Fraser Valley Real Estate Market December 2018

Fraser Valley Real Estate Market December 2018

The Fraser Valley real estate market returns to more typical levels for both sales and inventory.

DECEMBER 2018 STATISTICS REPORT

Fraser Valley Real Estate Report

The end of 2018 saw a slow down in sales with only 800 sales processed – this is the lowest amount of sales processed in December since 2012. With sales down, 2018 finished off with 5,454 active units, 978 of which are new listings that entered the market throughout the month. A total of 32,058 new listings were received by the Board’s MLS® system in 2018. This was the fourth highest total for new inventory in the Board’s history.

See Listed Properties in Langley BC

With increased inventory it is a great time to be a buyer. Buyers now have the options and the time to make an informed decision about their purchase. We’ve seen the market return to normal demand levels for the region. Sellers will need to ensure that they are being realistic about their listings and that they are pricing their home effectively. It is also important for sellers to ensure that their home stands out when compared to similar homes. This means take the time to do those cosmetic or minor repairs to make your home look its best.

Sellers of detached homes in Walnut Grove, Murrayville, and Fort Langley are still within a sellers market. Best bets for buyers of detached homes are within in the 1.75 – 2 Million price range in Campbell Valley and Salmon River. Buyers can also see great options in Aldergrove, Brookswood, Langley City and Willoughby Heights as these areas have returned to a balanced market.

For the attached market (townhouses and condos) we are still seeing a sellers market in Aldergrove, Langley City, Salmon River, Walnut Grove and Willoughby Heights. Murrayville is currently in a buyers market and a great option for buyers. The most active price band are homes selling within the $300,000 – $400,000 price range.

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 –>> https://schreders.ca/fraser-valley-real-estate-market-november-2018/

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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 / South Surrey

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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?

Fraser Valley housing market slows down in 2018

SURREY, BC – After three consecutive years of total annual sales surpassing 20,000 units, 2018 saw the Fraser Valley real estate market return to more typical levels for both sales and inventory.

The Board’s Multiple Listing Service® (MLS®) processed 15,586 sales in 2018, a 30.2 per cent decrease compared to 2017’s 22,338 sales and the lowest total sales for the Fraser Valley since 2013. The total dollar volume of MLS® transactions for the year was $11.8 billion, dropping from $15.7 billion sold during the year prior.

Of the total transactions that took place in 2018, 3,866 were townhouses and 4,296 were apartments. Each of those property types saw a significant decrease in sales compared to 2017, with total townhouse sales dropping 25.6 per cent year-over-year and apartments dropping 30.5 per cent.

“In terms of demand, this is around what we’re used to seeing for our region,” said John Barbisan, President of the Board. “There is still a great deal of interest for Fraser Valley real estate, but with prices moving slowly and more inventory becoming available, many consumers are taking a deliberate approach now that they can afford to.”

For inventory, a total of 32,058 new listings were received by the Board’s MLS® system in 2018. This was the fourth highest total for new inventory in the Board’s history.

In December the Board processed a total of 800 sales, the lowest for the month since 2012. Inventory in December finished at 5,454 active units, with a total of 978 new listings entering the market throughout the month.

Barbisan adds, “With buyers shifting into the driver’s seat and able to navigate the market more comfortably, it has become key for sellers to price effectively and leverage their home’s appeal to stand out and find success.”

“If you’re looking to enter the market in 2019, buying or selling, contact a local REALTOR® who can help you accomplish your goals in the new year.”
HPI® Benchmark Price Activity.

  • Single Family Detached: At $965,300, the Benchmark price for a single family detached home in the Fraser Valley decreased 1.1 per cent compared to November 2018 and decreased 1.5 per cent compared to December 2017.
  • Townhomes: At $531,900, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 0.2 per cent compared to November 2018 and increased 3.7 per cent compared to December 2017.
  • Apartments: At $418,300, the Benchmark price for apartments/condos in the Fraser Valley decreased 1 per cent compared to November 2018 and increased 7.6 per cent compared to December 2017.

Find the December Statistics Package here.

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