FRASER VALLEY

Valley home sales rise; highest level in three years for first-time home buyers

With a combined benchmark for residential properties at the end of July of $824,600, it’s easy to see why the Fraser Valley remains a favorite for singles and young families starting out. First-time home buyers in the Valley increased to the highest number at the end July since 2016. Sales across all property types were nearly 12 per cent higher than June. This sharp month-over-month increase is being attributed largely to pent up demand as home buyers take advantage of price declines which many think are now back to normal after spirally upwards two year ago. Noting the slight drop in new listings in July, however, this may be a sign that potential sellers are anticipating higher prices are on the horizon again. This dynamic in the market can mean prices can move up simply because the supply does not increase while the demand increases. My advice to anyone wanting to make a Valley purchase is that they should not wait.  There is still a very robust supply of listings across all property types with over 8,300 properties for sale. With the Valley’s composite residential benchmark well below the $1-million mark, this region holds excellent value for anyone who is looking to the long term. With another month of summer ahead of us, it’s an excellent time look at some of the great buys that are available. Valley properties sell relatively quickly. For single family detached homes sold on average within 39 days of listing; townhouses were on the market for an average of 32 days, and condominiums averaged 38 days. If you are thinking about listing your home, talk to me about the optimal price to list it. Below is my monthly sample of benchmark prices across all property types across the Fraser Valley.         

Detached Homes

The benchmark price for a single-family detached home in the Fraser Valley at the end of July was $957,400, a decrease of 0.3 per cent from the preceding month. The extremities of this average were South Surrey/White Rock at $1,333,000 and Mission at $653,000. The three municipalities closest to the benchmark on the higher side of the average were: Langley at $983,100, an increase of 0.1 per cent from the preceding month; Cloverdale at $994,900, a decrease of 1.3 per cent from the preceding month; and Surrey at $1,004, 100, no change from the preceding month; The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $929,600, a decrease of 0.3 per cent from the preceding month; North Delta at $881,000, a decrease of 0.8 per cent from the preceding month; and Abbotsford at $808,000, no change from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of July was $520,700, a decrease of 0.9 per cent from the preceding month. The extremities of this average were South Surrey/White Rock at $635,900 and Abbotsford at $379,500. The three municipalities closest to the benchmark on the higher side of the average were: North Surrey at $552,000, a decrease of 0.5 per cent from the preceding month; Cloverdale at $552,600, a decrease of 2.8 per cent from the preceding month; and Surrey at $565,600, a decrease of 0.1 per cent from the preceding month. The three municipalities closest to the lower side of the average were: Langley at $494,200, a decrease of 0.9  per cent from the preceding month; Mission at $441,600, an increase of 0.7 per cent from the preceding month; and Abbotsford at $379,500, a decrease of 0.2 per cent from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of July was $5409,700, no change from the preceding month. The extremities of this average were South Surrey/White Rock at $492,900 and Abbotsford at $314,800. The three municipalities closest to the benchmark on the higher side of the average were: Langley at $410,200, a decrease of 1.6 per cent from the preceding month; Surrey at $413,200, an increase of 0.6 per cent from the preceding month; and Cloverdale at $446,700, 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 $395,500, an increase of 0.7 per cent from the preceding month; North Delta at $375,400, a decrease of 0.7 per cent from the preceding month; and Mission at $359,700, an increase of 2.4 per cent from the preceding month.

Let me help

Please let me know if you have any questions about real estate matters.  I love to help clients and can provide experienced advice for any of your real estate needs. If you are wondering about mortgage rates and your budget, I have a strong background in banking and finance. Or if you would like to find a great tradesperson to carry out renovations on your home, I can recommend reputable and reliable tradespeople with fair and reasonable rates. I really enjoy helping people with their real estate requirements. Please call me if you have any questions at all.