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%
.
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.
“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.
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.
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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