Fraser Valley Real Estate Statistics - October 2018

Posted by Natasha Taylor on Monday, November 5th, 2018 at 11:28am.

October brings slight bump to sales for Fraser Valley

 The Fraser Valley housing market saw slight increases in both total transactions and overall inventory this month after sales hit their lowest point for the year in September.

The Fraser Valley Real Estate Board processed 1,155 sales of all property types on its Multiple Listing Service® (MLS®) in October, a decrease of 35.8 per cent compared to the 1,779 sales in October of last year, and a 11.6 per cent increase compared to sales in September 2018. Of the 1,155 sales, 438 were residential detached homes, 306 were townhouses, and 292 were apartments.

“While slight, this is the first time since May that sales here have been on the upswing.” said John Barbisan, President of the Board. “We’re beneath typical activity levels for this time of year but it’s good to see that buyers and sellers are still finding success this season.”

Active inventory for the Fraser Valley in October finished at 7,746 listings, increasing 1.3 per cent month-over-month and 41.3 per cent year-over-year.

A total of 2,776 new listings were received by the Board in October, a 5.8 per cent decrease from that received in September 2018, and a 12 per cent increase compared to October 2017.

“We’re in a much better spot in terms of overall inventory compared to this time last year, and now closer to a more balanced market. Attached inventory in particular has seen notable gains, doubling year-over-year for townhouses and nearly tripling for apartments.”

For the Fraser Valley region, the average number of days to sell both an apartment and townhouse in October was 31. Single family detached homes remained on the market for an average of 39 days before selling.

HPI® Benchmark Price Activity:
- Single Family Detached: At $986,700, the Benchmark price for a single family detached home in the Fraser Valley decreased 0.2 per cent compared to September 2018 and increased 1.1 per cent compared to October 2017.
- Townhomes: At $538,400, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 1.4 per cent compared to September 2018 and increased 7.1 per cent compared to October 2017.
- Apartments: At $432,800, the Benchmark price for apartments/condos in the Fraser Valley decreased 1.3 per cent compared to September 2018 and increased 17.2 per cent compared to October 2017.

Below are the detailed statistics:

 Detached House Statistics

 

Sales

New Listings

Active Listings

Benchmark Price

Average Price

Abbotsford

76

172

420

$812,100

$795,457

White Rock/South Surrey

58

178

626

$1,396,900

$1,347,356

Langley

68

178

448

$1,015,800

$1,054,683

Delta – North

30

74

196

$921,400

$982,360

Surrey - Central

72

203

595

$1,034,500

$1,017,872

Surrey -Cloverdale

36

77

191

$1,004,100

$1,015,762

Surrey – North

62

116

349

$967,200

$1,093,720

Townhouse Statistics

 

Sales

New Listings

Active Listings

Benchmark Price

Average Price

Abbotsford

43

58

158

$403,300

$450,858

White Rock/South Surrey

35

112

242

$662,700

$736,825

Langley

69

130

257

$510,600

$562,690

Delta – North

5

15

22

$569,600

$581,400

Surrey - Central

87

168

358

$575,100

$562,143

Surrey -Cloverdale

45

92

144

$570,600

$569,870

Surrey – North

20

24

84

$591,900

$498,980

Condos Statistics

 

Sales

New Listings

Active Listings

Benchmark Price

Average Price

Abbotsford

51

123

314

$329,200

$301,553

White Rock/South Surrey

47

130

268

$503,900

$504,140

Langley

68

135

276

$423,000

$407,254

Delta – North

6

10

33

$418,400

$469,333

Surrey - Central

21

53

131

$444,600

$392,800

Surrey -Cloverdale

19

42

81

$486,500

$396,547

Surrey – North

76

185

389

$426,200

$380,401

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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