Fraser Valley Real Estate Kicked-off The New Year Strong

Fraser Valley Real Estate Kicked-off The New Year Strong

Activity in the Fraser Valley housing market began to pick up again in January, after a slow December

Townhouse and condo sales remained very strong; accounting for half of the month’s total sales volume.  Inventory is still low, especially in single family homes, making it a great time to get off the fence and list your home.  The outlook for the remainder of 2017 is excellent.

Click These Buttons To Jump To That Areas Summary
.

All Fraser Valley Areas Combined

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

 Detached

 Jan-17 Jan-16 % change Dec-16 % change
 Sales360716-49.7%3493.2%
 New Listings8711,119-22.2%312179.2%
 Active Listings1,7871,34832.6%1,6289.8%
 Benchmark Price$ 856,300$ 689,30024.2%$ 856,7000.0%
 Median Price$ 790,000$ 748,5595.5%$ 795,238-0.7%
 Average Price$ 890,117$ 850,8004.6%$ 914,763-2.7%

 Townhouse

Jan-17 Jan-16 % changeDec-16 % change
 Sales212275-22.9%226-6.2%
 New Listings401465-13.8%143180.4%
 Active Listings524 687-23.7%40828.4%
 Benchmark Price $ 420,400 $ 326,50028.8% $ 416,6000.9%
 Median Price$ 461,150$ 365,00026.3%$ 461,750-0.1%
 Average Price$ 918,851$ 384,22424.4%$ 471,0861.5%

 Apartment – Condo

Jan-17 Jan-16 % changeDec-16 % change
 Sales27619442.3%279-1.1%
 New Listings5184749.3%182184.6%
Active Listings5941,113-46.6%42041.4%
Benchmark Price$ 262,300 $ 205,60027.6%$ 259,0001.3%
 Median Price$ 255,950$ 211,75020.9%$ 240,8006.3%
 Average Price$ 295,865$ 239,21723.7%$ 260,13913.7%

Abbotsford

 Detached

Jan-17 Jan-16 % changeDec-16 % change
 Sales70105-33.3%4555.6%
 New Listings109149-26.8%35211.4%
Active Listings2172122.4%223-2.7%
Benchmark Price$ 670,700$ 509,10031.7%$ 666,5000.6%
 Median Price$ 619,250$ 570,0008.6%$ 649,900-4.7%
 Average Price$ 644,067$ 579,84211.1%$ 670,677-4.0%

 Townhouse

Jan-17 Jan-16 % changeDec-16 % change
 Sales2433-27.3%27-11.1%
 New Listings2861-54.1%1675.0%
Active Listings53136-61.0%58-8.6%
Benchmark Price$ 298,200$ 231,80028.6%$ 295,0001.1%
 Median Price$ 320,000$ 342,500-6.6%$ 378,000-15.3%
 Average Price$ 340,710$ 313,0368.8%$ 393,951-13.5%

 Apartment – Condo

Jan-17 Jan-16 % changeDec-16 % change
 Sales423423.5%60-30.0%
 New Listings74697.2%4276.2%
Active Listings110170-35.3%8825.0%
Benchmark Price$ 218,100$ 155,90039.9%$ 213,7002.1%
 Median Price$ 191,000$ 156,25022.2%$ 200,750-4.9%
 Average Price$ 197,144$ 164,33720.0%$ 198,765-0.8%

Mission

 Detached

Jan-17 Jan-16 % changeDec-16 % change
 Sales1947-59.6%34-44.1%
 New Listings3876-50.0%2090.0%
Active Listings113126-10.3%1130.0%
Benchmark Price$ 546,200$ 421,60029.6%$ 544,2000.4%
 Median Price$ 625,000$ 448,50039.4%$ 550,25013.6%
 Average Price$ 619,669$ 468,81732.2%$ 536,91815.4%

 Townhouse

Jan-17 Jan-16 % changeDec-16 % change
 Sales3250.0%4-25.0%
 New Listings616-62.5%3100.0%
Active Listings1627-40.7%160.0%
Benchmark Price$ 342,800$ 241,20042.1%$ 336,5001.9%
 Median Price$ 200,000$ 270,959-26.2%$ 383,925-47.9%
 Average Price$ 246,796$ 270,959-8.9%$ 359,712-31.4%

