Condo & Townhome Market In Langley & Cloverdale Especially Hot In February

Condo & Townhome Market In Langley & Cloverdale Especially Hot In February

The Fraser Valley Real Estate Board reports that the local market returned to more normalized volume in February

FEBRUARY 2017 STATISTICS REPORT

The Fraser Valley Real Estate Board reports that the local market returned to more normalized volume in February.  While this is the case, we still see prices heavily influenced by low inventory and the feeding frenzy of last year.  The Condo and Townhome markets in Langley and Cloverdale are especially hot; we are again seeing multiple offers and prices over asking.

If you are considering selling or just have questions about the market, please give us a call today and let’s chat.

Condo & Townhome Market In Langley Very Hot In February - #LangleyBC Click To Tweet

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Schreder-Brothers-Real-Estate-The-Fraser-Valley-Real-Estate-Board-Report-Infographic-February-2017---002

All Fraser Valley Areas Combined

Abbotsford – Mission – White Rock – Langley – Delta/North – Surrey Central – Cloverdale – Surrey/North

 Detached

 Feb-17Feb-16 % changeJan-17 % change
 Sales4891,243-60.7%36035.8%
 New Listings8581,648-47.9%871-1.5%
 Active Listings1,8811,58218.9%1,7875.3%
 Benchmark Price$ 859,300$ 714,00020.4%$ 856,3000.4%
 Median Price$ 825,000$ 775,0006.5%$ 790,0004.4%
 Average Price$ 912,378$ 896,9551.7%$ 890,1172.5%

 Townhouse

Feb-17Feb-16 % changeJan-17 % change
 Sales369526-29.8%21274.1%
 New Listings427551-22.5%4016.5%
 Active Listings506621-18.5%524-3.4%
 Benchmark Price $ 422,400 $ 337,30025.2% $ 420,4000.5%
 Median Price$ 489,000$ 370,85031.9%$ 461,1506.0%
 Average Price$ 484,196$ 396,72122.0%$ 477,9641.3%

 Apartment – Condo

Feb-17Feb-16 % changeJan-17 % change
 Sales3913880.8%27641.7%
 New Listings474583-18.7%518-8.5%
Active Listings6081,170-48.0%5942.4%
Benchmark Price$ 267,000 $ 211,00026.5%$ 262,3001.8%
 Median Price$ 275,000$ 232,00018.5%$ 255,9507.4%
 Average Price$ 286,001$ 252,20813.4%$ 295,865-3.3%

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Abbotsford

 Detached

Feb-17Feb-16 % changeJan-17 % change
 Sales70210-66.7%700.0%
 New Listings98245-60.0%109-10.1%
Active Listings2272203.2%2174.6%
Benchmark Price$ 673,600$ 531,40026.8%$ 670,7000.4%
 Median Price$ 648,000$ 547,35018.4%$ 619,2504.6%
 Average Price$ 684,928$ 569,54020.3%$ 644,0676.3%

 Townhouse

Feb-17Feb-16 % changeJan-17 % change
 Sales4091-56.0%2466.7%
 New Listings4280-47.5%2850.0%
Active Listings51117-56.4%53-3.8%
Benchmark Price$ 294,500$ 236,60024.5%$ 298,200-1.2%
 Median Price$ 351,073$ 314,90011.5%$ 320,0009.7%
 Average Price$ 356,617$ 313,70213.7%$ 340,7104.7%

 Apartment – Condo

Feb-17Feb-16 % changeJan-17 % change
 Sales865848.3%42104.8%
 New Listings92858.2%7424.3%
Active Listings108172-37.2%110-1.8%
Benchmark Price$ 222,600$ 157,30041.5%$ 218,1002.1%
 Median Price$ 209,750$ 151,50038.4%$ 191,0009.8%
 Average Price$ 222,852$ 159,45939.8%$ 197,14413.0%

