Fraser Valley Real Estate Market February 2019

Fraser Valley Real Estate Market February 2019

The Fraser Valley real estate market saw an increase in sales activity and overall inventory in February.

FEBRUARY 2019 STATISTICS REPORT

Fraser Valley Real Estate Report

It is not quite Spring but the Fraser Valley Real Estate market is already picking up. Sales activity increased by 25.4% compared to sales in January 2019. Of the 982 total sales, 354 were residential detached homes, 236 were townhouses, and 288 were apartments.

There were 6,406 active listings available in the Fraser Valley at the end of February, an increase of 6.9 per cent compared to January 2019’s inventory and an increase of 47.6 per cent year-over-year. With this increased inventory buyers are again in a position where they can take a bit of a breath and have a more relaxed buying experience.

Don’t hesitate too long though, as there is still a lot of activity in the market, especially for homes with unique features, corner or end units, and homes with double wide garages or ones with extra parking available. In a market with a lot of inventory, sellers will need to price their homes effectively and ensure their home stands out.

See Listed Properties in Langley BC

Overall the Langley Detached market is sitting at a balanced market. Brookswood, Murrayville, Otter District, Walnut Grove and Willoughby heights are still in a sellers market when it comes to detached homes. The most active price band is homes listed in the $800,000-$900,000 range. Buyers will find an advantage with 7 bedroom properties in Fort Langley and Langley City priced within the 1.25-1.5 Million dollar price range.

The Langley Attached market is currently sitting at a sellers market, especially in Murrayville, Salmon River, Walnut Grove and Willoughby Heights. The most active price band is homes within the $500,000-$600,000 range. Homes with 3 bedrooms in Murrayville and Walnut Grove are a sellers best bet. Best options for buyers will be homes within the $400,000-500,000 and $600,000-$800,000 price band in Aldergrove and Langley City.

For the Fraser Valley region, the average number of days to sell an apartment in January was 40, and 39 for townhomes. Single family detached homes remained on the market for an average of 43 days before selling.

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-january-2019/

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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

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

Fraser Valley real estate market gears up for spring

SURREY, BC – Coming off a mild January, the Fraser Valley real estate market saw an increase in sales activity and overall inventory in February along with decreased prices in several of its communities.

The Fraser Valley Real Estate Board processed 982 sales of all property types on its Multiple Listing Service® (MLS®) in February, a 25.3 per cent increase compared to sales in January 2019, and a 29.1 per cent decrease compared to the 1,385 sales in February of last year. Of the 982 total sales, 354 were residential detached homes, 236 were townhouses, and 288 were apartments.

Darin Germyn, President of the Board, said of the market: “With inventory continuing to build, and prices softening across many of our areas and property types, buyers will be well positioned to make a move this spring.”

There were 6,406 active listings available in the Fraser Valley at the end of February, an increase of 6.9 per cent compared to January 2019’s inventory and an increase of 47.6 per cent year-over-year.

The Board received 2,216 new listings during the month, a 15.1 per cent decrease compared to January 2019’s intake of 2,609 new listings and a 3.4 per cent decrease compared year-over-year.

“Demand within our region varies depending on the community, with both residential detached homes and attached properties garnering interest when priced effectively,” continued Germyn. “If you’re looking to list, contact a REALTOR® who can help you understand the local market and what price point will bring you, the buyers, what you’re looking for.”

For the Fraser Valley region, the average number of days to sell an apartment in January was 40, and 39 for townhomes. Single family detached homes remained on the market for an average of 43 days before selling.

HPI® Benchmark Price Activity

  • Single Family Detached: At $958,900, the Benchmark price for a single family detached home in the Fraser Valley increased 0.5 per cent compared to January 2019 and decreased 3.7 per cent compared to February 2018.
  • Townhomes: At $516,000, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 1.2 per cent compared to January 2019 and increased 2.8 per cent compared to February 2018.
  • Apartments: At $409,700, the Benchmark price for apartments/condos in the Fraser Valley increased 0.2 per cent compared to January 2019 and decreased 3 per cent compared to February 2018.

Full package:
https://www.fvreb.bc.ca/statistics/Package201902.pdf

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