FRASER VALLEY

Fraser Valley home sales volume continues to soar; prices remain stable

Residential sales continue to reach record levels in the Fraser Valley. Home sales volume at the end of October reached a total of 2,370, a 6.2% increase over sales in September and 48.9% higher than the same period one year ago. The hot pace of the Valley’s market activity marked the fourth consecutive month for record sales and listings where many home seekers are finding lower priced properties than comparable homes in the Metro Vancouver. While the Valley’s October new listings reached 3,081, close to 29% higher than it was for the same period last year, this was nonetheless a decline of 12.3% from the intake seen in September this year. The overall inventory at the end of October this year across all property types was 6,872, down by almost 7% from September and close to 12% below the ten-year average. While the high demand for homes is outpacing new listings at present, the available inventory still provides a good selection for prospective buyers. Importantly, prices have been remaining relatively stable overall with approximately the same consistent and moderate monthly increases seen over recent months. The price advantage offered by the Fraser Valley market continues to attract many young families and other first-time buyers seeking a quality residential investment.     

The combined residential benchmark price for the Fraser Valley at the end of October was $871,800, a 0.5% increase over September. Still well below the comparable benchmark in Greater Vancouver, which reached $1,045,100 for the same period, the Fraser Valley provides many first-time buyers to opportunity of an affordable home while still having the amenities and space required for a comfortable lifestyle. Our country’s current low mortgage rates also provide an excellent opportunity to make a purchase that may have been out of reach just one year ago. I highly recommend that prospective home buyers examine this historical opportunity to obtain a mortgage with payments that fit their budget and allow them to gain equity in their property over the long term. In my comparative benchmark selections below, you will find a guide to average prices in geographical areas clustered around the combined benchmark for the property type you are seeking. Remember that benchmark prices are for comparable homes. The average prices I have selected for you are shown along with their monthly change. You will find that current price fluctuations are typically moderate increases or decreases which result from recent market activity. For the most part, the monthly change is in the neighborhood of 1.0%. However, it is always worthwhile to look for bargains hidden among the averages. For example, prospective townhouse buyers should note this month shows an average 2.8% decrease in townhouse prices in North Surrey. I am happy to provide you with a more detailed markets analysis for the property type and areas you would like to live in. It’s also a good idea to watch here for latest market update. New listings in the Fraser Valley do not take long to sell. In October, a single family detached home sold pm average within 30 days; townhouses within 27 days; and condominiums within 36 days. Please feel free to giver me a call if you would like any kind of assistance in your real estate planning and decision making. I am always happy to help.  

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of October was $1.046,900, an increase of 1.4 % from the preceding month. The extremities of this average were South Surrey/White Rock at $1,443,500 and Mission at $726,000. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $1,086,300, an increase of 0.9 % from the preceding month; Cloverdale at $1,087,400; an increase of 1.8 % from the preceding month;  and Langley at $1,090,800, an increase of 1.2 % from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $1,015,700, an increase of 0.9 % from the preceding month; North Delta at $972,500, an increase of 2.7 % from the preceding month; and Abbotsford at $873,600, an increase of 0.6 % from the preceding month.

 

Townhouses

 

The benchmark price for a townhouse in the Fraser Valley at the end of October was $569,200, an increase of 0.3 from the preceding month. The extremities of this average were South Surrey/White Rock at $678,300 and Mission at $470,700. The three municipalities closest to the benchmark on the higher side of the average were: Langley at $576,400, a decrease of 0.1 % from the preceding month; North Delta at $580,800, an increase of 2.9 % from the preceding month; and Surrey at $585,100, an increase of 0.5 %  the preceding month.  The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $555,800, a decrease of 2.8 % from the preceding month; Abbotsford at $476,300, an increase of 1.7 % from the preceding month; and Mission at $470,700, am increase of 0.2 % from the preceding month.

 

Condominiums

 

The benchmark price for a condominium in the Fraser Valley at the end of October was $434,600, a decrease of 0.5 % from the preceding month. The extremities of this average were South Surrey/White Rock at $493,900 and Abbotsford at $323,400. The two municipalities closest to the benchmark on the higher side of the average were: Cloverdale at $474,500, an increase of 0.7 % from the preceding month; and South Surrey/White Rock at $493,900, an increase of 1.4 % from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Surrey at $427,600, a decrease of 1.6 % from the preceding month; North Surrey at $414,200, a decrease of 0.1 % from the preceding month; and Langley at $387,500, a decrease of 1.6 % 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 and can also advise you on pricing your home at the optimal price for the prevailing market conditions. This may include renovations that will increase your home value or simply enhance your own living comfort. I can recommend excellent tradespeople who are reputable, reliable and reasonable in their rates. It gives me pleasure to help my clients. Please don’t hesitate to call me for any real estate advice you may need.