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Mission

 Detached

Feb-17Feb-16 % changeJan-17 % change
 Sales3783-55.4%1994.7%
 New Listings5887-33.3%3852.6%
Active Listings1151150.0%1131.8%
Benchmark Price$ 545,400$ 440,00024.0%$ 546,200-0.1%
 Median Price$ 529,400$ 460,00015.1%$ 625,000-15.3%
 Average Price$ 573,498$ 474,50720.9%$ 619,669-7.5%

 Townhouse

Feb-17Feb-16 % changeJan-17 % change
 Sales6520.0%3100.0%
 New Listings660.0%60.0%
Active Listings1528-46.4%16-6.3%
Benchmark Price$ 341,700$ 255,30033.8%$ 342,800-0.3%
 Median Price$ 387,047$ 249,00055.4%$ 200,00093.5%
 Average Price$ 391,324$ 255,54853.1%$ 246,79658.6%

 Apartment – Condo

Feb-17Feb-16 % changeJan-17 % change
 Sales59-44.4%50.0%
 New Listings47-42.9%13-69.2%
Active Listings1218-33.3%13-7.7%
Benchmark Price$ 227,800$ 182,00025.2%$ 224,0001.7%
 Median Price$ 163,250$ 205,000-20.4%$ 215,000-24.1%
 Average Price$ 170,830$ 177,222-3.6%$ 198,580-14.0%

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White Rock

 Detached

Feb-17Feb-16 % changeJan-17 % change
 Sales73223-67.3%4465.9%
 New Listings178298-40.3%240-25.8%
Active Listings47634637.6%42911.0%
Benchmark Price$1,441,200$ 1,163,90023.8%$ 1,422,7001.3%
 Median Price$1,306,000$ 1,340,000-2.5%$ 1,409,500-7.3%
 Average Price$1,490,496$ 1,541,529-3.3%$ 1,490,1970.0%

 Townhouse

Feb-17Feb-16 % changeJan-17 % change
 Sales45106-57.5%3625.0%
 New Listings7385-14.1%79-7.6%
Active Listings1069116.5%979.3%
Benchmark Price$ 570,600$ 471,70021.0%$ 572,200-0.3%
 Median Price$ 555,000$ 505,0009.9%$ 615,100-9.8%
 Average Price$ 611,929$ 537,27113.9%$ 657,808-7.0%

 Apartment – Condo

Feb-17Feb-16 % changeJan-17 % change
 Sales73112-34.8%5630.4%
 New Listings74127-41.7%104-28.8%
Active Listings109237-54.0%130-16.2%
Benchmark Price$ 349,800$ 283,10023.6%$ 345,8001.2%
 Median Price$ 359,900$ 317,00013.5%$ 377,888-4.8%
 Average Price$ 370,090$ 334,50210.6%$ 423,149-12.5%

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Langley

 Detached

Feb-17Feb-16 % changeJan-17 % change
 Sales84204-58.8%6333.3%
 New Listings130279-53.4%11513.0%
Active Listings2101986.1%18911.1%
Benchmark Price$ 866,900$ 722,80019.9%$ 866,5000.0%
 Median Price$ 850,000$ 865,250-1.8%$ 799,0006.4%
 Average Price$ 864,712$ 913,821-5.4%$ 848,1102.0%

 Townhouse

Feb-17Feb-16 % changeJan-17 % change
 Sales87843.6%5655.4%
 New Listings9195-4.2%102-10.8%
Active Listings887517.3%101-12.9%
Benchmark Price$ 430,500$ 348,60023.5%$ 429,9000.1%
 Median Price$ 505,900$ 358,45041.1%$ 477,2506.0%
 Average Price$ 494,776$ 383,75828.9%$ 480,1783.0%

 Apartment – Condo

Feb-17Feb-16 % changeJan-17 % change
 Sales716116.4%5626.8%
 New Listings90110-18.2%100-10.0%
Active Listings84157-46.5%796.3%
Benchmark Price$ 283,100$ 219,60028.9%$ 279,3001.4%
 Median Price$ 291,000$ 226,00028.8%$ 251,95015.5%
 Average Price$ 298,178$ 244,85521.8%$ 281,4375.9%

