Fraser Valley Real Estate Market May 2019

Fraser Valley Real Estate Market May 2019

The increase in home sales in the Fraser Valley in May compared to April is thanks to renewed interest in single family detached homes

MAY 2019 STATISTICS REPORT

Fraser Valley Real Estate Report

Good news for sellers in the detached home market, May saw an increase of 14.9 per cent in the sale of detached homes, compared to last month.

Detached homes garnered 41.2 per cent of the market in May while attached homes slipped down to 58.8 per cent of the market from 60.6 per cent last month.  

There were 8,506 active listings available in the Fraser Valley at the end of May, an increase of 26.3 per cent compared to May of last year and an increase of 8.1 per cent compared to last month. 

See Listed Properties For Sale in Langley BC

We’ve seen yet again, a high level of inventory being added to the market, allowing buyer’s the reprieve they’ve been looking for the past 4 years.

Buying a home in the Fraser Valley

Buyers have time to view more homes and choose the one that is best for them. Some great options for buyers looking to get into the detached home market will be in Campbell Valley, Fort Langley, Langley City and Willoughby Heights.

Buyers looking to get into the attached market should look into homes in Fort Langley or Langley City.

Selling a home in the Fraser Valley

For sellers, we are still seeing homes scooped up really fast and going to multiple offers so don’t lose hope. You’ll just want to ensure that your home is in tip top shape and priced effectively so that it doesn’t sit stagnant in the market.

The sellers market is still quite strong for both attached and detached homes in Cloverdale.

Langley has more of a balance market but Murrayville, Otter District, Salmon River and Walnut Grove are still seeing a seller’s market for detached homes. When it comes to attached homes, Murrayville, Otter District, Salmon River, Walnut Grove and Willoughby Heights are seeing a strong seller’s market.

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


mls summary fraser valley infographic may 2019

All Fraser Valley Areas Combined

  • Detached – SALES UP FROM LAST MONTH: 14.9%
  • Townhouse – SALES UP FROM LAST MONTH: 7.4%
  • Condo/Apt – SALES UP FROM LAST MONTH: 5.9%
FVREB - Fraser Valley Statistics Package - May 2019 - all areas

Abbotsford

  • Detached – SALES UP FROM LAST MONTH: 14.9%
  • Townhouse – SALES UP FROM LAST MONTH: 6.5%
  • Condo/Apt – SALES UP FROM LAST MONTH: 5.5%
FVREB - Fraser Valley Statistics Package - May 2019 - Abbotsford

Mission

  • Detached – SALES UP FROM LAST MONTH: 31.0%
  • Townhouse – SALES EVEN FROM LAST MONTH: 0.0%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -20.0%
FVREB - Fraser Valley Statistics Package - May 2019 - Mission

White Rock / South Surrey

  • Detached – SALES UP FROM LAST MONTH: 16.4%
  • Townhouse – SALES UP FROM LAST MONTH: 34.6%
  • Condo/Apt – SALES UP FROM LAST MONTH: 9.1%
FVREB - Fraser Valley Statistics Package - May 2019 - Mission

Langley

  • Detached – SALES UP FROM LAST MONTH: 1.2%
  • Townhouse – SALES UP FROM LAST MONTH: 9.0%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -1.2%
FVREB - Fraser Valley Statistics Package - May 2019 - Langley

Delta – North

  • Detached – SALES UP FROM LAST MONTH: 13.3%
  • Townhouse – SALES UP FROM LAST MONTH: 40.0%
  • Condo/Apt – SALES EVEN FROM LAST MONTH: 0.0%
FVREB - Fraser Valley Statistics Package - May 2019 - North Delta

Surrey – Central

  • Detached – SALES UP FROM LAST MONTH: 16.7%
  • Townhouse – SALES UP FROM LAST MONTH: 1.9%
  • Condo/Apt – SALES UP FROM LAST MONTH: 20.6%
FVREB - Fraser Valley Statistics Package - May 2019 - Surrey Central

Surrey – Cloverdale

  • Detached – SALES UP FROM LAST MONTH: 38.5%
  • Townhouse – SALES DOWN FROM LAST MONTH: -33.9%
  • Condo/Apt – SALES EVEN FROM LAST MONTH: 0.0%
FVREB - Fraser Valley Statistics Package - May 2019 - Surrey Cloverdale

Surrey – North

  • Detached – SALES UP FROM LAST MONTH: 1.9%
  • Townhouse – SALES FROM LAST MONTH: 93.3%
  • Condo/Apt – SALES UP FROM LAST MONTH: 9.3%
FVREB - Fraser Valley Statistics Package - May 2019 - Surrey North

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

Slight uptick in Fraser Valley property sales in May attributable to single family detached


SURREY, BC – The increase in home sales in the Fraser Valley in May compared to April is thanks to renewed interest in single family detached homes. Although total market activity remained well below historical norms – 18 per cent below the 10-year average – the sale of detached homes increased by 14.9 per cent in one month.

The Fraser Valley Real Estate Board processed 1,517 sales of all property types on its Multiple Listing Service® (MLS®) in May, a 9.7 per cent increase compared to sales in April 2019, and a 13.7 per cent decrease compared to the 1,758 sales in May of last year.

In looking at the three main residential property types, detached homes garnered 41.2 per cent of the market in May, up from 39.4 per cent in April. Attached homes garnered 58.8 per cent in May, compared to 60.6 per cent in April.

Darin Germyn, President of the Board, said of the market: “Buyers are recognizing that in the last three months, home prices have stopped declining and that in order to take advantage of the improvement in prices over the past year, now is a great time to consider making the purchase they held off on in the previous months.

“We’re seeing buyers who have been waiting on the sidelines, act, because of better price opportunities and more selection. It’s been four years since buyers had this much choice in the Fraser Valley.”

There were 8,506 active listings available in the Fraser Valley at the end of May, an increase of 26.3 per cent compared to May of last year and an increase of 8.1 per cent compared to April 2019.

The Board received 3,542 new listings during the month, a 4.5 per cent increase compared to April 2019’s intake of 3,391 new listings and a 10.7 per cent decrease year-over-year.

“Key to this market is pricing,” continued Germyn. “We empathize with our clients on the challenges they face today to qualify to buy a home and we work with them to find the right property at a realistic price they can afford.”

HPI® Benchmark Price Activity

  • Single Family Detached: At $964,200, the Benchmark price for a single family detached home in the Fraser Valley remained unchanged compared to April 2019 and decreased 5.9 per cent compared to May 2018.
  • Townhomes: At $522,500 the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley increased 0.1 per cent compared to April 2019 and decreased 5.9 per cent compared to May 2018.
  • Apartments: At $416,800, the Benchmark price for apartments/condos in the Fraser Valley decreased 0.9 per cent compared to April 2019 and decreased 8.0 per cent compared to May 2018.

Full package:
http://www.fvreb.bc.ca/statistics/Package201905.pdf


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