Fraser Valley Real Estate Market February 2020

Fraser Valley Real Estate Market February 2020

Property sales in the Fraser Valley finished slightly above the 10-year average for February.

FEBRUARY 2020 MARKET REPORT

Fraser Valley Real Estate Report

Sales in the Fraser Valley picked up significantly in the month of February.  With overall inventory at historically below-average levels we saw numerous multiple offer situations once again. 

With the recent proposal to soften the stress test and the Bank of Canada cutting the overnight rate by a whole half point, we anticipate a flood of buyers this spring and the market to pick up even more. 

See Listed Properties For Sale in Langley BC

Reach out to us to see if the timing is right for you to take advantage of these favourable conditions.  Coffee or Beer are always on us!  

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

GO TO LAST MONTHS STATS



All Fraser Valley Areas Combined

  • Detached – SALES UP FROM LAST MONTH: 47.1%
  • Townhouse – SALES UP FROM LAST MONTH: 41.5%
  • Condo/Apt – SALES UP FROM LAST MONTH: 27.0%

Abbotsford

  • Detached – SALES UP FROM LAST MONTH: 40.0%
  • Townhouse – SALES DOWN FROM LAST MONTH: -2.9%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -2.5%

Mission

  • Detached – SALES UP FROM LAST MONTH: 20.7%
  • Townhouse – SALES UP FROM LAST MONTH: 166.7%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -50.0%

White Rock / South Surrey

  • Detached – SALES UP FROM LAST MONTH: 24.1%
  • Townhouse – SALES UP FROM LAST MONTH: 42.9%
  • Condo/Apt – SALES UP FROM LAST MONTH: 57.5%

Langley

  • Detached – SALES UP FROM LAST MONTH: 85.7%
  • Townhouse – SALES UP FROM LAST MONTH: 80.9%
  • Condo/Apt – SALES UP FROM LAST MONTH: 60.9%

Delta – North

  • Detached – SALES UP FROM LAST MONTH: 54.2%
  • Townhouse – SALES DOWN FROM LAST MONTH: -12.5%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -40.0%

Surrey – Central

  • Detached – SALES UP FROM LAST MONTH: 56.6%
  • Townhouse – SALES UP FROM LAST MONTH: 40.0%
  • Condo/Apt – SALES UP FROM LAST MONTH: 19.0%

Surrey – Cloverdale

  • Detached – SALES UP FROM LAST MONTH: 42.9%
  • Townhouse – SALES UP FROM LAST MONTH: 20.0%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -13.0%

Surrey – North

  • Detached – SALES UP FROM LAST MONTH: 40.5%
  • Townhouse – SALES UP FROM LAST MONTH: 71.4%
  • Condo/Apt – SALES UP FROM LAST MONTH: 29.0%

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

February home sales outpace new listings in Fraser Valley

SURREY, BC – In February, property sales in the Fraser Valley finished slightly above the 10-year average for the month, while new listings came in 3 per cent below, keeping overall inventory at historically below-average levels.

The Fraser Valley Real Estate Board processed 1,352 sales of all property types on its Multiple Listing Service® (MLS®) in February, a 39 per cent increase compared to sales in January 2020, and a 38 per cent increase compared to the 982 sales in February of last year.

Of the 1,352 total MLS® sales of residential and commercial combined in the Fraser Valley, 534 were single family detached homes, 341 were townhouses, and 315 were apartments.

“Supply is a challenge currently in some areas and for certain property types. In February, in Langley for example, for every 10 active townhomes, six sold. In Cloverdale, there were 26 active condo listings last month; and 20 sold,” said Darin Germyn, President of the Board.

There were 5,741 active listings available in the Fraser Valley at the end of February, an increase of 12 per cent compared to January’s inventory and a decrease of 10 per cent year-over-year.

Additionally, 2,557 new listings were received by the Board for the month, a 15 per cent increase compared to January’s intake of 2,216 new listings and a 15 per cent decrease compared to February of last year.

“We are seeing more traffic at open houses, more multiple offers and a slight increase in year-over-year prices, so if you’ve been thinking about selling, talk to your local REALTOR® to find out if it’s the right time for you,” observed Germyn. “Another indicator we look at is how long it takes to sell a home and in February, the three main residential property types sold on average six days faster than last year.”

For the Fraser Valley region, the average number of days to sell an apartment in February was 35, and 33 for townhomes. Single family detached homes remained on the market for an average of 37 days before selling.

MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $971,300, the Benchmark price for a single-family detached home in the Fraser Valley increased 1.1 per cent compared to January and, also increased 1.3 per cent compared to February 2019.
  • Townhomes: At $523,200*, the Benchmark price for a townhome in the Fraser Valley increased 1.0 per cent compared to January and increased 1.4 per cent compared to February 2019.
    *Preliminary number pending further review.
  • Apartments: At $414,500, the Benchmark price for apartments/condos in the Fraser Valley increased 1.5 per cent compared to January and increased 1.2 per cent compared to February 2019.

Find the February Statistics Package here.


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Schreder Brothers

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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