Fraser Valley Real Estate Market September 2018

Fraser Valley Real Estate Market September 2018

Housing inventory continued to rise in September, reaching its highest for the year so far and the highest level of supply in the Fraser Valley since July 2015

September 2018 STATISTICS REPORT

Fraser Valley Real Estate Report

September was a great month for increased inventory. Housing inventory continued to rise in September, reaching its highest for the year, so far, and the highest level of supply in the Fraser Valley since July 2015. September finished off with 7,647 active listings. A total of 2,946 new listings were received by the Board in September, a 14.4 per cent increase from that received in August 2018, and a 3.4 per cent increase compared to September 2017’s intake. High inventory means it is a great time for buyers to get out into the market, as they have more options and less competition. However, buyers still seem to be reluctant as the market continues to adjust to a more balanced market.

Sales activity reached its lowest point for the year, with 1,035 sales, 376 were detached homes, 250 were townhomes, and 274 were apartments. This shows that the attached market is still dominating the number of sales. 

See Listed Properties in Langley BC

For the Fraser Valley region, the average number of days to sell an apartment in September was 33, and 32 for townhomes. Single-family detached homes remained on the market for an average of 39 days before selling.

What does this mean for sellers? If you don’t have the time for your home to sit on the market, now more than ever, it is important to price your home effectively. It is also important to make sure your home looks its best. We can suggest ways to improve both the interior and curb appeal of your home. Give us a call today to talk about the possibilities.  

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

See last months statistics –>> https://schreders.ca/fraser-valley-real-estate-market-august-2018/

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All Fraser Valley Areas Combined

Abbotsford – Mission – White Rock – Langley – Delta/North – Surrey Central – Cloverdale – Surrey/North

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Abbotsford

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Mission

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White Rock / South Surrey

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Langley

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Delta – North

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Surrey – Central

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Surrey – Cloverdale

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Surrey – North

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Housing supply ample as buyers remain hesitant in September

SURREY, BC – The slowing of sales activity and expansion of overall inventory that has defined much of 2018 for the Fraser Valley housing market continued in September, with sales at their lowest point and inventory at its highest for the year.

The Fraser Valley Real Estate Board processed 1,035 sales of all property types on its Multiple Listing Service® (MLS®) in September, a decrease of 36.1 per cent compared to the 1,619 sales in September of last year, and a 10.4 per cent decrease compared to sales in August 2018.

Of those 1,035 sales, 376 were residential detached homes, 250 were townhouses, and 274 were apartments. This was the lowest number of transactions in a month this year for each category.

“Buyers remain reluctant as the market continues to adjust,” said John Barbisan, President of the Board. “We’re seeing good things happening in terms of inventory, but it only opens the door so much while prices are moving at a much slower rate.”

Active inventory for the Fraser Valley in September finished at 7,647 listings, increasing 4.2 per cent month-over-month and 30.6 per cent year-over-year. This is the highest level of supply for the Fraser Valley since July 2015.

A total of 2,946 new listings were received by the Board in September, a 14.4 per cent increase from that received in August 2018, and a 3.4 per cent increase compared to September 2017’s intake.

“If you want to sell soon, the most important thing you can do to be successful is to price effectively. Talk to your REALTOR® who can help you understand what buyers are looking for in your local market.”

For the Fraser Valley region, the average number of days to sell an apartment in September was 33, and 32 for townhomes. Single family detached homes remained on the market for an average of 39 days before selling.

HPI® Benchmark Price Activity

  • Single Family Detached: At $988,900, the Benchmark price for a single family detached home in the Fraser Valley decreased 2 per cent compared to August 2018 and increased 1.1 per cent compared to September 2017.
  • Townhomes: At $546,100, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 0.4 per cent compared to August 2018 and increased 9.5 per cent compared to September 2017.
  • Apartments: At $438,700, the Benchmark price for apartments/condos in the Fraser Valley decreased 1 per cent compared to August 2018 and increased 22.5 per cent compared to September 2017.

Find the September Statistics Package PDF here.

 
 

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