Fraser Valley Real Estate Kicked-off The New Year Strong

Fraser Valley Real Estate Kicked-off The New Year Strong

Activity in the Fraser Valley housing market began to pick up again in January, after a slow December

Townhouse and condo sales remained very strong; accounting for half of the month’s total sales volume.  Inventory is still low, especially in single family homes, making it a great time to get off the fence and list your home.  The outlook for the remainder of 2017 is excellent.

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All Fraser Valley Areas Combined

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

 Detached

 Jan-17  Jan-16  % change  Dec-16  % change
 Sales 360 716 -49.7% 349 3.2%
 New Listings 871 1,119 -22.2% 312 179.2%
 Active Listings 1,787 1,348 32.6% 1,628 9.8%
 Benchmark Price $ 856,300 $ 689,300 24.2% $ 856,700 0.0%
 Median Price $ 790,000 $ 748,559 5.5% $ 795,238 -0.7%
 Average Price $ 890,117 $ 850,800 4.6% $ 914,763 -2.7%

 Townhouse

Jan-17  Jan-16  % change Dec-16  % change
 Sales 212 275 -22.9% 226 -6.2%
 New Listings 401 465 -13.8% 143 180.4%
 Active Listings 524  687 -23.7% 408 28.4%
 Benchmark Price  $ 420,400  $ 326,500 28.8%  $ 416,600 0.9%
 Median Price $ 461,150 $ 365,000 26.3% $ 461,750 -0.1%
 Average Price $ 918,851 $ 384,224 24.4% $ 471,086 1.5%

 Apartment – Condo

Jan-17  Jan-16  % change Dec-16  % change
 Sales 276 194 42.3% 279 -1.1%
 New Listings 518 474 9.3% 182 184.6%
Active Listings 594 1,113 -46.6% 420 41.4%
Benchmark Price $ 262,300  $ 205,600 27.6% $ 259,000 1.3%
 Median Price $ 255,950 $ 211,750 20.9% $ 240,800 6.3%
 Average Price $ 295,865 $ 239,217 23.7% $ 260,139 13.7%

Abbotsford

 Detached

Jan-17  Jan-16  % change Dec-16  % change
 Sales 70 105 -33.3% 45 55.6%
 New Listings 109 149 -26.8% 35 211.4%
Active Listings 217 212 2.4% 223 -2.7%
Benchmark Price $ 670,700 $ 509,100 31.7% $ 666,500 0.6%
 Median Price $ 619,250 $ 570,000 8.6% $ 649,900 -4.7%
 Average Price $ 644,067 $ 579,842 11.1% $ 670,677 -4.0%

 Townhouse

Jan-17  Jan-16  % change Dec-16  % change
 Sales 24 33 -27.3% 27 -11.1%
 New Listings 28 61 -54.1% 16 75.0%
Active Listings 53 136 -61.0% 58 -8.6%
Benchmark Price $ 298,200 $ 231,800 28.6% $ 295,000 1.1%
 Median Price $ 320,000 $ 342,500 -6.6% $ 378,000 -15.3%
 Average Price $ 340,710 $ 313,036 8.8% $ 393,951 -13.5%

 Apartment – Condo

Jan-17  Jan-16  % change Dec-16  % change
 Sales 42 34 23.5% 60 -30.0%
 New Listings 74 69 7.2% 42 76.2%
Active Listings 110 170 -35.3% 88 25.0%
Benchmark Price $ 218,100 $ 155,900 39.9% $ 213,700 2.1%
 Median Price $ 191,000 $ 156,250 22.2% $ 200,750 -4.9%
 Average Price $ 197,144 $ 164,337 20.0% $ 198,765 -0.8%

Mission

 Detached

Jan-17  Jan-16  % change Dec-16  % change
 Sales 19 47 -59.6% 34 -44.1%
 New Listings 38 76 -50.0% 20 90.0%
Active Listings 113 126 -10.3% 113 0.0%
Benchmark Price $ 546,200 $ 421,600 29.6% $ 544,200 0.4%
 Median Price $ 625,000 $ 448,500 39.4% $ 550,250 13.6%
 Average Price $ 619,669 $ 468,817 32.2% $ 536,918 15.4%

