Fraser Valley Real Estate Market June 2019

Fraser Valley Real Estate Market June 2019

Both buyers and sellers taking a wait‐and‐see approach in the Fraser Valley

JUNE 2019 STATISTICS REPORT

Fraser Valley Real Estate Report

The current slow down in the market is creating some good opportunities for buyers, especially those looking to move up. 

There is more inventory than we have seen recently and prices have come down. 

Despite this, with the right strategy in place it can still be a good time to sell your home.

See Listed Properties For Sale in Langley BC

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


Schreder-Brothers-Real-Estate-The-Fraser-Valley-Real-Estate-Board-Report-Infographic-2019-JUNE

All Fraser Valley Areas Combined

  • Detached – SALES DOWN FROM LAST MONTH: -10.3%
  • Townhouse – SALES DOWN FROM LAST MONTH: -19.9%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -16.9%
FVREB - Fraser Valley Statistics Package - june 2019 - All areas

Abbotsford

  • Detached – SALES DOWN FROM LAST MONTH: -17.0%
  • Townhouse – SALES DOWN FROM LAST MONTH: -36.4%
  • Condo/Apt – SALES UP FROM LAST MONTH: 6.5%
FVREB - Fraser Valley Statistics Package - june 2019 - abbotsford

Mission

  • Detached – SALES DOWN FROM LAST MONTH: -16.4%
  • Townhouse – SALES UP FROM LAST MONTH: 71.4%
  • Condo/Apt – SALES UP FROM LAST MONTH: 50.0%
FVREB - Fraser Valley Statistics Package - june 2019 - mission

White Rock / South Surrey

  • Detached – SALES UP FROM LAST MONTH: 1.4%
  • Townhouse – SALES DOWN FROM LAST MONTH: -25.7%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -20.0%
FVREB - Fraser Valley Statistics Package - june 2019 - white rock south surrey

Langley

  • Detached – SALES DOWN FROM LAST MONTH: -12.6%
  • Townhouse – SALES DOWN FROM LAST MONTH: -12.9%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -27.2%
FVREB - Fraser Valley Statistics Package - june 2019 - langley - 002

Delta – North

  • Detached – SALES UP FROM LAST MONTH: 11.8%
  • Townhouse – SALES DOWN FROM LAST MONTH: -57.1%
  • Condo/Apt – SALES UP FROM LAST MONTH: 25.0%
FVREB - Fraser Valley Statistics Package - june 2019 - delta north

Surrey – Central

  • Detached – SALES DOWN FROM LAST MONTH: -4.8%
  • Townhouse – SALES DOWN FROM LAST MONTH: -12.3%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -26.8%
FVREB - Fraser Valley Statistics Package - june 2019 - surrey central

Surrey – Cloverdale

  • Detached – SALES DOWN FROM LAST MONTH: -11.1%
  • Townhouse – SALES DOWN FROM LAST MONTH: -10.8%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -25.9%
FVREB - Fraser Valley Statistics Package - june 2019 - surrey cloverdale

Surrey – North

  • Detached – SALES DOWN FROM LAST MONTH: -25.5%
  • Townhouse – SALES DOWN FROM LAST MONTH: -41.4%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -26.6%
FVREB - Fraser Valley Statistics Package - june 2019 - surrey north

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

Both buyers and sellers taking a wait-and-see approach in the Fraser Valley

SURREY, BC – Last month’s property sales in the Fraser Valley were 29.3 per cent below the 10-year sales average for June and were the second lowest total for the month since the year 2000. The number of new listings also decreased in June, coming in at 9.6 per cent below the 10-year average for the number of listings received during that month.

The Fraser Valley Real Estate Board processed 1,306 sales of all property types on its Multiple Listing Service® (MLS®) in June, a 13.9 per cent decrease compared to sales in May 2019, and a 10.1 per cent decrease compared to the 1,452 sales in June of last year.

Darin Germyn, President of the Board, said of the market: “The Fraser Valley market is still adjusting to the federal government’s new mortgage requirements and to the provincial government’s speculation and vacancy taxes. We’re seeing historically low levels for home purchases in our region, and yet at the same time we’re seeing some prospective sellers holding back on listing their homes; waiting to see what the market will do.

“This has created a great opportunity for buyers in the Fraser Valley. Inventory overall is growing; prices of typical homes have decreased on average 6 to 10 per cent over the past year and interest rates are still holding firm.”

There were 8,516 active listings available in the Fraser Valley at the end of June, an increase of 19.3 per cent compared to June of last year and an increase of 0.1 per cent compared to May 2019. The Board received 2,810 new listings in June, a 20.7 per cent decrease compared to May 2019’s intake of 3,542 new listings and a 10.5 per cent decrease compared to June of last year.

“There is tremendous variation in the market depending on the property type and location”, added Germyn. “It’s currently a buyers’ market for detached homes in South Surrey/White Rock; but is leaning towards a sellers’ market for townhomes in Langley, so if you’re considering taking advantage of the market slowdown, first, talk to your REALTOR®.”

HPI® Benchmark Price Activity

  • Single Family Detached: At $960,100, the Benchmark price for a single family detached home in the Fraser Valley decreased 0.4 per cent compared to May 2019 and decreased 6.1 per cent compared to June 2018.
  • Townhomes: At $525,200, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley increased 0.5 per cent compared to May 2019 and decreased 5.9 per cent compared to June 2018.
  • Apartments: At $409,800, the Benchmark price for apartments/condos in the Fraser Valley decreased 1.7 per cent compared to May 2019 and decreased 9.6 per cent compared to June 2018.

For the Fraser Valley region, the average number of days to sell an apartment in June was 37.5, and 31.6 for townhomes. Single family detached homes remained on the market for an average of 35.6 days before selling.

Find the June Statistics Package here.


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