FRASER VALLEY
September sales spurt; huge inventory; prices downward.
Fraser Valley home sales spurted up to reach a total of 962 in September, a 3.3% increase over August, which recorded a sharp decline of 22% after steady growth in small monthly increments this year. However, September’s total was still down by 2.0% from the same month last year, and 28% below the 10 year seasonal average. On the supply side, the new listings in September jumped 23% with 3,447 homes added to the Valley’s inventory, which reached a total of 10,583 available home across all property types at the end of the September. On a historical comparison, this is 1.0% above the preceding month, and 17% over the same month last year. With the abundance of available homes The Faser Valley remains buyers market, where prospective home buyers have room to negotiate and can find excellent purchase opportunities. Buyers also enjoy excellent borrowing rates at present. The Bank of Canada’s last policy rate announcement on September 17 of 2.5% has brought current variable mortgage interest rates to as low as 3.70% on five-year terms, while five year fixed terms can be found at an even lower rate of 3.69%. The next Bank of Canada announcement is scheduled for October 29. Economists have noted that if the central bank cuts its key rate by 0.25%, variable term mortgages could drop below fixed term rates. Price declines are also prevalent across the Valley. September recorded the sixth consecutive monthly decline, making it an ideal time for buyers in all categories. At the end of September, the benchmark price for residential property in the Fraser Valley was 926,300, a 1.0% decrease from the preceding month.
Please review my monthly guide to housing prices in different areas of the Fraser Valley in the section below. For each property type, the average benchmark is shown with the three closest benchmarks on each side of the average for comparable homes in different Valley municipalities. The month-over-month price change provided typically reflects the relative sales demand in the neighborhood. Note the extremities of each benchmark in order to get an idea of the range of prices making up the average, and remember averages are not the same as actual listed prices. There may be an actual price concealed in the average that is more attractive to your budget. If you are interested in a particular area, please give me a call and I will be able to provide you with the most up-to-date price listings and other information about the neighbourhood you are considering. And If you are thinking of listing you home for sale, I can prepare a Customized Market Analysis for your property and advise you on the optimal listing price in the current market conditions. Based on the most recent statistics, the average time to sell a single attached home in the Fraser Valley was 37 days; townhouses, 38 days; and condominiums, 39 days. Please call me for anything you would like to know whether buying or selling your home. I love to help my clients in every way I can.
Detached Homes
The benchmark price for a detached home in the Fraser Valley at the end of September was $1,420,000, a decrease of 1.2% from the preceding month. The extremities of this average were South Surrey/White Rock at $1,777,900 and Mission at $1,015,400. The three municipalities closest to the benchmark on the higher side of the average were: Cloverdale at $1,433,200, a decrease of 1.2% from the preceding month; Surrey at $1,434,400, a decrease of 1.1 from the preceding month; and Langley at $1,576,300, a decrease of 0.9% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: North Surrey at $1,382,000, a decrease of 2.9% from the preceding month; North Delta at $1,318,400, a decrease of 0.2% from the preceding month; Abbotsford at $1,152,500, a decrease of 1.7% from the preceding month.
Townhouses
The benchmark price for a townhouse in the Fraser Valley at the end of September was $795,600, a decrease of 1.5% from the preceding month. The extremities of this average were South Surrey/White Rock at $906,800 and Abbotsford at $640,500. The three municipalities closest to the benchmark on the higher side of the average were: Cloverdale at $800,100, a decrease of 1.4% from the preceding month; Langley at $839,600, a decrease of 1.0% from the preceding month; and North Delta at $901,200, a decrease of 3.4% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Surrey at $781,900, a decrease of 1.8%% from the preceding month; North Surrey at $742,600, an increase of 2.8% from the preceding month; and Mission at $652,500, a decrease of 0.6% from the preceding month.
Condominiums
The benchmark price for a condominium in the Fraser Valley at the end of September was $510,400, a decrease of 0.7% from the preceding month. The extremities of this average were South Surrey/White Rock at $593,100 and Abbotsford at $415,900. The three municipalities closest to the benchmark on the higher side of the average were Surrey at $532,200, a decrease of 0.4% from the preceding month; North Delta at $543,400, an increase of 0.6% from the preceding month; and Cloverdale at $559,300, a decrease of 2.3% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were North Surrey at $443,800, a decrease of 0.5% from the preceding month; Mission at $436,800, an increase of 0.5% from the preceding month; and Abbotsford at $415,900, a decrease of 1.4% from the preceding month.
I can help
There are many ways I can help you with your real estate transactions. Please let me know how I can help in these challenging times. You may need help in managing your home ownership plans, or in adjusting your financial strategy for a home purchase. Perhaps you are thinking of listing your home for sale and want to understand the market to set your asking price. Let me help. I have a post-graduate education in business along with years of experience in both banking and real estate. I am happy to help in any way I can. I want my clients to achieve their goals. Please don’t hesitate to call me.