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

Written by • March 6, 2017

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

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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.

[bctt tweet=”Condo & Townhome Market In Langley Very Hot In February – #LangleyBC” username=”jwsrealestate”]

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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-17 Feb-16  % change Jan-17  % change
 Sales 489 1,243 -60.7% 360 35.8%
 New Listings 858 1,648 -47.9% 871 -1.5%
 Active Listings 1,881 1,582 18.9% 1,787 5.3%
 Benchmark Price $ 859,300 $ 714,000 20.4% $ 856,300 0.4%
 Median Price $ 825,000 $ 775,000 6.5% $ 790,000 4.4%
 Average Price $ 912,378 $ 896,955 1.7% $ 890,117 2.5%

 Townhouse
Feb-17 Feb-16  % change Jan-17  % change
 Sales 369 526 -29.8% 212 74.1%
 New Listings 427 551 -22.5% 401 6.5%
 Active Listings 506 621 -18.5% 524 -3.4%
 Benchmark Price  $ 422,400  $ 337,300 25.2%  $ 420,400 0.5%
 Median Price $ 489,000 $ 370,850 31.9% $ 461,150 6.0%
 Average Price $ 484,196 $ 396,721 22.0% $ 477,964 1.3%

 Apartment – Condo
Feb-17 Feb-16  % change Jan-17  % change
 Sales 391 388 0.8% 276 41.7%
 New Listings 474 583 -18.7% 518 -8.5%
Active Listings 608 1,170 -48.0% 594 2.4%
Benchmark Price $ 267,000  $ 211,000 26.5% $ 262,300 1.8%
 Median Price $ 275,000 $ 232,000 18.5% $ 255,950 7.4%
 Average Price $ 286,001 $ 252,208 13.4% $ 295,865 -3.3%

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Abbotsford

 Detached
Feb-17 Feb-16  % change Jan-17  % change
 Sales 70 210 -66.7% 70 0.0%
 New Listings 98 245 -60.0% 109 -10.1%
Active Listings 227 220 3.2% 217 4.6%
Benchmark Price $ 673,600 $ 531,400 26.8% $ 670,700 0.4%
 Median Price $ 648,000 $ 547,350 18.4% $ 619,250 4.6%
 Average Price $ 684,928 $ 569,540 20.3% $ 644,067 6.3%

 Townhouse
Feb-17 Feb-16  % change Jan-17  % change
 Sales 40 91 -56.0% 24 66.7%
 New Listings 42 80 -47.5% 28 50.0%
Active Listings 51 117 -56.4% 53 -3.8%
Benchmark Price $ 294,500 $ 236,600 24.5% $ 298,200 -1.2%
 Median Price $ 351,073 $ 314,900 11.5% $ 320,000 9.7%
 Average Price $ 356,617 $ 313,702 13.7% $ 340,710 4.7%

 Apartment – Condo
Feb-17 Feb-16  % change Jan-17  % change
 Sales 86 58 48.3% 42 104.8%
 New Listings 92 85 8.2% 74 24.3%
Active Listings 108 172 -37.2% 110 -1.8%
Benchmark Price $ 222,600 $ 157,300 41.5% $ 218,100 2.1%
 Median Price $ 209,750 $ 151,500 38.4% $ 191,000 9.8%
 Average Price $ 222,852 $ 159,459 39.8% $ 197,144 13.0%

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Mission

 Detached
Feb-17 Feb-16  % change Jan-17  % change
 Sales 37 83 -55.4% 19 94.7%
 New Listings 58 87 -33.3% 38 52.6%
Active Listings 115 115 0.0% 113 1.8%
Benchmark Price $ 545,400 $ 440,000 24.0% $ 546,200 -0.1%
 Median Price $ 529,400 $ 460,000 15.1% $ 625,000 -15.3%
 Average Price $ 573,498 $ 474,507 20.9% $ 619,669 -7.5%

 Townhouse
Feb-17 Feb-16  % change Jan-17  % change
 Sales 6 5 20.0% 3 100.0%
 New Listings 6 6 0.0% 6 0.0%
Active Listings 15 28 -46.4% 16 -6.3%
Benchmark Price $ 341,700 $ 255,300 33.8% $ 342,800 -0.3%
 Median Price $ 387,047 $ 249,000 55.4% $ 200,000 93.5%
 Average Price $ 391,324 $ 255,548 53.1% $ 246,796 58.6%

 Apartment – Condo
Feb-17 Feb-16  % change Jan-17  % change
 Sales 5 9 -44.4% 5 0.0%
 New Listings 4 7 -42.9% 13 -69.2%
Active Listings 12 18 -33.3% 13 -7.7%
Benchmark Price $ 227,800 $ 182,000 25.2% $ 224,000 1.7%
 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-17 Feb-16  % change Jan-17  % change
 Sales 73 223 -67.3% 44 65.9%
 New Listings 178 298 -40.3% 240 -25.8%
Active Listings 476 346 37.6% 429 11.0%
Benchmark Price $1,441,200 $ 1,163,900 23.8% $ 1,422,700 1.3%
 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% $ 1,490,197 0.0%

