FRASER VALLEY

Surging home sales in Fraser Valley; new listings provide wide selection

Residential sales activity across the Fraser Valley is in high gear this summer, with July sales over 22% higher than June and 44% higher than one year earlier. The surging demand is notably pushing prices upward: the combined benchmark price rose to $858,300, a 0.8% increase over June. As beautiful summer weather has beckoned more home shoppers to explore the lush region, home sales continued to build on the sharp increase seen since May when pent-up demand spiked following the market slowdown due to the Coronavirus. While demand is rising for all property types, family homes have seen the biggest increase. This Valley market segment has now seen an average price increase for a detached home more than 5% from one year ago, and for a townhouse of more than 3% for the same period. Because the Fraser Valley continues to attract many young families with its life-style amenities, it is expected that continued demand will continue to rise in the region. With prices still attractively below their Metro Vancouver counterparts, Fraser Valley properties remain an excellent investment, and current low interest rates are stimulating an increase in sales. The Valley is also a favourite venue for first time buyers, often where young singles find their perfect starter home with a condominium priced well below a comparable Metro Vancouver property. However, demand for Valley condos is also increasing, with the average price nearly 4% higher than one year ago. I would encourage eager home seekers to move quickly this summer as there are signs that increasing demand in some areas is shifting conditions from a buyers’ market to a sellers’ market. This can mean bidding on listed prices could push the prices higher.

New listings in the Valley also increased in July. This will help to keep prices from escalating too steeply during a high demand period. During the month of July, the Fraser Valley saw 3,549 new listings across all property types. This brought the total Valley inventory at the end of last month to 7,341, an ample supply providing an excellent selection. However, it should be noted that the current inventory of available properties across the Valley is still down about 12% from one year ago. The supply-demand ratio is therefore not as balanced as it could be, and this can add to the upward pressure on prices. For anyone wanting to sell their home, it is certainly an opportune time. The average length of time for single-family detached home to sell last month in the Fraser Valley was 34 days; for townhouses, 28 days; and for condominiums, 34 days. Below you can see my monthly selection of benchmark price comparisons across the Valley. This will give you a good indication of what range of price you might expect for your property in a particular geographical area. However, remember that benchmarks are simply averages. I can provide you with more detailed information on your specific preference. Please feel free to call me and discuss any of your real estate questions.   

 Detached Homes

The benchmark price for a single-family detached home in the Fraser Valley at the end of July was $1.008,000 an increase of 1.4 % from the preceding month. The extremities of this average were South Surrey/White Rock at $1,370,700 and Mission at $658,500. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $1,054,400 an increase of 0.7 % from the preceding month; Cloverdale at $1,057,300, an increase of 1.4 % from the preceding month; and Langley at $1,061,700 an increase of 1.7 % from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $988,800, an increase of 1.4 % from the preceding month; North Delta at $934,800, a increase of 1.7 % from the preceding month; and Abbotsford at $831,600, an increase of 1.2 % from the preceding month.

 

Townhouses

 

The benchmark price for a townhouse in the Fraser Valley at the end of July was $563,200, an increase of 0.7 from the preceding month. The extremities of this average were South Surrey/White Rock at $660,700 and Abbotsford at $455,900. The three municipalities closest to the benchmark on the higher side of the average were: North Delta at $570,000, an increase of 3.0 % from the preceding month; North Surrey at $574,900, an increase of 1.2 % from the preceding month; and Langley at $576,900, an increase of 0.4 %  the preceding month.  The two municipalities closest to the benchmark on the lower side of the average were: Abbotsford at $462,800 an increase of 1.5 % from the preceding month; and Mission at $455,900, a decrease of 2.0 % from the preceding month.

 

Condominiums

 

The benchmark price for a condominium in the Fraser Valley at the end of July was $437,300, an increase of 0.5 % from the preceding month. The extremities of this average were South Surrey/White Rock at $485,600 and Abbotsford at $322,200. The two municipalities closest to the benchmark on the higher side of the average were: Cloverdale, an increase of 0.6 % from the preceding month; Cloverdale at $469,100, an increase of 0.8 % from the preceding month; and South Surrey/White Rock at $485,600, a decrease of 0.1 % from the preceding month; The three municipalities closest to the benchmark on the lower side of the average were: Surrey at $435,600, an increase of 0.6 % from the preceding month; North Surrey at $418,600, an increase of 1.3 % from the preceding month; and Langley at $399,100, an increase of 0.1 % increase from the preceding month. 

 

Let me help

In addition to my real estate activity, I also bring extensive experience in banking and finance. I will be happy to share my expertise with you to help in your mortgage planning, or to determine the optimal pricing for your property. And for those who are thinking of adding value to their home with renovations, I can recommend reliable tradespeople who provide quality work at reasonable rates.  Please don’t hesitate to ask. It gives me great pleasure to help my clients.