 Townhouse

Jan-17  Jan-16  % change Dec-16  % change
 Sales 3 2 50.0% 4 -25.0%
 New Listings 6 16 -62.5% 3 100.0%
Active Listings 16 27 -40.7% 16 0.0%
Benchmark Price $ 342,800 $ 241,200 42.1% $ 336,500 1.9%
 Median Price $ 200,000 $ 270,959 -26.2% $ 383,925 -47.9%
 Average Price $ 246,796 $ 270,959 -8.9% $ 359,712 -31.4%

 Apartment – Condo

Jan-17  Jan-16  % change Dec-16  % change
 Sales 5 4 25.0% 2 150.0%
 New Listings 13 5 160.0% 2 550.0%
Active Listings 13 19 -31.6% 6 116.7%
Benchmark Price $ 224,000 $ 180,800 23.9% $ 218,900 2.3%
 Median Price $ 215,000 $ 138,250 55.5% $ 148,500 44.8%
 Average Price $ 198,580 $ 143,875 38.0% $ 148,500 33.7%

White Rock

 Detached

Jan-17  Jan-16  % change Dec-16  % change
 Sales 44 140 -68.6% 47 -6.4%
 New Listings 240 246 -2.4% 60 300.0%
Active Listings 429 299 43.5% 324 32.4%
Benchmark Price $ 1,422,700 $ 1,132,700 25.6% $ 1,430,200 -0.5%
 Median Price $ 1,409,500 $ 1,200,500 17.4% $ 1,380,952 2.1%
 Average Price $ 1,490,197 $ 1,361,208 9.5% $ 1,563,707 -4.7%

 Townhouse

Jan-17  Jan-16  % change Dec-16  % change
 Sales 36 55 -34.5% 37 -2.7%
 New Listings 79 107 -26.2% 25 216.0%
Active Listings 97 131 -26.0% 71 36.6%
Benchmark Price $ 572,200 $ 454,900 25.8% $ 573,300 -0.2%
 Median Price $ 615,100 $ 445,000 38.2% $ 575,000 7.0%
 Average Price $ 657,808 $ 500,193 31.5% $ 623,378 5.5%

 Apartment – Condo

Jan-17  Jan-16  % change Dec-16  % change
 Sales 56 39 43.6% 50 12.0%
 New Listings 104 119 -12.6% 33 215.2%
Active Listings 130 240 -45.8% 97 34.0%
Benchmark Price $ 345,800 $ 269,300 28.4% $ 343,400 0.7%
 Median Price $ 377,888 $ 306,000 23.5% $ 365,750 3.3%
 Average Price $ 423,149 $ 347,479 21.8% $ 369,250 14.6%

Langley

 Detached

Jan-17  Jan-16  % change Dec-16  % change
 Sales 63 82 -23.2% 62 1.6%
 New Listings 115 142 -19.0% 43 167.4%
Active Listings 189 140 35.0% 175 8.0%
Benchmark Price $ 866,500 $ 698,400 24.1% $ 865,200 0.2%
 Median Price $ 799,000 $ 736,250 8.5% $ 812,450 -1.7%
 Average Price $ 848,110 $ 816,665 3.9% $ 873,024 -2.9%

 Townhouse

Jan-17  Jan-16  % change Dec-16  % change
 Sales 56 45 24.4% 49 14.3%
 New Listings 102 70 45.7% 24 325.0%
Active Listings 101 68 48.5% 71 42.3%
Benchmark Price $ 429,900 $ 336,600 27.7% $ 427,500 0.6%
 Median Price $ 477,250 $ 370,000 29.0% $ 489,900 -2.6%
 Average Price $ 480,178 $ 375,817 27.8% $ 477,420 0.6%

 Apartment – Condo

Jan-17  Jan-16  % change Dec-16  % change
 Sales 56 34 64.7% 41 36.6%
 New Listings 100 66 51.5% 24 316.7%
Active Listings 79 123 -35.8% 48 64.6%
Benchmark Price $ 279,300 $ 213,200 31.0% $ 274,800 1.6%
 Median Price $ 251,950 $ 213,830 17.8% $ 270,000 -6.7%
 Average Price $ 281,437 $ 240,384 17.1% $ 267,593 5.2%

Delta – North

 Detached

Jan-17  Jan-16  % change Dec-16  % change
 Sales 23 46 -50.0% 20 15.0%
 New Listings 43 52 -17.3% 27 59.3%
Active Listings 120 54 122.2% 125 -4.0%
Benchmark Price $ 828,200 $ 721,600 14.8% $ 833,300 -0.6%
 Median Price $ 941,000 $ 755,000 24.6% $ 813,000 15.7%
 Average Price $ 1,006,971 $ 816,299 23.4% $ 907,541 11.0%

