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Fraser Valley Real Estate Market October 2019

The demand for Fraser Valley real estate in October is the strongest it’s been since the spring of 2018.

OCTOBER 2019 STATISTICS REPORT

Fraser Valley Real Estate Report

The housing market in the Fraser Valley is definitely picking up.  In fact, there were more home sales in October than in the month of April this year, which is not the norm.  In some local areas we are even seeing prices start to creep up. 

See Listed Properties For Sale in Langley BC

It is a good time for buyers too, as mortgage rates are once again very low and people’s down payments can get them further. This will be further helped by speculation that the Bank of Canada will be cutting rates in the near future. 

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-OCTOBER-002

All Fraser Valley Areas Combined

  • Detached – SALES UP FROM LAST MONTH: 16.9%
  • Townhouse – SALES UP FROM LAST MONTH: 24.1%
  • Condo/Apt – SALES UP FROM LAST MONTH: 15.0%

Abbotsford

  • Detached – SALES UP FROM LAST MONTH: 32.3%
  • Townhouse – SALES FROM LAST MONTH: 0.0%
  • Condo/Apt – SALES UP FROM LAST MONTH: 14.5%
FVREB - Fraser Valley Statistics Package - October 2019 - Abbotsford

Mission

  • Detached – SALES UP FROM LAST MONTH: 20.0%
  • Townhouse – SALES UP FROM LAST MONTH: 175.0%
  • Condo/Apt – SALES UP FROM LAST MONTH: 50.0%
FVREB - Fraser Valley Statistics Package - October 2019 - Mission

White Rock / South Surrey

  • Detached – SALES UP FROM LAST MONTH: 15.9%
  • Townhouse – SALES UP FROM LAST MONTH: 38.0%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -10.1%
FVREB - Fraser Valley Statistics Package - October 2019 - White Rock South Surrey

Langley

  • Detached – SALES UP FROM LAST MONTH: 35.2%
  • Townhouse – SALES UP FROM LAST MONTH: 1.1%
  • Condo/Apt – SALES UP FROM LAST MONTH: 16.2%
FVREB - Fraser Valley Statistics Package - October 2019 - Langley

Delta – North

  • Detached – SALES UP FROM LAST MONTH: 57.6%
  • Townhouse – SALES DOWN FROM LAST MONTH: -10.0%
  • Condo/Apt – SALES UP FROM LAST MONTH: 100.0%
FVREB - Fraser Valley Statistics Package - October 2019 - Delta North

Surrey – Central

  • Detached – SALES UP FROM LAST MONTH: 0.8%
  • Townhouse – SALES UP FROM LAST MONTH: 49.3%
  • Condo/Apt – SALES UP FROM LAST MONTH: 11.4%
FVREB - Fraser Valley Statistics Package - October 2019 - Surrey Central

Surrey – Cloverdale

  • Detached – SALES DOWN FROM LAST MONTH: -9.1%
  • Townhouse – SALES UP FROM LAST MONTH: 16.2%
  • Condo/Apt – SALES UP FROM LAST MONTH: 26.3%
FVREB - Fraser Valley Statistics Package - October 2019 - Surrey Cloverdale

Surrey – North

  • Detached – SALES UP FROM LAST MONTH: 5.0%
  • Townhouse – SALES UP FROM LAST MONTH: 50.0%
  • Condo/Apt – SALES UP FROM LAST MONTH: 26.7%
FVREB - Fraser Valley Statistics Package - October 2019 - Surrey North

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

Real estate rebound continues for Fraser Valley

SURREY, BC – The demand for Fraser Valley real estate is the strongest it’s been since the spring of 2018.

The Fraser Valley Real Estate Board processed 1,592 sales of all property types on its Multiple Listing Service® (MLS®) in October, a  18.5 per cent increase compared to sales in September 2019, and a 37.8 per cent increase compared to the 1,155 sales in October of last year.

Darin Germyn, President of the Board, says, “Our market started to pick up in the summer and we’ve been steadily improving since. It’s rare to see October home sales in the Fraser Valley outpace April and that’s what we’ve seen this year; our typical spring and fall markets have flipped.

“Consumers are feeling more confident. Buyers have grown accustomed to the government’s regulation changes. Interest rates have thankfully remained stable and we’re likely seeing some pent-up demand from buyers who were holding off earlier this year. October’s beautiful, sunny weather didn’t hurt either.”

There were 7,398 active listings available in the Fraser Valley at the end of October, a decrease of 4.5 per cent compared to October of last year and a decrease of 6.9 per cent compared to September 2019. The Board received 2,383 new listings in October, a 13.9 per cent decrease compared to September 2019’s intake of 2,769 new listings and a 14.2 per cent decrease compared to October of last year.

Germyn adds, “We’re still seeing some hesitation from sellers to list as they continue to watch for further price erosion, however, it’s important to talk to your local market expert because prices in some areas have turned the corner and are starting to creep up again.”

MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $952,600, the Benchmark price for a single-family detached home in the Fraser Valley increased 0.3 per cent compared to September 2019 and decreased 3.5 per cent compared to October 2018.
  • Townhomes: At $516,000 the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 0.8 per cent compared to September 2019 and decreased 4.2 per cent compared to October 2018.
  • Apartments: At $405,100, the Benchmark price for apartments/condos in the Fraser Valley decreased 0.1 per cent compared to September 2019 and decreased 6.4 per cent compared to October 2018.

For the Fraser Valley region, the average number of days to sell an apartment in October was 34, and 37 for townhomes. Single family detached homes remained on the market for an average of 46 days before selling.

Find the October Statistics Package here.


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