FRASER VALLEY

Record breaking home sales, new listings in Fraser Valley. Single family home in high demand. Prices still stable.

The residential market in the Fraser Valley has seen another month of record-breaking transactions. September sales set an all-time record high with an increase of more than 66% over the same month last year. Total sales for September 2020 reached 2,231. This was the fourth consecutive month of remarkable sales growth in the Fraser Valley which showed a 9.4% increase over the preceding August. Yet the combined benchmark price across all property types is still well below the $1-million mark. At $867.700, which was a modest 0.6% increase over the preceding month, this benchmark makes the Valley particularly attractive when compared to similar properties in Metro Vancouver where the comparable benchmark is almost $175,000 higher. A record number of new Fraser Valley listings was also seen in September which were 27% higher than for the same period one year ago. New listings for the month finished at 3,315. This brought the total inventory of active listings at the end of September to 7,377, creating an excellent choice for home buyers, while at the same time softening the upward demand pressure on prices. Under the current high demand conditions, prices have remained remarkable stable although there is some early indication of overall upward price movement. Low interest rates are still helping many buyers move into the market and rates are expected to remain low for a long while as part of the country’s post-covid recovery. This will promote home purchases for the foreseeable future to stay strong, but prices can be pulled up with demand. It is therefore necessary that ample supply be maintained and this will depend on new listings. September’s new listings decreased slightly by 0.4% from the preceding month of August, and the current inventory is lower than normal. It is therefore a good time to list if you have been sitting on the fence trying to decide.     

It is particularly apparent that the Valley is continuing as an ever more desirable location for families. In September, single family detached homes reached close to half of the sales across all property types. Family life in the Valley has always been a strong attraction, featuring wholesome lifestyles, neighborhood communities and schools, and scenic country drives. Its affordable housing also caters to first time buyers with an excellent selection of condominiums and townhouses. When a new listing arrives on the market, it does not take long for a sale. In September, single family detached homes sold on average within 28 days; townhouses within an average of 25 days; and condominiums on average 35 days. Below is a detailed monthly change in benchmark prices for each property type compared across a selection of municipalities in the Fraser Valley. This will guide you in your initial search for the type of home you are looking for with a general comparison of prices in different areas. The month-over-month price change may provide you with some idea of the market activity which affects monthly fluctuations. However, it’s important to keep in mind that benchmarks are just averages for comparable properties. To look at a particular area with more specific information, please give me a call. I will be able to give you detailed market comparison of the property and neighborhood you are interested in. There are often excellent deals to found by exploring with a deeper analysis of the area. If you are interested in listing, I can also provide you with a price range based on recent sales and the best listing price to optimize your sale.           

Detached Homes

The benchmark price for a detached home in the Fraser Valley at the end of September was $1.032,700, an increase of 1.3 % from the preceding month. The extremities of this average were South Surrey/White Rock at $1,068,400 and Mission at $711,700. The three municipalities closest to the benchmark on the higher side of the average were: Cloverdale at $1,064,200; an increase of 0.2 % from the preceding month; Surrey at $1,076,200, an increase of 1.1 % from the preceding month; and Langley at $1,078,100, an increase of 1.1 % from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $1,004,900, an increase of 0.2 % from the preceding month; North Delta at $946,800, an increase of 1.3 % from the preceding month; and Abbotsford at $868,300, an increase of 2.2 % from the preceding month.

 

Townhouses

 

The benchmark price for a townhouse in the Fraser Valley at the end of September was $567,300, an increase of 0.6 from the preceding month. The extremities of this average were South Surrey/White Rock at $675,700 and Abbotsford at $468,500. The three municipalities closest to the benchmark on the higher side of the average were: North Surrey at $571,900, am increase of 0.6 % from the preceding month; Langley at $576,900, an increase of 0.1 % from the preceding month; and Cloverdale at $609,500, an increase of 1.3 %  the preceding month.  The three municipalities closest to the benchmark on the lower side of the average were: North Delta at $564,500, a decrease of 2.2 % from the preceding month; Mission at $470,000, an increase of 1.0 % from the preceding month; and Abbotsford at $468,500, an increase of 0.7 % from the preceding month.

 

Condominiums

 

The benchmark price for a condominium in the Fraser Valley at the end of September was $436,900, a decrease of 0.1 % from the preceding month. The extremities of this average were South Surrey/White Rock at $487,200 and Abbotsford at $324,500. The two municipalities closest to the benchmark on the higher side of the average were: Cloverdale at $471,300, an increase of 1.0 % from the preceding month; and South Surrey/White Rock at $487,200, a decrease of 0.4 % from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Surrey at $434,700, an increase of 0.5 % from the preceding month; North Surrey at $414,400, a decrease of 0.7 % from the preceding month; and Langley at $404,100, an increase of 0.8 % 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 do not hesitate to call me for any real estate advice you may need.