 Townhouse

Jan-17  Jan-16  % change Dec-16  % change
 Sales 2 9 -77.8% 5 -60.0%
 New Listings 10 2 400.0% 3 233%
Active Listings 19 11 72.7% 12 58.3%
Benchmark Price $ 474,500 $ 366,700 29.4% $ 477,700 -0.7%
 Median Price $ 655,500 $ 475,000 38.0% $ 602,000 8.9%
 Average Price $ 655,500 $ 488,200 34.3% $ 596,660 9.9%

 Apartment – Condo

Jan-17  Jan-16  % change Dec-16  % change
 Sales 4 3 33.3% 6 -33.3%
 New Listings 9 5 80.0%
Active Listings 10 27 -63.0% 7 42.9%
Benchmark Price $ 198,000 $ 165,600 19.6% $ 196,700 0.7%
 Median Price $ 324,900 $ 210,000 54.7% $ 182,450 78.1%
 Average Price $ 377,150 $ 235,633 60.1% $ 247,733 52.2%

Surrey – Central

 Detached

Jan-17  Jan-16  % change Dec-16  % change
 Sales 72 180 -60.0% 69 4.3%
 New Listings 156 259 -39.8% 60 160.0%
Active Listings 360 309 16.5% 347 3.7%
Benchmark Price $ 862,000 $ 690,200 24.9% $ 862,800 -0.1%
 Median Price $ 825,000 $ 775,500 6.4% $ 897,000 -8.0%
 Average Price $ 894,463 $ 811,717 10.2% $ 939,293 -4.8%

 Townhouse

Jan-17  Jan-16  % change Dec-16  % change
 Sales 61 90 -32.2% 70 -12.9%
 New Listings 113 146 -22.6% 38 197.4%
Active Listings 151 207 -27.1% 113 33.6%
Benchmark Price $ 436,900 $ 331,900 31.6% $ 432,100 1.1%
 Median Price $ 451,000 $ 354,000 27.4% $ 444,500 1.5%
 Average Price $ 464,041 $ 357,731 29.7% $ 439,493 5.6%

 Apartment – Condo

Jan-17  Jan-16  % change Dec-16  % change
 Sales 20 16 25.0% 26 -23.1%
 New Listings 39 71 -45.1% 12 225.0%
Active Listings 43 160 -73.1% 30 43.3%
Benchmark Price $ 238,100 $ 207,600 14.7% $ 237,400 0.3%
 Median Price $ 242,500 $ 198,750 22.0% $ 221,150 9.7%
 Average Price $ 253,830 $ 209,421 21.2% $ 223,973 13.3%

Surrey – Cloverdale

 Detached

Jan-17  Jan-16  % change Dec-16  % change
 Sales 23 37 -37.8% 31 -25.8%
 New Listings 53 67 -20.9% 19 178.9%
Active Listings 87 63 38.1% 76 14.5%
Benchmark Price $ 863,200 $ 701,000 23.1% $ 860,400 0.3%
 Median Price $ 830,000 $ 747,619 11.0% $ 815,000 1.8%
 Average Price $ 849,099 $ 749,971 13.2% $ 856,767 -0.9%

 Townhouse

Jan-17  Jan-16  % change Dec-16  % change
 Sales 18 22 -18.2% 23 -21.7%
 New Listings 44 29 51.7% 23 91.3%
Active Listings 50 44 13.6% 31 61.3%
Benchmark Price $ 456,400 $ 361,800 26.1% $ 451,100 1.2%
Median Price $ 435,000 $ 356,500 22.0% $ 456,800 -4.8%
Average Price $ 438,538 $ 352,913 24.3% $ 452,617 -3.1%

 Apartment – Condo

Jan-17  Jan-16  % change Dec-16  % change
 Sales 21 19 10.5% 21 0.0%
 New Listings 33 27 22.2% 17 94.1%
Active Listings 35 56 -37.5% 25 40.0%
Benchmark Price $ 311,500 $ 243,400 28.0% $ 309,800 0.5%
 Median Price $ 267,000 $ 250,000 6.8% $ 294,000 -9.2%
 Average Price $ 312,431 $ 281,579 11.0% $ 289,580 7.9%

