Fraser Valley Real Estate Market September 2019

Fraser Valley Real Estate Market September 2019

Home sales in the Fraser Valley for September surpassed 2018 levels bringing the market back in line with long-term averages.

SEPTEMBER 2019 STATISTICS REPORT

Fraser Valley Real Estate Report

For the third straight month we have seen more sales in the Fraser Valley than we did in 2018. 

We are right in line with the ten year averages, as we enter more of a balanced market with equal opportunities for buyers and sellers. 

Prices are lower than last year, but have seemed to level off.  Combine this with interest rates around 1% lower than this time last year and buyers are feeling like their dollar is going a lot further.

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---SEPTEMBER

All Fraser Valley Areas Combined

  • Detached – SALES UP FROM LAST MONTH: 2.0%
  • Townhouse – SALES DOWN FROM LAST MONTH: -0.6%
  • Condo/Apt – SALES UP FROM LAST MONTH: 9.1%
FVREB - Fraser Valley Statistics Package - September 2019 - All areas

Abbotsford

  • Detached – SALES DOWN FROM LAST MONTH: -14.5%
  • Townhouse – SALES UP FROM LAST MONTH: 8.1%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -9.2%
FVREB - Fraser Valley Statistics Package - September 2019 - Abbotsford

Mission

  • Detached – SALES DOWN FROM LAST MONTH: -11.1%
  • Townhouse – SALES DOWN FROM LAST MONTH: -60.0%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -33.3%
FVREB - Fraser Valley Statistics Package - September 2019 - Mission

White Rock / South Surrey

  • Detached – SALES UP FROM LAST MONTH: 6.8%
  • Townhouse – SALES UP FROM LAST MONTH: 11.1%
  • Condo/Apt – SALES UP FROM LAST MONTH: 9.5%
FVREB - Fraser Valley Statistics Package - September 2019 - White Rock South Surrey

Langley

  • Detached – SALES FROM LAST MONTH: 0.0%
  • Townhouse – SALES UP FROM LAST MONTH: 10.1%
  • Condo/Apt – SALES UP FROM LAST MONTH: 13.8%
FVREB - Fraser Valley Statistics Package - September 2019 - Langley

Delta – North

  • Detached – SALES DOWN FROM LAST MONTH: -31.3%
  • Townhouse – SALES UP FROM LAST MONTH: 42.9%
  • Condo/Apt – SALES DOWN FROM LAST MONTH: -40.0%
FVREB - Fraser Valley Statistics Package - September 2019 - Delta North

Surrey – Central

  • Detached – SALES UP FROM LAST MONTH: 18.7%
  • Townhouse – SALES DOWN FROM LAST MONTH: -10.7%
  • Condo/Apt – SALES UP FROM LAST MONTH: 59.1%
FVREB - Fraser Valley Statistics Package - September 2019 - Surrey Central

Surrey – Cloverdale

  • Detached – SALES UP FROM LAST MONTH: 4.8%
  • Townhouse – SALES DOWN FROM LAST MONTH: -17.8%
  • Condo/Apt – SALES UP FROM LAST MONTH: 18.8%
FVREB - Fraser Valley Statistics Package - September 2019 Surrey Cloverdale

Surrey – North

  • Detached – SALES UP FROM LAST MONTH: 30.4%
  • Townhouse – SALES UP FROM LAST MONTH: 14.3%
  • Condo/Apt – SALES UP FROM LAST MONTH: 11.1%
FVREB - Fraser Valley Statistics Package - September 2019 - Surrey North

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

Property sales in Fraser Valley have recovered bringing market into balance

SURREY, BC – For the third straight month, home sales in the Fraser Valley surpassed 2018 levels bringing the market back in line with long-term averages.

The Fraser Valley Real Estate Board processed 1,343 sales of all property types on its Multiple Listing Service® (MLS®) in September, a 3.5 per cent increase compared to sales in August 2019, and a 29.8 per cent increase compared to the 1,035 sales in September of last year.

Darin Germyn, President of the Board, says, “The market’s return to balance is good news for both buyers and sellers, however it’s important to put the 30 per cent year-over-year increase in sales into context. September’s sales went from amongst the worst in 10 years to just above our 10-year average.

“Home prices are still dropping compared to a year ago, but on a month-to-month basis, prices are moderating because supply is shrinking. Our incoming supply of new listings has dropped consistently for the last four months pushing our total inventory in the Fraser Valley to the lowest it’s been since April, which has had an impact on prices.”

There were 7,946 active listings available in the Fraser Valley at the end of September, an increase of 3.9 per cent compared to September of last year and a decrease of 1.2 per cent compared to August 2019. The Board received 2,769 new listings in September, a 17.5 per cent increase compared to August 2019’s intake of 2,357 new listings and a 6 per cent decrease compared to September of last year.

Germyn adds, “Financing is still a challenge for many clients, but fortunately in a balanced market like this, REALTORS® have the time to work with clients and advise them of the best strategies for them, whether they are buying or selling.”

MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $950,000, the Benchmark price for a single-family detached home in the Fraser Valley decreased 0.4 per cent compared to August 2019 and decreased 3.9 per cent compared to September 2018.
  • Townhomes: At $520,000 the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 0.3 per cent compared to August 2019 and decreased 4.8 per cent compared to September 2018.
  • Apartments: At $405,500, the Benchmark price for apartments/condos in the Fraser Valley decreased 0.9 per cent compared to August 2019 and decreased 7.6 per cent compared to September 2018.

For the Fraser Valley region, the average number of days to sell an apartment in September was 41, and 37 for townhomes. Single family detached homes remained on the market for an average of 46 days before selling.

Find the September Statistics Package here.


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