FRASER VALLEY

Sales down, prices stable under Covid-19 restraints; townhouses have some price reductions

Across the Fraser Valley, home sales declined predictably in April as Covid-19 measures continued to curtail normal market activity. Yet home values remain firm with prices for all property types showing little variance for the one-month period. With April sales down by 52 per cent from March, the 688 recorded sales were half of what they were one year ago – an indication of the actual Covid-19 impact.  Nonetheless, the Valley’s combined residential benchmark price of $851,100 at the end of April 2020 was an increase 0.4 per cent from the preceding month, and this was 1.9 per cent higher than in April 2019. On the supply side, new listings also continued to decline; however, this trend was evident before the COVID-19 outbreak, with a significant decline in the rate of new Valley listings occurring last year. Still, new listings in April 2020 were down by 47 per cent compared with the preceding month, and they showed a 58 per cent decrease for the same period one year ago. While not an immediate concern for home shoppers – the current inventory of nearly 6,000 active listings in the Fraser Valley provides an excellent choice for buyers – declining stock could be a significant factor in a price rise when sales volumes increase again. I am therefore encouraging home seekers to continue their shopping during this period. There are many new innovations being rolled out to enable both buyers and sellers to meet the challenges of confinement during this time. I invite you to visit my website where you can find all the tools you need at:

 www.liveincentralcity.ca

Your residential property search can be conducted online easily from the comfort of your home. This virtual one-shop has the latest data on home listings including photos, prices, and locations. You can also create your own custom market report to compare sales activity and selling prices in any area, and with the available interactive map you can easily find the specific neighborhood of you selected property. Of course, I am still always available to help you. Please feel free to give me a call if you would like to chat about whatever your interests or challenges may be. To guide your online shopping, I have again provided my monthly comparison of benchmark prices in different areas in the Fraser Valley. Below you will find my selected areas Valley according to the upper and lower ranges making up the benchmark average. By comparing these benchmarks, you get a good idea of what comparable homes cost in different areas. By providing the month-over-month price change, you can also get an idea of the sales activity in the area. The selection I have made for gives you a good idea of the where prices may most closely match your budget. You will also be able see the most up-to-date price change, whether an increase or decrease since last month’s review.    

Detached Homes

The benchmark price for a single-family detached home in the Fraser Valley at the end of April was $993,400, an increase of 0.5 per cent from the preceding month. The extremities of this average were South Surrey/White Rock at $1,330,900 and Mission at $665,100. The three municipalities closest to the benchmark on the higher side of the average were: Langley at $1,039,800 an increase of 1.3 per cent from the preceding month; Surrey at $1,041,300, an increase of 0.2 per cent from the preceding month; and Cloverdale at $1,055,700 an increase of 0.2 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $982,200, an increase of 0.7 per cent from the preceding month; North Delta at $927,500, a decrease of 0.3 per cent from the preceding month; and Abbotsford at $825,600, no change from the preceding month.

 

Townhouses

 

The benchmark price for a townhouse in the Fraser Valley at the end of April was $553,200, an increase of 0.7 from the preceding month. The extremities of this average were South Surrey/White Rock at $642,900 and Abbotsford at $454,100. The three municipalities closest to the benchmark on the higher side of the average were: North Surrey at $559,700, an increase of 1.5 per cent from the preceding month; Langley at $566,300, an increase of 0.9 per cent from the preceding month; and Surrey at $569,600, an increase of 0.3 per cent  the preceding month.  The three municipalities closest to the benchmark on the lower side of the average were: North Delta at $552,100, a decrease of 1.8 per cent from the preceding month; Mission at $455,700, a decrease of 0.1 per cent from the preceding month; and Abbotsford at $454,100 a decrease of 0.3 per cent from the preceding month.

 

Condominiums

 

The benchmark price for a condominium in the Fraser Valley at the end of April was $424,100, an increase of 0.2 per cent from the preceding month. The extremities of this average were South Surrey/White Rock at $476,200 and Abbotsford at $320,200. The three municipalities closest to the benchmark on the higher side of the average were: Langley at $425,500, no change from the preceding month; Surrey at $443,300, an increase of 3.2 per cent from the preceding month; and Cloverdale at $473,800, a decrease of 0.2 per cent from the preceding month; The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $416,600, an increase of 0.3 per cent from the preceding month; North Delta at $400,600, an increase of 2.8 per cent from the preceding month; and Mission at $343,000, an increase of 0.1 per cent increase from the preceding month. 

 

I can help

One of the ways I work hard for my clients is to stay abreast of the most recent events in the real estate market. By watching price changes each month for all property types, I am able to give you the most up-to-date advice for both buying and selling. I am always happy to chat with you about any of your real estate questions. The is no obligation and no pressure. I am here to help. Please feel free to call me.