Surrey – North

 Detached

Jan-17  Jan-16  % change Dec-16  % change
 Sales 45 79 -43.0% 41 9.8%
 New Listings 116 126 -7.9% 45 157.8%
Active Listings 257 139 84.9% 230 11.7%
Benchmark Price $ 821,900 $ 686,700 19.7% $ 826,400 -0.5%
 Median Price $ 725,000 $ 665,100 9.0% $ 760,000 -4.6%
 Average Price $ 825,293 $ 725,463 13.8% $ 821,293 0.5%

 Townhouse

Jan-17  Jan-16  % change Dec-16  % change
 Sales 12 19 -36.8% 11 9.1%
 New Listings 19 34 -44.1% 10 90.0%
Active Listings 37 63 -41.3% 35 5.7%
Benchmark Price $ 348,300 $ 266,300 30.8% $ 342,500 1.7%
 Median Price $ 357,000 $ 300,000 19.0% $ 330,000 8.2%
 Average Price $ 360,729 $ 316,490 14.0% $ 343,027 5.2%

 Apartment – Condo

Jan-17  2015  % change Dec-16  % change
 Sales 72 45 60.0% 73 -1.4%
 New Listings 146 112 30.4% 52 180.8%
Active Listings 174 318 -45.3% 119 46.2%
Benchmark Price $ 239,900 $ 198,600 20.8% $ 237,300 1.1%
 Median Price $ 269,950 $ 195,000 38.4% $ 231,500 16.6%
 Average Price $ 274,760 $ 202,504 35.7% $ 240,154 14.4%

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Schreder-Brothers-real-estate-group-Fraser Valley Real Estate Kicked-off The New Year Strong

What does FVREB have to say?

Demand diversifies for Fraser Valley real estate in January

SURREY, BC – Fraser Valley real estate kicked-off the New Year strong with sales reaching above the ten-year average for January, and a healthy intake of new inventory.

The Fraser Valley Real Estate Board processed 976 sales of all property types on its Multiple Listing Service® (MLS®) in January, a decrease of 27.1 per cent compared to the 1,338 sales in January of last year, and a 1 per cent increase compared to the 966 sales in December 2016.

Of the 976 sales processed last month, 212 were townhouses and 276 were apartments, representing exactly half of the month’s market activity.

Schreder-Brothers-real-estate-group-Fraser Valley Real Estate Kicked-off The New Year Strong -003

“The impacts of 2016’s tremendous real estate surge continue to be felt as we enter the New Year, and a new market.

Notably, the distribution of sales across our residential property types levelled-off even further in January. As well, prices continue to adjust to match more typical demand, albeit slowly,” said Charles Wiebe, Board President.

The Board received 2,178 new listings in January, a significant 162.7 per cent increase from December 2016, and a 13.2 per cent decrease compared to January 2016’s 2,510 new listings.

[bctt tweet=”In January the total active inventory for the Fraser Valley was 4,401 listings #LangleyBC” via=”no”]

In January the total active inventory for the Fraser Valley was 4,401 listings, a decrease of 8.1 per cent year-over-year and the lowest level seen for a January in ten years. However, active inventory increased by 12 per cent month-over-month compared to December’s 3,930 active listings.

“This is a great time to list in the Fraser Valley; buyers are looking at a wider range of homes and the market is still lacking inventory needed to match demand. If you need help figuring out your next step, talk your local REALTOR® and they can help you get to market quickly and stress-free.”

For the Fraser Valley region, the average number of days to sell a single family detached home in January 2017 was 49 days, compared to 33 days in January 2016.

Schreder-Brothers-real-estate-group-Fraser Valley Real Estate Kicked-off The New Year Strong -002

HPI® Benchmark Price Activity

• Single Family Detached: At $856,300, the Benchmark price for a single family detached home in the Valley did not change compared to December 2016, and increased 24.3 per cent compared to January 2016.

• Townhomes: At $420,400 the Benchmark price for a townhome in the Fraser Valley increased 0.9 per cent compared to December 2016, and increased 28.8 per cent compared to January 2016.

• Apartments: At $262,300, the Benchmark price for apartments/condos in the Fraser Valley increased 1.3 per cent compared to December 2016, and increased 27.6 per cent compared to January 2016.

Full package:
https://www.fvreb.bc.ca/statistics/Package201701.pdf

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Schreder Brothers

The Schreder Brothers provide a value-added approach ensuring their client’s real estate venture is handled in the most profitable manner by involving team players with a wealth of knowledge spanning across many areas of real estate.

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