Fraser Valley housing market bounces back to life; new listings surge – sales up over 100 % in one month.

Summer’s sunshine has brought forth a flourishing housing market across the Fraser Valley since we noted the first vital signs at the end of May.  In a remarkable resurgence of market activity during the month of June, the Valley’s new crop of residential listings was 3,456, a 57 % increase over May’s new listings. With a total supply of over 7,000 active listings at the end of June, shoppers were treated to plentiful choice and home buyers responded to  sellers’ optimism with a surge in purchases more than doubling May sales, and 32 % higher than the same period one year ago. Yet, the Valley’s combined benchmark price for a residential property at the end of June was a mere 0.5 % increase over May, and still well below the $1-million mark at $851,400. This combination of steady prices, ample choice, and the release pent-up demand from several months of slowed activity from coronavirus impediments is making the Fraser Valley an exceptionally attractive market this July. I encourage anyone who has been thinking about a Valley home to take advantage of this post COVID-19 recovery period. The current market conditions are likely to start pushing prices upward by this fall or earlier. Home listings at present are generally priced competitively, and with some reduction in the number of bidders because of stricter mortgage qualifying rules in effect since July 1st , the purchasing experience is still not a frenzied affair. However, there are signs a seller’s market may be forming on the horizon, so this is an ideal time to act if you are serious about getting your new home before prices head steeply upwards.

The Fraser Valley continues to be a favored place for first-time home buyers, whether young families looking for a single-family home or townhouse, or singles starting out in a condominium with a spectacular view. Valley life offers rural beauty and relaxing lifestyle, while providing all the community comforts and conveniences or urban living. One of the Valley’s big drawing points is its comparative affordability. As Fraser Valley benchmark prices move ever closer to the $1-million mark of Metro Vancouver, the Valley’s property ownership continues to prove an excellent equity investment. Fraser Valley properties do not remain on the market for long once they are listed for sale. Currently, the average time on the market to sell single-family detached homes was 31 days; for townhouses, 30 days; and for condominiums, 37 days. Below, I have summarized benchmark prices for each property type across selected areas in the Fraser Valley with month-over-month price changes. This will provide you with insights into the market dynamics of current price fluctuations on comparable properties, and help you decide where you want to explore for homes in your price range. Please feel free to call me for more detailed information, or just to discuss your real estate questions, whether about selling or buying. I am happy to advise you on the optimal price range for a property, whether for listing for sale, or for making an offer to purchase.       

FRASER VALLEY

Detached Homes

The benchmark price for a single-family detached home in the Fraser Valley at the end of June was $994,500, a decrease of 0.4 % from the preceding month. The extremities of this average were South Surrey/White Rock at $1,336,200 and Abbotsford at $322,100. The three municipalities closest to the benchmark on the higher side of the average were: Cloverdale at $1,042,600; a decrease of 0.3 % from the preceding month; Langley at $1,044,200, an increase of 1.6 % from the preceding month; and Surrey at $1,047,300, an increase of 0.4 % from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $974,900, a decrease of 0.8 % from the preceding month; North Delta at $919,400, an increase of 0.3 % from the preceding month; and Abbotsford at $821,500, an increase of 0.7 % from the preceding month.

 

Townhouses

 

The benchmark price for a townhouse in the Fraser Valley at the end of June was $559,600, an increase of 0.8 from the preceding month. The extremities of this average were South Surrey/White Rock at $655,000 and Abbotsford at $456,100. The three municipalities closest to the benchmark on the higher side of the average were: North Surrey at $568,100, a decrease of 0.2 % from the preceding month; Surrey at $574,200, an increase of 0.1 % from the preceding month; and Langley at $574,400, a decrease of 0.9 %  the preceding month.  The three municipalities closest to the benchmark on the lower side of the average were: North Delta at $563,400, an increase of 1.7 % from the preceding month; Mission at $465,000, a decrease of 0.3 % from the preceding month; and Abbotsford at $456,100, an increase of 0.5 % from the preceding month.

 

Condominiums

 

The benchmark price for a condominium in the Fraser Valley at the end of June was $435,300, an increase of 0.4 % from the preceding month. The extremities of this average were South Surrey/White Rock at $485,000 and Abbotsford at $322,100. The two municipalities closest to the benchmark on the higher side of the average were: Cloverdale at $465,700, an increase of 0.3 % from the preceding month; and South Surrey/White Rock at $485,000, no change from the preceding month; The three municipalities closest to the benchmark on the lower side of the average were: Surrey at $433,100, a decrease of 1.8 % from the preceding month; North Surrey at $413,400, an increase of 0.9 % from the preceding month; and Langley at $398,700, a decrease of 1.0 % from the preceding month. 

 

How can I 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.