January 2018 Was the Third Highest January Sales in FVREB History

January 2018 Was the Third Highest January Sales in FVREB History

The Fraser Valley housing market had its third highest January for sales

January 2018 STATISTICS REPORT

Langley Real Estate Report

The Fraser Valley Real Estate Board processed 1,210 sales of all property types on its Multiple Listing Service® (MLS®) in January, an increase of 24 per cent compared to the 976 sales in January of last year, and a 10 per cent decrease compared to the 1,344 sales in December 2017.

Even though sales in January were down from December 2017, this January was the third highest sales total for a January in the Board’s history, behind only 2016 (1,338) and 1992 (1,270).

See Listed Properties in Langley BC

Sales of townhouses and apartments are still very hot and together represent 51% of all transactions in January. There were 1,210 sales processed last month of which, 281 were townhouses and 338 were apartments. Active inventory for the Fraser Valley finished at 3,962 listings last month, increasing 3.8 per cent month-over-month, and decreasing 10 per cent when compared to January 2017.

The Board received 2,092 new listings in January, a 63.8 per cent increase from December 2017’s 1,277 new listings, meaning that inventory and options for buyers are increasing.

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

See last months statistics –>> http://schreders.ca/second-transactions-december-record-fraser-valley/

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All Fraser Valley Areas Combined

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

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Abbotsford

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Mission

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White Rock

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Langley

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Delta – North

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Surrey – Central

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Surrey – Cloverdale

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Surrey – North

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What Does The Fraser Valley Real Estate Board Have To Say?

2018 brings more of the same for Fraser Valley real estate

SURREY, BC – Fraser Valley housing market activity in January continued on the momentum seen throughout 2017 with year-over-year increases seen for both sales and pricing.

The Fraser Valley Real Estate Board processed 1,210 sales of all property types on its Multiple Listing Service® (MLS®) in January, an increase of 24 per cent compared to the 976 sales in January of last year, and a 10 per cent decrease compared to the 1,344 sales in December 2017. This was the third highest sales total for a January in the Board’s history, behind only 2016 (1,338) and 1992 (1,270).

Of the 1,210 sales processed last month, 281 were townhouses and 338 were apartments, together representing 51 per cent of all transactions in January.

“This will be the third consecutive year of heightened market activity for our region, and we’re starting 2018 exactly where we left off – gradually rising prices, tight inventory, and the dominance of attached home sales,” said Gopal Sahota, Board President.

Active inventory for the Fraser Valley finished at 3,962 listings last month, increasing 3.8 per cent month-over-month, and decreasing 10 per cent when compared to January 2017. January’s sales-to-active listing ratio was 31 per cent.

The Board received 2,092 new listings in January, a 63.8 per cent increase from December 2017’s 1,277 new listings, and a 3.9 per cent decrease compared to January 2017.

“Generally, pricing continues to be heavily impacted by ongoing demand and a lack of incoming inventory,” continued Sahota. “While conditions may differ depending on property type and area, it remains a complex real estate environment overall where a thorough understanding of the market and knowing what you’re looking for can make all the difference.”

For the Fraser Valley region the average number of days to sell an apartment in January was 19, and 24 for townhomes. Single family detached homes remained on the market for an average of 46 days before selling.

HPI® Benchmark Price Activity

  • Single Family Detached: At $982,700, the Benchmark price for a single family detached home in the Valley increased 0.6 per cent compared to December 2017, and increased 15.1 per cent compared to January 2017.
  • Townhomes: At $519,400 the Benchmark price for a townhome in the Fraser Valley increased 1.2 per cent compared to December 2017, and increased 23.4 per cent compared to January 2017.
  • Apartments: At $404,100, the Benchmark price for apartments/condos in the Fraser Valley increased 4 per cent compared to December 2017, and increased 44.1 per cent compared to January 2017.

Find the January Statistics Package here

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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.

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