 Apartment – Condo

Jan-17 Jan-16 % changeDec-16 % change
 Sales5425.0%2150.0%
 New Listings135160.0%2550.0%
Active Listings1319-31.6%6116.7%
Benchmark Price$ 224,000$ 180,80023.9%$ 218,9002.3%
 Median Price$ 215,000$ 138,25055.5%$ 148,50044.8%
 Average Price$ 198,580$ 143,87538.0%$ 148,50033.7%

White Rock

 Detached

Jan-17 Jan-16 % changeDec-16 % change
 Sales44140-68.6%47-6.4%
 New Listings240246-2.4%60300.0%
Active Listings42929943.5%32432.4%
Benchmark Price$ 1,422,700$ 1,132,70025.6%$ 1,430,200-0.5%
 Median Price$ 1,409,500$ 1,200,50017.4%$ 1,380,9522.1%
 Average Price$ 1,490,197$ 1,361,2089.5%$ 1,563,707-4.7%

 Townhouse

Jan-17 Jan-16 % changeDec-16 % change
 Sales3655-34.5%37-2.7%
 New Listings79107-26.2%25216.0%
Active Listings97131-26.0%7136.6%
Benchmark Price$ 572,200$ 454,90025.8%$ 573,300-0.2%
 Median Price$ 615,100$ 445,00038.2%$ 575,0007.0%
 Average Price$ 657,808$ 500,19331.5%$ 623,3785.5%

 Apartment – Condo

Jan-17 Jan-16 % changeDec-16 % change
 Sales563943.6%5012.0%
 New Listings104119-12.6%33215.2%
Active Listings130240-45.8%9734.0%
Benchmark Price$ 345,800$ 269,30028.4%$ 343,4000.7%
 Median Price$ 377,888$ 306,00023.5%$ 365,7503.3%
 Average Price$ 423,149$ 347,47921.8%$ 369,25014.6%

Langley

 Detached

Jan-17 Jan-16 % changeDec-16 % change
 Sales6382-23.2%621.6%
 New Listings115142-19.0%43167.4%
Active Listings18914035.0%1758.0%
Benchmark Price$ 866,500$ 698,40024.1%$ 865,2000.2%
 Median Price$ 799,000$ 736,2508.5%$ 812,450-1.7%
 Average Price$ 848,110$ 816,6653.9%$ 873,024-2.9%

 Townhouse

Jan-17 Jan-16 % changeDec-16 % change
 Sales564524.4%4914.3%
 New Listings1027045.7%24325.0%
Active Listings1016848.5%7142.3%
Benchmark Price$ 429,900$ 336,60027.7%$ 427,5000.6%
 Median Price$ 477,250$ 370,00029.0%$ 489,900-2.6%
 Average Price$ 480,178$ 375,81727.8%$ 477,4200.6%

 Apartment – Condo

Jan-17 Jan-16 % changeDec-16 % change
 Sales563464.7%4136.6%
 New Listings1006651.5%24316.7%
Active Listings79123-35.8%4864.6%
Benchmark Price$ 279,300$ 213,20031.0%$ 274,8001.6%
 Median Price$ 251,950$ 213,83017.8%$ 270,000-6.7%
 Average Price$ 281,437$ 240,38417.1%$ 267,5935.2%

Delta – North

 Detached

Jan-17 Jan-16 % changeDec-16 % change
 Sales2346-50.0%2015.0%
 New Listings4352-17.3%2759.3%
Active Listings12054122.2%125-4.0%
Benchmark Price$ 828,200$ 721,60014.8%$ 833,300-0.6%
 Median Price$ 941,000$ 755,00024.6%$ 813,00015.7%
 Average Price$ 1,006,971$ 816,29923.4%$ 907,54111.0%

 Townhouse

Jan-17 Jan-16 % changeDec-16 % change
 Sales29-77.8%5-60.0%
 New Listings102400.0%3233%
Active Listings191172.7%1258.3%
Benchmark Price$ 474,500$ 366,70029.4%$ 477,700-0.7%
 Median Price$ 655,500$ 475,00038.0%$ 602,0008.9%
 Average Price$ 655,500$ 488,20034.3%$ 596,6609.9%