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Delta – North

 Detached

Feb-17Feb-16 % changeJan-17 % change
 Sales3774-50.0%2360.9%
 New Listings58111-47.7%4334.9%
Active Listings1188342.2%120-1.7%
Benchmark Price$ 819,600$ 746,6009.8%$ 828,200-1.0%
 Median Price$ 820,000$ 808,2501.5%$ 941,000-12.9%
 Average Price$ 859,905$ 876,450-1.9%$ 1,006,971-14.6%

 Townhouse

Feb-17Feb-16 % changeJan-17 % change
 Sales770.0%2250.0%
 New Listings711-36.4%10-30%
Active Listings151136.4%19-21.1%
Benchmark Price$ 482,900$ 377,20028.0%$ 474,5001.8%
 Median Price$ 558,000$ 604,761-7.7%$ 655,500-14.9%
 Average Price$ 577,228$ 457,47226.2%$ 655,500-11.9%

 Apartment – Condo

Feb-17Feb-16 % changeJan-17 % change
 Sales4633.3%40.0%
 New Listings9812.5%90.0%
Active Listings1324-45.8%1030.0%
Benchmark Price$ 202,800$ 164,60023.2%$ 198,0002.4%
 Median Price$ 349,950$ 181,25093.1%$ 324,9007.7%
 Average Price$ 352,450$ 167,833110.0%$ 377,150-6.5%

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Surrey – Central

 Detached

Feb-17Feb-16 % changeJan-17 % change
 Sales95253-62.5%7231.9%
 New Listings165306-46.1%1565.8%
Active Listings35731911.9%360-0.8%
Benchmark Price$ 866,900$ 712,30021.7%$ 862,0000.6%
 Median Price$ 842,500$ 764,90010.1%$ 825,0002.1%
 Average Price$ 874,848$ 800,5669.3%$ 894,463-2.2%

 Townhouse

Feb-17Feb-16 % changeJan-17 % change
 Sales112131-14.5%6183.6%
 New Listings136147-7.5%11320.4%
Active Listings158177-10.7%1514.6%
Benchmark Price$ 443,500$ 343,10029.3%$ 436,9001.5%
 Median Price$ 483,250$ 360,00034.2%$ 451,0007.2%
 Average Price$ 474,410$ 377,37525.7%$ 464,0412.2%

 Apartment – Condo

Feb-17Feb-16 % changeJan-17 % change
 Sales2638-31.6%2030.0%
 New Listings3957-31.6%390.0%
Active Listings54161-66.5%4325.6%
Benchmark Price$ 242,300$ 206,70017.2%$ 238,1001.8%
 Median Price$ 251,750$ 222,40013.2%$ 242,5003.8%
 Average Price$ 255,004$ 225,40313.1%$ 253,8300.5%

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Surrey – Cloverdale

 Detached

Feb-17Feb-16 % changeJan-17 % change
 Sales4488-50.0%2391.3%
 New Listings63159-60.4%5318.9%
Active Listings96128-25.0%8710.3%
Benchmark Price$ 865,100$ 733,60017.9%$ 863,2000.2%
 Median Price$ 827,450$ 770,0007.5%$ 830,000-0.3%
 Average Price$ 863,332$ 810,5996.5%$ 849,0991.7%

 Townhouse

Feb-17Feb-16 % changeJan-17 % change
 Sales4666-30.3%18155.6%
 New Listings4787-46.0%446.8%
Active Listings4060-33.3%50-20.0%
Benchmark Price$ 457,100$ 380,00020.3%$ 456,4000.2%
Median Price$ 499,400$ 386,30029.3%$ 435,00014.8%
Average Price$ 489,336$ 382,50427.9%$ 438,53811.6%

 Apartment – Condo

Feb-17Feb-16 % changeJan-17 % change
 Sales2930-3.3%2138.1%
 New Listings3235-8.6%33-3.0%
Active Listings3252-38.5%35-8.6%
Benchmark Price$ 318,200$ 250,30027.1%$ 311,5002.2%
 Median Price$ 280,000$ 240,50016.4%$ 267,0004.9%
 Average Price$ 279,120$ 265,2185.2%$ 312,431-10.7%

