Fraser Valley Real Estate Market January 2020

Fraser Valley Real Estate Market January 2020

January’s property sales in the Fraser Valley came in 6 per cent above the 10-year average for the month.

JANUARY 2020 MARKET REPORT

Fraser Valley Real Estate Report

After a slow 2019, which saw many Buyers sitting on the sidelines, the local Real Estate market has caught fire in early 2020.

A combination of pent up demand from Buyers now willing to come back to the table and very low inventory levels of good homes is resulting in properties selling quickly, at good prices, and in many cases multiple offers.  An excellent Seller’s market.

See Listed Properties For Sale in Langley BC

As a Buyer, prices haven’t yet increased significantly so now’s the time to get in before they do.

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 DOWN FROM LAST MONTH: -21.6%
  • Townhouse – SALES DOWN FROM LAST MONTH: -15.7%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -20.8%

Abbotsford

  • Detached – SALES DOWN FROM LAST MONTH: -26.7%
  • Townhouse – SALES UP FROM LAST MONTH: 9.7%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -25.9%

Mission

  • Detached – SALES UP FROM LAST MONTH: 38.1%
  • Townhouse – SALES DOWN FROM LAST MONTH: -57.1%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -33.3%

White Rock / South Surrey

  • Detached – SALES DOWN FROM LAST MONTH: -4.9%
  • Townhouse – SALES DOWN FROM LAST MONTH: -18.6%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -18.4%

Langley

  • Detached – SALES DOWN FROM LAST MONTH: -24.6%
  • Townhouse – SALES DOWN FROM LAST MONTH: -34.7%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -19.3%

Delta – North

  • Detached – SALES DOWN FROM LAST MONTH: -46.7%
  • Townhouse – SALES UP FROM LAST MONTH: 60.0%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -28.6%

Surrey – Central

  • Detached – SALES DOWN FROM LAST MONTH: -29.7%
  • Townhouse – SALES UP FROM LAST MONTH: 1.4%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -25.0%

Surrey – Cloverdale

  • Detached – SALES DOWN FROM LAST MONTH: -6.7%
  • Townhouse – SALES DOWN FROM LAST MONTH: -18.9%
  • Condo/Apt – SALES UP FROM LAST MONTH: 9.5%

Surrey – North

  • Detached – SALES DOWN FROM LAST MONTH: -22.9%
  • Townhouse – SALES DOWN FROM LAST MONTH: -36.4%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -24.2%

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

Fraser Valley January home sales typical; new listings lagging

SURREY, BC – January’s property sales in the Fraser Valley came in 6 per cent above the 10-year average for the month, while new listings finished 11 per cent below historical norms.

The Fraser Valley Real Estate Board processed 974 sales of all property types on its Multiple Listing Service® (MLS®) in January, a 21.9 per cent decrease compared to sales in December 2019, and a 24.2 per cent increase compared to the 784 sales in January of last year.

Of the 974 total MLS® sales of residential and commercial combined in the Fraser Valley, 363 were single family detached homes, 241 were townhouses, and 248 were apartments.

“Considering our record-shattering snow and cold, the pace of home sales remained surprisingly balanced in January,” said Darin Germyn, President of the Board. “Sales in our region have steadily improved since July of last year and January’s numbers remained consistent with that trend.”

There were 5,143 active listings available in the Fraser Valley at the end of January, an increase of 9.8 per cent compared to December 2019’s inventory and a decrease of 14.2 per cent year-over-year.

Additionally, 2,216 new listings were received by the Board for the month, a significant increase compared to December 2019’s intake of 948 new listings and a 15.1 per cent decrease compared year-over-year.

“Where the weather may have had an impact in January, is on our housing supply,” observed Germyn. “For certain property types, listings in the Fraser Valley are not keeping pace with sales.  In areas of Surrey and Langley for example, for every two townhomes listed, one is selling. So, if you’re thinking of buying, talk to your REALTOR® about local market conditions to understand the variances”.

For the Fraser Valley region, the average number of days to sell an apartment in January was 49, and 47 for townhomes. Single family detached homes remained on the market for an average of 60 days before selling.

MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $960,800, the Benchmark price for a single-family detached home in the Fraser Valley increased 0.7 per cent compared to December 2019 and, also increased 0.7 per cent compared to January 2019.
  • Townhomes: At $518,000, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley increased 0.6 per cent compared to December 2019 and decreased 0.8 per cent compared to January 2019.
  • Apartments: At $408,400, the Benchmark price for apartments/condos in the Fraser Valley increased 0.7 per cent compared to December 2019 and decreased 0.1 per cent compared to January 2019.

Find the January Statistics Package here.


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    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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