 Apartment – Condo

Jan-17 Jan-16 % changeDec-16 % change
 Sales4333.3%6-33.3%
 New Listings9580.0%
Active Listings1027-63.0%742.9%
Benchmark Price$ 198,000$ 165,60019.6%$ 196,7000.7%
 Median Price$ 324,900$ 210,00054.7%$ 182,45078.1%
 Average Price$ 377,150$ 235,63360.1%$ 247,73352.2%

Surrey – Central

 Detached

Jan-17 Jan-16 % changeDec-16 % change
 Sales72180-60.0%694.3%
 New Listings156259-39.8%60160.0%
Active Listings36030916.5%3473.7%
Benchmark Price$ 862,000$ 690,20024.9%$ 862,800-0.1%
 Median Price$ 825,000$ 775,5006.4%$ 897,000-8.0%
 Average Price$ 894,463$ 811,71710.2%$ 939,293-4.8%

 Townhouse

Jan-17 Jan-16 % changeDec-16 % change
 Sales6190-32.2%70-12.9%
 New Listings113146-22.6%38197.4%
Active Listings151207-27.1%11333.6%
Benchmark Price$ 436,900$ 331,90031.6%$ 432,1001.1%
 Median Price$ 451,000$ 354,00027.4%$ 444,5001.5%
 Average Price$ 464,041$ 357,73129.7%$ 439,4935.6%

 Apartment – Condo

Jan-17 Jan-16 % changeDec-16 % change
 Sales201625.0%26-23.1%
 New Listings3971-45.1%12225.0%
Active Listings43160-73.1%3043.3%
Benchmark Price$ 238,100$ 207,60014.7%$ 237,4000.3%
 Median Price$ 242,500$ 198,75022.0%$ 221,1509.7%
 Average Price$ 253,830$ 209,42121.2%$ 223,97313.3%

Surrey – Cloverdale

 Detached

Jan-17 Jan-16 % changeDec-16 % change
 Sales2337-37.8%31-25.8%
 New Listings5367-20.9%19178.9%
Active Listings876338.1%7614.5%
Benchmark Price$ 863,200$ 701,00023.1%$ 860,4000.3%
 Median Price$ 830,000$ 747,61911.0%$ 815,0001.8%
 Average Price$ 849,099$ 749,97113.2%$ 856,767-0.9%

 Townhouse

Jan-17 Jan-16 % changeDec-16 % change
 Sales1822-18.2%23-21.7%
 New Listings442951.7%2391.3%
Active Listings504413.6%3161.3%
Benchmark Price$ 456,400$ 361,80026.1%$ 451,1001.2%
Median Price$ 435,000$ 356,50022.0%$ 456,800-4.8%
Average Price$ 438,538$ 352,91324.3%$ 452,617-3.1%

 Apartment – Condo

Jan-17 Jan-16 % changeDec-16 % change
 Sales211910.5%210.0%
 New Listings332722.2%1794.1%
Active Listings3556-37.5%2540.0%
Benchmark Price$ 311,500$ 243,40028.0%$ 309,8000.5%
 Median Price$ 267,000$ 250,0006.8%$ 294,000-9.2%
 Average Price$ 312,431$ 281,57911.0%$ 289,5807.9%

Surrey – North

 Detached

Jan-17 Jan-16 % changeDec-16 % change
 Sales4579-43.0%419.8%
 New Listings116126-7.9%45157.8%
Active Listings25713984.9%23011.7%
Benchmark Price$ 821,900$ 686,70019.7%$ 826,400-0.5%
 Median Price$ 725,000$ 665,1009.0%$ 760,000-4.6%
 Average Price$ 825,293$ 725,46313.8%$ 821,2930.5%

 Townhouse

Jan-17 Jan-16 % changeDec-16 % change
 Sales1219-36.8%119.1%
 New Listings1934-44.1%1090.0%
Active Listings3763-41.3%355.7%
Benchmark Price$ 348,300$ 266,30030.8%$ 342,5001.7%
 Median Price$ 357,000$ 300,00019.0%$ 330,0008.2%
 Average Price$ 360,729$ 316,49014.0%$ 343,0275.2%

