Fraser Valley Real Estate Statistics - October 2019

Posted by Natasha Taylor on Wednesday, November 6th, 2019 at 10:02am

Real estate rebound continues for Fraser Valley

The demand for Fraser Valley real estate is the strongest it’s been since the spring of 2018.   

The Fraser Valley Real Estate Board processed 1,592 sales of all property types on its Multiple Listing Service® (MLS®) in October, a  18.5 per cent increase compared to sales in September 2019, and a 37.8 per cent increase compared to the 1,155 sales in October of last year.   

Darin Germyn, President of the Board, says, “Our market started to pick up in the summer and we’ve been steadily improving since. It’s rare to see October home sales in the Fraser Valley outpace April and that’s what we’ve seen this year; our typical spring and fall markets have flipped. “Consumers are feeling more confident. Buyers have grown accustomed to the government’s regulation changes. Interest rates have thankfully remained stable and we’re likely seeing some pent‐up demand from buyers who were holding off earlier this year. October’s beautiful, sunny weather didn’t hurt either.”   

There were 7,398 active listings available in the Fraser Valley at the end of October, a decrease of 4.5 per cent compared to October of last year and a decrease of 6.9 per cent compared to September 2019. The Board received 2,383 new listings in October, a 13.9 per cent decrease compared to September 2019’s intake of 2,769 new listings and a 14.2 per cent decrease compared to October of last year.

Germyn adds, “We’re still seeing some hesitation from sellers to list as they continue to watch for further price erosion, however, it’s important to talk to your local market expert because prices in some areas have turned the corner and are starting to creep up again.”   

MLS® HPI Benchmark Price Activity
- Single Family Detached: At $952,600, the Benchmark price for a single‐family detached home in the Fraser Valley increased 0.3 per cent compared to September 2019 and decreased 3.5 per cent compared to October 2018.
- Townhomes: At $516,000 the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 0.8 per cent compared to September 2019 and decreased 4.2 per cent compared to October 2018.
- Apartments: At $405,100, the Benchmark price for apartments/condos in the Fraser Valley decreased 0.1 per cent compared to September 2019 and decreased 6.4 per cent compared to October 2018.

For the Fraser Valley region, the average number of days to sell an apartment in October was 34, and 37 for townhomes. Single family detached homes remained on the market for an average of 46 days before selling.


Below are the detailed statistics:

Detached House Statistics

 

Sales

New Listings

Active Listings

Benchmark Price

Average Price

Abbotsford

86

133

437

$786,700

$850,790

White Rock/South Surrey

73

140

 560

$1,318,300

$1,326,591

Langley

119

131

336

$983,500

$1,006,743

Delta – North

52

54

153

$886,800

$963,598

Surrey - Central

128

221

 569

$1,005,200

$1,043,375

Surrey -Cloverdale

40

53

 131

$996,500

$1,000,031

Surrey – North

63

99

329

$937,600

$991,156

 

Townhouse Statistics

 

Sales

New Listings

Active Listings

Benchmark Price

Average Price

Abbotsford

40

64

  180

$381,200

$459,477

White Rock/South Surrey

69

100

252

$640,300

$650,470

Langley

88

116

234

$484,100

$572,340

Delta – North

9

15

 31

$547,800

$733,666

Surrey - Central

112

142

312

$558,700

$584,341

Surrey -Cloverdale

43

50

106

$559,300

$569,869

Surrey – North

24

32

100

$544,000

$489,458

 

Condos Statistics

 

Sales

New Listings

Active Listings

Benchmark Price

Average Price

Abbotsford

79

115

253

$308,600

$314,843

White Rock/South Surrey

62

86

 291

$474,800

$448,737

Langley

86

135

269

$399,700

$415,155

Delta – North

6

13

 36

$372,100

$418,300

Surrey - Central

39

48

107

$410,400

$366,935

Surrey -Cloverdale

24

32

61

$453,500

$380,250

Surrey – North

114

166

375

$397,900

$375,107

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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