 Townhouse
Feb-17 Feb-16  % change Jan-17  % change
 Sales 45 106 -57.5% 36 25.0%
 New Listings 73 85 -14.1% 79 -7.6%
Active Listings 106 91 16.5% 97 9.3%
Benchmark Price $ 570,600 $ 471,700 21.0% $ 572,200 -0.3%
 Median Price $ 555,000 $ 505,000 9.9% $ 615,100 -9.8%
 Average Price $ 611,929 $ 537,271 13.9% $ 657,808 -7.0%

 Apartment – Condo
Feb-17 Feb-16  % change Jan-17  % change
 Sales 73 112 -34.8% 56 30.4%
 New Listings 74 127 -41.7% 104 -28.8%
Active Listings 109 237 -54.0% 130 -16.2%
Benchmark Price $ 349,800 $ 283,100 23.6% $ 345,800 1.2%
 Median Price $ 359,900 $ 317,000 13.5% $ 377,888 -4.8%
 Average Price $ 370,090 $ 334,502 10.6% $ 423,149 -12.5%

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Langley

 Detached
Feb-17 Feb-16  % change Jan-17  % change
 Sales 84 204 -58.8% 63 33.3%
 New Listings 130 279 -53.4% 115 13.0%
Active Listings 210 198 6.1% 189 11.1%
Benchmark Price $ 866,900 $ 722,800 19.9% $ 866,500 0.0%
 Median Price $ 850,000 $ 865,250 -1.8% $ 799,000 6.4%
 Average Price $ 864,712 $ 913,821 -5.4% $ 848,110 2.0%

 Townhouse
Feb-17 Feb-16  % change Jan-17  % change
 Sales 87 84 3.6% 56 55.4%
 New Listings 91 95 -4.2% 102 -10.8%
Active Listings 88 75 17.3% 101 -12.9%
Benchmark Price $ 430,500 $ 348,600 23.5% $ 429,900 0.1%
 Median Price $ 505,900 $ 358,450 41.1% $ 477,250 6.0%
 Average Price $ 494,776 $ 383,758 28.9% $ 480,178 3.0%

 Apartment – Condo
Feb-17 Feb-16  % change Jan-17  % change
 Sales 71 61 16.4% 56 26.8%
 New Listings 90 110 -18.2% 100 -10.0%
Active Listings 84 157 -46.5% 79 6.3%
Benchmark Price $ 283,100 $ 219,600 28.9% $ 279,300 1.4%
 Median Price $ 291,000 $ 226,000 28.8% $ 251,950 15.5%
 Average Price $ 298,178 $ 244,855 21.8% $ 281,437 5.9%

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Delta – North

 Detached
Feb-17 Feb-16  % change Jan-17  % change
 Sales 37 74 -50.0% 23 60.9%
 New Listings 58 111 -47.7% 43 34.9%
Active Listings 118 83 42.2% 120 -1.7%
Benchmark Price $ 819,600 $ 746,600 9.8% $ 828,200 -1.0%
 Median Price $ 820,000 $ 808,250 1.5% $ 941,000 -12.9%
 Average Price $ 859,905 $ 876,450 -1.9% $ 1,006,971 -14.6%

 Townhouse
Feb-17 Feb-16  % change Jan-17  % change
 Sales 7 7 0.0% 2 250.0%
 New Listings 7 11 -36.4% 10 -30%
Active Listings 15 11 36.4% 19 -21.1%
Benchmark Price $ 482,900 $ 377,200 28.0% $ 474,500 1.8%
 Median Price $ 558,000 $ 604,761 -7.7% $ 655,500 -14.9%
 Average Price $ 577,228 $ 457,472 26.2% $ 655,500 -11.9%

 Apartment – Condo
Feb-17 Feb-16  % change Jan-17  % change
 Sales 4 6 33.3% 4 0.0%
 New Listings 9 8 12.5% 9 0.0%
Active Listings 13 24 -45.8% 10 30.0%
Benchmark Price $ 202,800 $ 164,600 23.2% $ 198,000 2.4%
 Median Price $ 349,950 $ 181,250 93.1% $ 324,900 7.7%
 Average Price $ 352,450 $ 167,833 110.0% $ 377,150 -6.5%

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Surrey – Central

 Detached
Feb-17 Feb-16  % change Jan-17  % change
 Sales 95 253 -62.5% 72 31.9%
 New Listings 165 306 -46.1% 156 5.8%
Active Listings 357 319 11.9% 360 -0.8%
Benchmark Price $ 866,900 $ 712,300 21.7% $ 862,000 0.6%
 Median Price $ 842,500 $ 764,900 10.1% $ 825,000 2.1%
 Average Price $ 874,848 $ 800,566 9.3% $ 894,463 -2.2%