 Apartment – Condo

Jan-17 2015 % changeDec-16 % change
 Sales724560.0%73-1.4%
 New Listings14611230.4%52180.8%
Active Listings174318-45.3%11946.2%
Benchmark Price$ 239,900$ 198,60020.8%$ 237,3001.1%
 Median Price$ 269,950$ 195,00038.4%$ 231,50016.6%
 Average Price$ 274,760$ 202,50435.7%$ 240,15414.4%

.

Schreder-Brothers-real-estate-group-Fraser Valley Real Estate Kicked-off The New Year Strong

What does FVREB have to say?

Demand diversifies for Fraser Valley real estate in January

SURREY, BC – Fraser Valley real estate kicked-off the New Year strong with sales reaching above the ten-year average for January, and a healthy intake of new inventory.

The Fraser Valley Real Estate Board processed 976 sales of all property types on its Multiple Listing Service® (MLS®) in January, a decrease of 27.1 per cent compared to the 1,338 sales in January of last year, and a 1 per cent increase compared to the 966 sales in December 2016.

Of the 976 sales processed last month, 212 were townhouses and 276 were apartments, representing exactly half of the month’s market activity.

Schreder-Brothers-real-estate-group-Fraser Valley Real Estate Kicked-off The New Year Strong -003

“The impacts of 2016’s tremendous real estate surge continue to be felt as we enter the New Year, and a new market.

Notably, the distribution of sales across our residential property types levelled-off even further in January. As well, prices continue to adjust to match more typical demand, albeit slowly,” said Charles Wiebe, Board President.

The Board received 2,178 new listings in January, a significant 162.7 per cent increase from December 2016, and a 13.2 per cent decrease compared to January 2016’s 2,510 new listings.

In January the total active inventory for the Fraser Valley was 4,401 listings #LangleyBC Click To Tweet

In January the total active inventory for the Fraser Valley was 4,401 listings, a decrease of 8.1 per cent year-over-year and the lowest level seen for a January in ten years. However, active inventory increased by 12 per cent month-over-month compared to December’s 3,930 active listings.

“This is a great time to list in the Fraser Valley; buyers are looking at a wider range of homes and the market is still lacking inventory needed to match demand. If you need help figuring out your next step, talk your local REALTOR® and they can help you get to market quickly and stress-free.”

For the Fraser Valley region, the average number of days to sell a single family detached home in January 2017 was 49 days, compared to 33 days in January 2016.

Schreder-Brothers-real-estate-group-Fraser Valley Real Estate Kicked-off The New Year Strong -002

HPI® Benchmark Price Activity

• Single Family Detached: At $856,300, the Benchmark price for a single family detached home in the Valley did not change compared to December 2016, and increased 24.3 per cent compared to January 2016.

• Townhomes: At $420,400 the Benchmark price for a townhome in the Fraser Valley increased 0.9 per cent compared to December 2016, and increased 28.8 per cent compared to January 2016.

• Apartments: At $262,300, the Benchmark price for apartments/condos in the Fraser Valley increased 1.3 per cent compared to December 2016, and increased 27.6 per cent compared to January 2016.

Full package:
http://www.fvreb.bc.ca/statistics/Package201701.pdf

.

Summary
Fraser Valley Real Estate Kicked-off The New Year Strong
Article Name
Fraser Valley Real Estate Kicked-off The New Year Strong
Description
Townhouse and condo sales remained very strong; accounting for half of the month’s total sales volume. Inventory is still low, especially in single family homes, making it a great time to get off the fence and list your home. The outlook for the remainder of 2017 is excellent.
Author
Publisher Name
The Schreder Brothers Real Estate Group
Publisher Logo

Schreder Brothers

The Schreder Brothers 


The Schreder Brothers provide a value-added approach ensuring their client’s real estate venture is handled in the most profitable manner by involving team players with a wealth of knowledge spanning across many areas of real estate.

Related Post

Leave a Reply