FRASER VALLEY

Fraser Valley hits new highs in sales and listings; prices remain stable

The Fraser Valley is experiencing its hottest housing market activity in more than a decade.  Home sales are booming along with new listings – a combination that is keeping prices stable. The combined benchmark price for all property types across the Valley at the end of August was $862,400, a mere 0.5% increase from July, and still well under the $1-million threshold surpassed in Metro Vancouver last January. August’s 2,039 home sales chased the Valley’s 3,309 new listings for the month, and while both figures fell slightly from a very busy July, they represented levels not seen since the mid-2000’s. Total sales for the month were a 57% increase since one year ago, and almost 40 % higher than the 10-year average. On the supply side, bringing the Valley’s total inventory to 7,404, August’s new listings were more than 40% higher than for the same month one year ago, and almost 30% more than the 10-year average. While the market continues to perform extremely well, particularly with coronavirus precautions still in place, it is notable that prices across all property types have remained stable. No doubt new listings have contributed to the stability by easing the competitive demand for available properties. This makes the Fraser Valley a particularly attractive market for first-time buyers who may be young families or singles with greater budgetary constraints. Low interest rates and recently eased mortgage qualification rules are making it possible for many buyers to find their ideal home. With an overall benchmark price still under $1-million, the Valley offers exceptional value and an attractive lifestyle at the same time.

With summer soon coming to a close, September may bring out more home buyers while the sunny days remain. I would encourage home seekers to take advantage of the plentiful inventory of homes at this time.  If you are seriously wanting to find a Valley home, I encourage you not to delay looking. In this current market, new listings sell quite quickly. This past August, the average time to sell a single-family detached home was 31 days; townhouses were on the market for an average of 24 days; and condominiums for 36 days. The comparative benchmark prices below can help you locate a price range and area that is right for your budget and residential needs. Each property type listed here compares the overall Fraser Valley benchmark price with comparable homes above and below the benchmark average for selected municipalities in the same price range. I also show the one-month price change in each category to provide an insight into the relative price fluctuations that result from ongoing home sales negotiations This will assist you in your initial view of prices for comparable properties, but keep in mind that benchmarks are average prices. There are often wonderful discoveries to be made on specific homes at their actual price listings. Please call me if you would like a more detailed analysis for your search. And if you are thinking about selling your home, I can help you determine the optimal price for listing. I bring combined experience in finance, banking, and real estate, and am happy to assist you in any way I can.

 Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of August was $1,019,600, an increase of 1.2 % from the preceding month. The extremities of this average were South Surrey/White Rock at $1,395,300 and Mission at $696,900. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $1,064,200; an increase of 0.9 % from the preceding month; Cloverdale at $1,066,000, an increase of 0.8 % from the preceding month; and Langley at $1,066,500, an increase of 0.5 % from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $1,002,800, an increase of 1.4 % from the preceding month; North Delta at $935,200, no change from the preceding month; and Abbotsford at $849,800, an increase of 2.2 % from the preceding month.

 

Townhouses

 

The benchmark price for a townhouse in the Fraser Valley at the end of August was $563,900, an increase of 0.2 from the preceding month. The extremities of this average were South Surrey/White Rock at $670,600 and Abbotsford at $465,200. The three municipalities closest to the benchmark on the higher side of the average were: North Surrey at $568,200, a decrease of 1.1 % from the preceding month; Langley at $576,200, a decrease of 0.1 % from the preceding month; and North Delta at $577,000, an increase of 1.2 %  the preceding month.  The two municipalities closest to the benchmark on the lower side of the average were: Mission at $465,500, an increase of 2.1 % from the preceding month; and Abbotsford at $465,200, an increase of 0.5 % from the preceding month.

 

Condominiums

 

The benchmark price for a condominium in the Fraser Valley at the end of August was $437,300, no change from the preceding month. The extremities of this average were South Surrey/White Rock at $489,000 and Abbotsford at $325,200. The two municipalities closest to the benchmark on the higher side of the average were: Cloverdale at $466,500, a decrease of 0.6 % from the preceding month; and South Surrey/White Rock at $489,000, an increase of 0.7 % from the preceding month; The three municipalities closest to the benchmark on the lower side of the average were: Surrey at $432,500, a decrease of 0.7 % from the preceding month; North Surrey at $417,200, a decrease of 0.4 % from the preceding month; and Langley at $400,900, an increase of 0.5 % from the preceding month. 

 

How can I help?

 

By working hard for my clients, I stay abreast of the most recent events in the real estate market. This includes monitoring monthly price fluctuations for every property type. If you would like to chat about your needs, whether for selling or buying, I am happy to talk to you. I never pressure anyone, but I can give you honest and informed advice so you can make your best decisions. Please feel free to call.