Fraser Valley Real Estate Statistics - September 2018

Posted by Natasha Taylor on Thursday, October 4th, 2018 at 9:16am.

Housing supply ample as buyers remain hesitant in September

The slowing of sales activity and expansion of overall inventory that has defined much of 2018 for the Fraser Valley housing market continued in September, with sales at their lowest point and inventory at its highest for the year.

The Fraser Valley Real Estate Board processed 1,035 sales of all property types on its Multiple Listing Service® (MLS®) in September, a decrease of 36.1 per cent compared to the 1,619 sales in September of last year, and a 10.4 per cent decrease compared to sales in August 2018.

Of those 1,035 sales, 376 were residential detached homes, 250 were townhouses, and 274 were apartments. This was the lowest number of transactions in a month this year for each category.

“Buyers remain reluctant as the market continues to adjust,” said John Barbisan, President of the Board. “We’re seeing good things happening in terms of inventory, but it only opens the door so much while prices are moving at a much slower rate.”

Active inventory for the Fraser Valley in September finished at 7,647 listings, increasing 4.2 per cent month-over-month and 30.6 per cent year-over-year. This is the highest level of supply for the Fraser Valley since July 2015.

A total of 2,946 new listings were received by the Board in September, a 14.4 per cent increase from that received in August 2018, and a 3.4 per cent increase compared to September 2017’s intake.

“If you want to sell soon, the most important thing you can do to be successful is to price effectively. Talk to your REALTOR® who can help you understand what buyers are looking for in your local market.”

For the Fraser Valley region, the average number of days to sell an apartment in September was 33, and 32 for townhomes. Single family detached homes remained on the market for an average of 39 days before selling.

HPI® Benchmark Price Activity:
- Single Family Detached: At $988,900, the Benchmark price for a single family detached home in the Fraser Valley decreased 2 per cent compared to August 2018 and increased 1.1 per cent compared to September 2017.
- Townhomes: At $546,100, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 0.4 per cent compared to August 2018 and increased 9.5 per cent compared to September 2017.
- Apartments: At $438,700, the Benchmark price for apartments/condos in the Fraser Valley decreased 1 per cent compared to August 2018 and increased 22.5 per cent compared to September 2017.

Below are the detailed statistics:

 Detached House Statistics

 

Sales

New Listings

Active Listings

Benchmark Price

Average Price

Abbotsford

61

192

443

$810,800

$804,894

White Rock/South Surrey

36

197

637

$1,397,400

$1,530,000

Langley

71

195

428

$1,027,000

$1,032,459

Delta – North

25

92

196

$931,000

$909,400

Surrey - Central

76

205

601

$1,035,600

$1,071,018

Surrey -Cloverdale

38

100

192

$1,004,500

$984,289

Surrey – North

38

123

358

$969,300

$976,694

Townhouse Statistics

 

Sales

New Listings

Active Listings

Benchmark Price

Average Price

Abbotsford

31

81

175

$407,300

$440,541

White Rock/South Surrey

54

121

214

$679,900

$720,329

Langley

40

145

263

$509,100

$585,302

Delta – North

4

15

22

$571,900

$719,500

Surrey - Central

57

169

369

$583,500

$580,189

Surrey -Cloverdale

39

84

145

$593,000

$590,602

Surrey – North

19

39

86

$600,500

$532,063

Condos Statistics

 

Sales

New Listings

Active Listings

Benchmark Price

Average Price

Abbotsford

59

140

307

$333,200

$320,842

White Rock/South Surrey

44

121

255

$502,700

$470,358

Langley

61

150

261

$431,900

$410,090

Delta – North

3

12

34

$429,700

$393,500

Surrey - Central

22

61

128

$456,100

$396,045

Surrey -Cloverdale

13

40

72

$494,900

$426,692

Surrey – North

68

172

361

$431,900

$418,316

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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