FRASER VALLEY

Ample supply creates excellent Valley prices at present; but new listings declining.

Autumn is lovely time to explore the delights of living in the Fraser Valley. Beautiful fall colors show off the comfortable lifestyle of Valley communities, and attractive prices continue to make the region a special place for young families and first-time home buyers. With a composite benchmark price of $818,900 for a residential property at the end of September, it’s easy to see why a Valley home is an excellent investment. Home purchases have been steadily increasing for the past three months across all property types, a sign of confidence in the Valley’s renewed market stability. I highly recommend prospective buyers take advantage of the excellent prices in the current market. There is an ample inventory with close to 8,000 active listings at the end of September. However, the rate of new listings in the Valley has decreased over the past four months, with the latest monthly decrease of 1.2 per cent from August. If the Valley’s new listings continue to decline, it is inevitable that prices would begin to move upwards. However, upward pressure has not been occurring yet as evidenced by composite benchmarks, which show a six-month decline of 1.3 per cent and three-month decline of 1.0 per cent. The monthly decline since August was also slight at 0.5 per cent. A sufficiently high existing inventory may account for these monthly declines, but simple supply and demand dynamics could cause a price rise at any time.

The Valley residential market is settling into what many see as its historical long-term stability, which would mean slight price rises with steady demand and new listings. My advice to the prudent buyer is not to take chance for a possible slightly lower price at this time. If you are eager to get into a home, current prices are very good by historical standards. Newly listed properties do not remain on the market for very long. Across the Fraser Valley in September, the average time to sell a single-family detached home was 46 days; for townhouses it was 37 days; and for condominiums it was 41 days. Across the three property types below, I have compared prices for those closest to the both sides of their benchmark averages in the Valley communities. I encourage you to take a look at these excellent choices, and If you would like some additional information on any property, be sure to give me call.

Detached Homes

The benchmark price for a single-family detached home in the Fraser Valley at the end of September was $950,000, a decrease of 0.4 per cent from the preceding month. The extremities of this average were South Surrey/White Rock at $1,306,800 and Mission at $637,600. The three municipalities closest to the benchmark on the higher side of the average were: Langley at $982,300, an increase of 0.1 per cent from the preceding month; Cloverdale at $985,800, an increase of 0.2 per cent from the preceding month; and South Surrey/White Rock at $1.306,800 a decrease of 1.5 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $941,500, an increase of 0.8 per cent from the preceding month; North Delta at $875,500, no change from the preceding month; and Abbotsford at $791,700, a decrease of 1.5 per cent from the preceding month.

Townhouses

The benchmark price for a townhouse in the Fraser Valley at the end of September was $520,000, a decrease of 0.3 per cent from the preceding month. The extremities of the average were South Surrey/White Rock at $638,400 and Abbotsford at $382,100. The three municipalities closest to the benchmark on the higher side of the average were: North Surrey at $553,500, a decrease of 0.3 per cent from the preceding month; North Delta at $556,200, a decrease of 4.2 per cent from the preceding month; and Cloverdale at $564,700, an increase of 1.7 per cent from the preceding month.  The three municipalities closest to the benchmark on the lower side of the average were: Langley at $486,300, a decrease of 0.5 per cent from the preceding month; Mission at $429,700, a decrease of 2.5 per cent from the preceding month; and Abbotsford at $382,100, a decrease of 0.4 per cent from the preceding month.

Condominiums

The benchmark price for a condominium in the Fraser Valley at the end of September was $405,500, a decrease of 0.9 per cent from the preceding month. The extremities of the average were South Surrey/White Rock at $491,300 and Abbotsford at $312,200. There were only two municipalities on the higher side of the average: Cloverdale at  $450,200, a decrease of 0.3 per cent  from the preceding month; and Surrey/White Rock at $491,300, a decrease of 1.5 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Surrey at $402,000, a decrease of 1.5 per cent from the preceding month; Langley at 400,200, a decrease of 2.5 per cent from the preceding month; and North Surrey at $394,500, a decrease of 0.4 per cent from the preceding month.

I am here to help

Please let me know how I can assist you. If you are interested in buying, I can provide you with more detailed market information on your desired region and property type. I am also well experienced in finance and can assist you with your mortgage planning.  In the event that you are thinking about listing, I can advise you on the optimal price range for your property with comparisons to other recent and historical sales in your neighborhood. And for anyone contemplating renovations, I have an excellent list of reliable, quality tradespeople at affordable rates.