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Surrey – North

 Detached

Feb-17Feb-16 % changeJan-17 % change
 Sales49107-54.2%458.9%
 New Listings107163-34.4%116-7.8%
Active Listings27716864.9%2577.8%
Benchmark Price$ 821,600$ 711,40015.5%$ 821,9000.0%
 Median Price$ 820,000$ 730,00012.3%$ 725,00013.1%
 Average Price$ 870,057$ 808,8687.6%$ 825,2935.4%

 Townhouse

Feb-17Feb-16 % changeJan-17 % change
 Sales2636-27.8%12116.7%
 New Listings2540-37.5%1931.6%
Active Listings3362-46.8%37-10.8%
Benchmark Price$ 355,500$ 267,40032.9%$ 348,3002.1%
 Median Price$ 478,400$ 297,00061.1%$ 357,00034.0%
 Average Price$ 453,442$ 327,24438.6%$ 360,72925.7%

 Apartment – Condo

Feb-17Feb-16 % changeJan-17 % change
 Sales977332.9%7234.7%
 New Listings134154-13.0%146-8.2%
Active Listings196349-43.8%17412.6%
Benchmark Price$ 244,800$ 204,70019.6%$ 239,9002.0%
 Median Price$ 280,000$ 231,00021.2%$ 269,9503.7%
 Average Price$ 283,354$ 232,37221.9%$ 274,7603.1%

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1,396 sales of all property types | Fraser Valley - February 2017 - #LangleyBC Click To Tweet

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What Does FVREB Have To Say?

Fraser Valley Enjoys Healthy Market In February

SURREY, BC – The Fraser Valley housing market returned to more typical levels in February, with sales and new listing intake on-par with the 10-year average for the month.

The Fraser Valley Real Estate Board processed 1,396 sales of all property types on its Multiple Listing Service® (MLS®) in February, a decrease of 41.5% compared to the record-breaking 2,387 sales in February of last year, and a 43% increase compared to the 976 sales in January 2017. The 10-year average for February sales is currently 1,288 transactions.

46 Townhomes Sold in Cloverdale for February 2017 #SurreyBC Click To Tweet

Of the 1,396 sales processed last month, 369 were townhouses and 391 were apartments.

“This is the kind of February we like to see. Last year at this time, the incredible demand created a market that was difficult for consumers. Now, we have sales moving upward from the winter months at a typical, healthy pace and a growing inventory to support it,” said Gopal Sahota, Board President.

The Board received 2,171 new listings in February, a 0.3% decrease from January 2017, and a 33.9% decrease compared to February 2016’s 3,283 new listings.

For February the total active inventory in the Fraser Valley finished at 4,645 available listings, increasing by 5.5% month-over-month, and decreasing 9.4% when compared to February 2016.

“While the pace of the market has returned to more normal levels, pricing is still heavily impacted by the activity and demand seen throughout 2016. Understandably, this can create a challenging environment for consumers. If you’re struggling finding the right home or buyer, talk to a REALTOR® who can help guide you towards success in the market.”

For the Fraser Valley region, the average number of days to sell a single family detached home in February 2017 was 38 days, compared to 21 days in February 2016.

HPI® Benchmark Price Activity

  • Single Family Detached: At $859,300, the Benchmark price for a single family detached home in the Valley increased 0.4% compared to January 2017, and increased 20.4% compared to February 2016.
  • Townhomes: At $422,400 the Benchmark price for a townhome in the Fraser Valley increased 0.5% compared to January 2017, and increased 25.2% compared to February 2016.
  • Apartments: At $267,000, the Benchmark price for apartments/condos in the Fraser Valley increased 1.8% compared to January 2017, and increased 26.5% compared to February 2016.

Full package: http://www.fvreb.bc.ca/statistics/Package201702.pdf

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