Fraser Valley

Home sales still at record highs; new listings drop below average

Fraser Valley home sales again soared to record heights for the month of October, reaching the third highest recorded volume for this period. The persistent high demand for a Valley home, however, is not being met with a sufficient number of new listings – indeed new home listings have dropped below average for this time of year – and stronger upward pressure on prices can be expected across all property types if the situation does not improve. As these market conditions continue in the Valley, home buyers need to collaborate closely with their realtor to maximize their opportunities to locate a home as expeditiously as possible. The total of 1,938 home sales in October was 3.9% higher than the preceding month. Although the yearly statistics show this past October had about 18% fewer sales than one year ago, it is important to put this is the correct context and remember that there was an enormous surge in in home buying in the initial stages of the low mortgage interest regime driven by Covid-19. New listings did reach 2,188 in October and brought the total inventory to 3,447 at the end of the month. down 9.6% from September, but close to a 50% lower than one year ago. Newly listed properties are selling quickly. The average number of days for single family detached home to sell after listing was 28 days in October; townhouses sold even quicker, within 18 days; and condominiums remained on the market on average for 27 days. It is important, therefore, for eager home buyers to remain actively involved in their search. I am happy to help you with detailed information on property types in your desired living area. Please feel free to call me and let me know what you are looking for by way of price and location. My banking experience will also be helpful in assisting you with your budget and home buying plans. Prices will continue to rise under the current market conditions, so it is best not to delay your purchase if you can find a home suited to your needs.

The combined benchmark price for a residential property in the Fraser Valley at the end of October was $1,107,200, a 2.2% increase from the preceding month. In my selection of benchmark’s prices for comparable homes in each property type below, you can find a guide to the geographical areas with homes in your general price range. Remember, however, that benchmarks are simply averages, so note the extremities listed for each benchmark below. This will help you gain a better insight into more specific prices you may expect to find in your search. And, if you are considering listing you home, I can prepare a Customized Market Analysis for your property with comparative recent selling prices in the same neighbourhood. This month I draw your attention to the largest month-over-month increases which can help you see where there was some of the strongest demand last month. For example, the biggest monthly average price increases were for single family detached homes in North Delta at 3.2% and in Abbotsford at 3.1%. The lowest increases occurred for townhouses in Langley at 0.6% and for condominiums in North Surrey at 0.9%. Please consult the monthly changes below as a guide but be sure to call me if you would like more detailed information. I am eager to help my clients in the challenging period.

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of October was $1,396,700, an increase of 2.5% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,787,200 and Mission at $999,100. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $1,442,900, an increase of 1.8% from the preceding month; Langley at $1,767,200, an increase of 1.8% from the preceding month; and Cloverdale at $1,498,400, an increase of 3.4% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $1,393,000, an increase of 2.8% from the preceding month; North Delta at $1,269,000, an increase of 3.2% from the preceding month; and Abbotsford at $1,208,900, an increase of 3.1% from the preceding month.

 

Townhouses

 

The benchmark price for a townhouse in the Fraser Valley at the end of October was $720,500, an increase of 1.9% from the preceding month. The extremities of this average were South Surrey/White Rock at $870,900 and Abbotsford at $611.400. The three municipalities closest to the benchmark on the higher side of the average were: Surrey at $733,700, an increase of 2.0% from the preceding month; Cloverdale at $763,300, an increase of 3.0% from the preceding month; and Langley at $733,700, an increase of 0.6% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Delta at $706,600, an increase of 1.7% from the preceding month; North Surrey at $733,700, an increase of 2.0% from the preceding month; and Mission at $617.900, an increase of 1.1% from the preceding month.

 

Condominiums

 

The benchmark price for a condominium in the Fraser Valley at the end of October was $514,200 an increase of 1.5% from the preceding month. The extremities of this average were South Surrey/White Rock at $590,300 and Abbotsford at $408,700. Only two municipalities were on the higher side of the average: Cloverdale at $545,700, an increase of 2.1% from the preceding month; and South Surrey/White Rock at $590,300, an increase of 2.1% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Surrey at $506,200, an increase of 2.8% from the preceding month; Langley at $486,500, an increase of 2.2% from the preceding month; and North Surrey at $474,100, an increase of 0.9% from the preceding month.

 

Let me help 

I’m always eager to help my clients in any way I can. Please don’t forget I also bring strong banking and finance experience to help with your budget and mortgage planning.  And if you are thinking about renovations on your existing home, I can offer good advice on what your investment will return to your future home value. I can also recommend reputable and reliable tradespeople who provide quality work at reasonable rates. Please let me know if I can assist in any way at all. It’s a pleasure for me when I can help you.