September was the second month in a row that home sales in the Fraser Valley surpassed 2018 levels, which brings the market back to historical norms.
In August, there were 1297 sales of all property types on the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS® ). All property types have been selling and, finally, there has been a resurgence in the single-family home market.
By the end of August, there were 8,040 active listings available in the Fraser Valley. This is a 9.6% increase compared to August of 2018 and a 3.6% decrease compared to July 2019.
Fraser Valley Real Estate Stats for August 2019 - Quick Glance
- Detached – SALES DOWN FROM LAST MONTH: -8.3%
- Townhouse – SALES DOWN FROM LAST MONTH: -16.2%
- Condo/Apt – SALES DOWN FROM LAST MONTH: -3.8%
Interesting stats of note are:
Surrey’s detached single family home market increased 18.9% over last month
Surrey/Cloverdale’s townhouse market increased 15.4% over last month
The market is returning to a balanced, steady real estate market which is great for the region.
So what does this all mean?
When it comes to real estate in the region, things are getting back to normal. We have active buyers in all home types and price ranges. In addition, inventory is moving quicker.
A balanced, steady real estate market is on in which neither buyers or sellers are favoured within the real estate transaction. There are enough comparative homes on the market that buyers feel they have a choice, along with good market pricing. For sellers, there are enough buyers looking that, as long as they have priced their home right for current market conditions, the house shouldn’t go stale on the market.
It’s an ideal situation for the region.
This is a good time to buy and sell. It’s advantageous for people who are looking to get into the market for the first time, but also for people who are looking to move both up or down in price.
According to Darin Germyn, President of the Fraser Valley Real Estate Board, “Compared to last year, this August has been quite robust. All property types are selling and we’re seeing a resurgence in the single-family detached market. Across North Delta, Surrey and Langley, sales are up over 25%.”
He adds “It’s great to see. We’re returning to a normal, steady market. Our sales, new listings and the number of active listings in August were all slightly below the 10-year average.”
How Can Natasha Taylor Help You Navigate the Market?
In any real estate market, your transaction will benefit greatly from having a licensed, experienced real estate professional on your team. An experienced real estate agent can properly guide you to understand the current market trends and what is currently considered fair market value.
When selling, this is important because if you price too high, your home could sit on the market too long. And of course, nobody wants to price too low and leave potential money on the table.
If you’re buying, your experienced real estate agent has in-depth knowledge of current market activity to help ensure you won’t be paying too much for your chosen home.
Buying or selling in a newly-balanced market can be tricky without the help of an experienced agent. As a market moves into a balanced state, there will be homes that are priced too high. In addition, perhaps your agent will be able to find the best-priced home from a motivated seller.
Natasha Taylor specializes in Surrey, Langley, North Delta, Richmond, White Rock and Cloverdale real estate. Natasha is very knowledgeable in all market sectors including new and resale condos, townhomes and single family homes.
Whether you are a first time buyer, upsizer or downsizer she is a wise choice to help you navigate the current market conditions in the smartest way possible.
For more information on current market activity and how it might affect you, get in touch with Fraser Valley real estate agent Natasha Taylor. Call 1-778-316-4290.