Schreder Brothers Real Estate Group

Second Most Transactions for a December on Record in the Fraser Valley

The Fraser Valley housing market had its second highest December for transactions

December 2017 STATISTICS REPORT

Langley Real Estate Report

2017 ended as being the second highest selling year on record for the Fraser Valley housing market, coming in second to 2016’s unprecedented sales. The Board’s Multiple Listing Service® (MLS®) processed 22,338 sales in 2017, 7.3% less than the record of 23,974 sales set in 2016.

It doesn’t come as a surprise that of the total transactions for the year, 5,198 were townhouses and 6,183 were apartments, together representing over half of overall market activity for the region. This was also the highest total annual sales for apartments in the Board’s history.

Housing prices continued to rise through the year so condominiums and townhouses represented a more affordable and excellent option for buyers of all types

See Listed Properties in Langley BC

Last month the Board processed 1,344 sales, the second-most transactions for a December on record in the Fraser Valley. December inventory finished at 3,818 active units, with a total of 1,277 new listings entering the market throughout the month.

Supply levels remained lower than expected throughout the year keeping inventory low and putting pressure on the pace of the market. It is still very much as a seller’s market so if you are in the market to sell your place, give us a call.

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

See last months statistics –>> http://schreders.ca/demand-fraser-valley-properties-persisted-november/

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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

 

 

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

Another big year for Fraser Valley real estate

SURREY, BC – The Fraser Valley housing market had its second highest selling year on record in 2017, with total MLS® transactions and dollar volume sold behind only 2016’s unprecedented level of activity.

The Board’s Multiple Listing Service® (MLS®) processed 22,338 sales in 2017, 7.3 per cent less than the record of 23,974 sales set in 2016. The total dollar volume of MLS® sales was $15.7 billion, coming out slightly beneath 2016’s record setting total dollar volume of $16.2 billion.

Of the total transactions for the year, 5,198 were townhouses sold and 6,183 were apartments, together representing over half of overall market activity for the region. This was also the highest total annual sales for apartments in the Board’s history.

“Much of the market’s momentum through 2017 came from the incredible shift in demand to attached-style homes, particularly in our larger communities,” remarked Gopal Sahota, President of the Board.

“While prices continued to see slight gains month-to-month, a lot of our attached inventory remained affordable and an excellent option for consumers of all types.”

For inventory, a total of 32,651 new listings were received by the Board’s MLS® system, the third highest in the Board’s history after 2016 (34,768) and 2008 (35,651).

Last month the Board processed 1,344 sales, the second-most transactions for a December on record in the Fraser Valley. December inventory finished at 3,818 active units, with a total of 1,277 new listings entering the market throughout the month.

Sahota adds, “All year, supply levels remained below where we’d like them to be, and that has put a tight grip on inventory and pressure on the pace of the market. This is still a challenging market for many consumers.

“However, if you have your finances in order, and the support of a local REALTOR® who fits your needs, you’ll be in the best position to make a move in 2018 and find success.”

HPI® Benchmark Price Activity

  • Single Family Detached: At $976,400, the Benchmark price for a single family detached home in the Valley increased 0.4 per cent compared to November 2017, and increased 14.2 per cent compared to December 2016.
  • Townhomes: At $513,100, the Benchmark price for a townhouse in the Valley increased 1.5 per cent compared to November 2017, and increased 23 per cent compared to December 2016.
  • Apartments: At $388,600, the Benchmark price for an apartment in the Valley increased 3.2 per cent compared to November 2017, and increased 40.5 per cent compared to December 2016.

Find the December Statistics Package PDF here.

Get The Full Monthly Statistics Package