford

73

81

223

$309,200

$318,812

White Rock/South Surrey

57

82

264

$471,100

$525,929

Langley

65

95

269

$399,200

$394,389

Delta – North

13

12

 30

$369,100

$400,669

Surrey - Central

40

30

84

$409,600

$346,012

Surrey -Cloverdale

27

27

49

$451,200

$384,588

Surrey – North

95

110

333

$398,200

$369,919

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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