FRASER VALLEY

Fraser Valley listings surge in January; excellent time for prospective buyers.

 

The Fraser Valley continues to attract home buyers, as shown in sales for the first month of this year. At the end of January, Valley sales jumped 21.9 per cent over the preceding month, reaching nearly 1,000 purchases across al property types. This would be a strong start to the year under in any circumstances, but considering the inclement weather for most of January, it is particularly noteworthy and bodes well for sales activity in 2020. It’s also worth noting that January sales were almost 25 per cent higher than for the same period one year ago. With a composite residential benchmark price of $823,600, still well under the $1-million mark of Metro Vancouver, affordable, quality homes are still a big draw for home buyers. Single family detached homes led January with 363 sales, followed by 241 sales of townhouses and 248 condominiums. The breakdown of benchmark prices for each of these property types is provided in my comparative sample of various areas below. Prices tend to be inching up overall, but the market is still stable and there was good news in January on the supply side. During the month of January, there were 2,216 new listings, a 234 per cent increase over the number of new listings in the preceding December. This brought the closing inventory at the end of January to 5,143 active listings, almost 10 per cent higher than it closed at the end of 2019.  

 

As the weather continues to improve, there are sure to be more home shoppers in the Spring. I therefore recommend that if you are seriously looking for a Valley home, you should make a bid

at this opportune time. While the recent surge in new listings may be attracting prospective buyers, there is no guarantee that the supply will continue to increase at this rate. Compared with new listings one year ago, the rate is still a 15 per cent decline. I will be tracking new listings for you in this newsletter each month and I urge to you take note of this statistic because lower inventory could begin an upward pressure on prices. For anyone thinking about listing at this time, there is ample demand to warrant that decision now. During the month of January, single family homes remained on the market for an average of 60 days before selling. Townhouses sold on average in 47 days, and condominiums on an average of 49 days. Please take a look below at the property type of your choice to get a sense of the benchmark prices in different areas of the Fraser Valley. If you have any questions about a specific neighborhood, I will be happy to give you a more detailed analysis.    

 

Detached Homes

 

The benchmark price for a single-family detached home in the Fraser Valley at the end of January was $960,800, an increase of 0.8 per cent from the preceding month. The extremities of this average were South Surrey/White Rock at $1,300,500 and Mission at $653,100. The three municipalities closest to the benchmark on the higher side of the average were: Langley at $995,500, a decrease of 0.1 per cent from the preceding month; Surrey at $1,007,500 an increase of 0.8 per cent from the preceding month; and Cloverdale at $1,008,400, a decrease of 0.1 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $938,700, an increase of 0.6 per cent from the preceding month; North Delta at $916,600, an increase of 0.6 per cent from the preceding month; and Abbotsford at $798,900, an increase of 1.4 per cent from the preceding month.

 

Townhouses

 

The benchmark price for a townhouse in the Fraser Valley at the end of January 2020 was $518,000, an increase of 0.6 from the preceding month. The extremities of this average were South Surrey/White Rock at $616,400 and Abbotsford at $380,600. The three municipalities closest to the benchmark on the higher side of the average were: Cloverdale at $550,600, a decrease of 1.8 per cent from the preceding month; North Surrey at $552,800, an increase of 0.1 per cent from the preceding month; and North Delta at $564,100, an increase of 2.7 per cent from the preceding month.  The three municipalities closest to the benchmark on the lower side of the average were: Langley at $495,500, an increase of 1.1 per cent from the preceding month; Mission at $439,300, an increase of 0.2 per cent from the preceding month; and Abbotsford at $380,600, an increase of 1.2 per cent from the preceding month.

 

Condominiums

 

The benchmark price for a condominium in the Fraser Valley at the end of January 2020 was $408,400, an increase of 0.7 per cent from the preceding month. The extremities of this average were South Surrey/White Rock at $476,400 and Abbotsford at $312,000. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $411,800, an increase of 0.6 per cent from the preceding month; Cloverdale at $457,400, an increase of 1.9 per cent from the preceding month; and South Surrey/White Rock at $476,400, an increase of 0.1 per cent from the preceding month; The three municipalities closest to the benchmark on the lower side of the average were: Langley at 405,900, a decrease of 0.3 per cent from the preceding month; North Surrey at $399,800, an increase of 1.1  per cent from the preceding month; and North Delta at $370,300, no change from the preceding month. 

 

Other ways I can help

I am here to help you, whatever your housing requirements, I bring experience in banking and finance to assist you in your mortgage planning. If you are thinking about listing your home for sale, I can also advise you on the optimal price for the current market conditions. And in case you are thinking about home renovations that will increase your home value, I can recommend reputable tradespeople who do excellent work at fair rates. Please don’t hesitate to call me. It gives me great pleasure to help my clients.