 Townhouse
Feb-17 Feb-16  % change Jan-17  % change
 Sales 112 131 -14.5% 61 83.6%
 New Listings 136 147 -7.5% 113 20.4%
Active Listings 158 177 -10.7% 151 4.6%
Benchmark Price $ 443,500 $ 343,100 29.3% $ 436,900 1.5%
 Median Price $ 483,250 $ 360,000 34.2% $ 451,000 7.2%
 Average Price $ 474,410 $ 377,375 25.7% $ 464,041 2.2%

 Apartment – Condo
Feb-17 Feb-16  % change Jan-17  % change
 Sales 26 38 -31.6% 20 30.0%
 New Listings 39 57 -31.6% 39 0.0%
Active Listings 54 161 -66.5% 43 25.6%
Benchmark Price $ 242,300 $ 206,700 17.2% $ 238,100 1.8%
 Median Price $ 251,750 $ 222,400 13.2% $ 242,500 3.8%
 Average Price $ 255,004 $ 225,403 13.1% $ 253,830 0.5%

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Surrey – Cloverdale

 Detached
Feb-17 Feb-16  % change Jan-17  % change
 Sales 44 88 -50.0% 23 91.3%
 New Listings 63 159 -60.4% 53 18.9%
Active Listings 96 128 -25.0% 87 10.3%
Benchmark Price $ 865,100 $ 733,600 17.9% $ 863,200 0.2%
 Median Price $ 827,450 $ 770,000 7.5% $ 830,000 -0.3%
 Average Price $ 863,332 $ 810,599 6.5% $ 849,099 1.7%

 Townhouse
Feb-17 Feb-16  % change Jan-17  % change
 Sales 46 66 -30.3% 18 155.6%
 New Listings 47 87 -46.0% 44 6.8%
Active Listings 40 60 -33.3% 50 -20.0%
Benchmark Price $ 457,100 $ 380,000 20.3% $ 456,400 0.2%
Median Price $ 499,400 $ 386,300 29.3% $ 435,000 14.8%
Average Price $ 489,336 $ 382,504 27.9% $ 438,538 11.6%

 Apartment – Condo
Feb-17 Feb-16  % change Jan-17  % change
 Sales 29 30 -3.3% 21 38.1%
 New Listings 32 35 -8.6% 33 -3.0%
Active Listings 32 52 -38.5% 35 -8.6%
Benchmark Price $ 318,200 $ 250,300 27.1% $ 311,500 2.2%
 Median Price $ 280,000 $ 240,500 16.4% $ 267,000 4.9%
 Average Price $ 279,120 $ 265,218 5.2% $ 312,431 -10.7%

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Surrey – North

 Detached
Feb-17 Feb-16  % change Jan-17  % change
 Sales 49 107 -54.2% 45 8.9%
 New Listings 107 163 -34.4% 116 -7.8%
Active Listings 277 168 64.9% 257 7.8%
Benchmark Price $ 821,600 $ 711,400 15.5% $ 821,900 0.0%
 Median Price $ 820,000 $ 730,000 12.3% $ 725,000 13.1%
 Average Price $ 870,057 $ 808,868 7.6% $ 825,293 5.4%

 Townhouse
Feb-17 Feb-16  % change Jan-17  % change
 Sales 26 36 -27.8% 12 116.7%
 New Listings 25 40 -37.5% 19 31.6%
Active Listings 33 62 -46.8% 37 -10.8%
Benchmark Price $ 355,500 $ 267,400 32.9% $ 348,300 2.1%
 Median Price $ 478,400 $ 297,000 61.1% $ 357,000 34.0%
 Average Price $ 453,442 $ 327,244 38.6% $ 360,729 25.7%

 Apartment – Condo
Feb-17 Feb-16  % change Jan-17  % change
 Sales 97 73 32.9% 72 34.7%
 New Listings 134 154 -13.0% 146 -8.2%
Active Listings 196 349 -43.8% 174 12.6%
Benchmark Price $ 244,800 $ 204,700 19.6% $ 239,900 2.0%
 Median Price $ 280,000 $ 231,000 21.2% $ 269,950 3.7%
 Average Price $ 283,354 $ 232,372 21.9% $ 274,760 3.1%

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[bctt tweet=”1,396 sales of all property types | Fraser Valley – February 2017 – #LangleyBC” username=”jwsrealestate”]

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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.

[bctt tweet=”46 Townhomes Sold in Cloverdale for February 2017 #SurreyBC” username=”jwsrealestate”]

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: https://www.fvreb.bc.ca/statistics/Package201702.pdf

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