2016 saw 12.6% more homes sold in the Fraser Valley than ever before; as well as the highest total dollar volume of MLS transactions to date ($16.2 billion). Of these sales, records were also set in townhome and condos sales.
After a record shattering year in the Fraser Valley the market cooled a bit in December with inventory dropping significantly. This provides a good opportunity for sellers thinking of listing in early 2017. Give us a call to discuss.
Find the December Statistics Package in PDF File here.
[bctt tweet=”2016 saw 12.6% more homes sold in the Fraser Valley than ever before | #SchrederBrothers #SurreyBC #LangleyBC” username=”jwsrealestate”]
5 Year Summary – Fraser Valley Year-end 2016
Click on the area link below to jump to that areas 5 year summary
.
All Fraser Valley Areas Combined
Abbotsford – Mission – White Rock – Langley – Delta/North – Surrey Central – Cloverdale – Surrey/North
Detached
2016
2015
% change
2013
% change
2011
% change
Sales
10,916
11,077
-1.5%
6,890
58.4%
8,269
32.0%
New Listings
16,883
14,335
17.8%
13,525
24.8%
14,887
13.4%
Median Price
$ 810,000
$ 639,000
26.8%
$ 548,000
47.8%
$ 542,000
49.4%
Average Price
$ 918,851
$ 720,788
27.5%
$ 615,852
49.2%
$ 610,269
50.6%
Townhouse
2016
2015
% change
2013
% change
2011
% change
Sales
5,369
4,362
23.1%
2,856
88.0%
2,793
92.2%
New Listings
6,313
5,640
11.9%
5,181
21.8%
5,044
25.2%
Median Price
$ 422,000
$ 344,000
22.7%
$ 324,700
30.0%
$ 329,000
28.3%
Average Price
$ 440,223
$ 362,713
21.4%
$ 337,811
30.3%
$ 345,138
27.5%
Apartment – Condo
2016
2015
% change
2013
% change
2011
% change
Sales
5,069
3,046
66.4%
2,321
118.4%
2,513
101.7%
New Listings
5,980
5,572
7.3%
5,186
15.3%
5,757
3.9%
Median Price
$ 240,000
$ 210,000
14.3%
$ 200,000
20.0%
$ 212,000
13.2%
Average Price
$ 263,259
$ 232,976
13.0%
$ 219,196
20.1%
$ 225,976
16.5%
Abbotsford
Detached
2016
2015
% change
2013
% change
2011
% change
Sales
1,906
1,488
28.1%
985
93.5%
965
97.5%
New Listings
2,568
1,906
34.7%
1,799
42.7%
2,167
18.5%
Median Price
$ 610,000
$ 465,600
31.0%
$ 418,500
45.8%
$ 424,000
43.9%
Average Price
$ 637,758
$ 495,709
28.7%
$ 452,361
41.0%
$ 447,205
42.6%
Townhouse
2016
2015
% change
2013
% change
2011
% change
Sales
731
565
29.4%
378
93.4%
375
94.9%
New Listings
795
759
4.7%
699
13.7%
682
16.6%
Median Price
$ 350,000
$ 284,900
22.9%
$ 261,000
34.1%
$ 270,000
29.6%
Average Price
$ 284,339
$ 284,339
0.0%
$ 264,458
7.5%
$ 273,637
3.9%
Apartment – Condo
2016
2015
% change
2013
% change
2011
% change
Sales
922
527
75.0%
469
96.6%
493
87.0%
New Listings
1,045
845
23.7%
951
9.9%
995
5.0%
Median Price
$ 180,000
$ 150,000
20.0% $
$ 150,600
19.5%
$ 171,000
5.3%
Average Price
$ 188,993
$ 158,747
19.1%
$ 162,075
16.6%
$ 173,104
9.2%
Mission
Detached
2016
2015
% change
2013
% change
2011
% change
Sales
932
765
21.8%
475
96.2%
492
89.4%
New Listings
1,178
915
28.7%
841
40.1%
1,010
16.6%
Median Price
$ 515,000
$ 409,600
25.7%
$ 355,000
45.1%
$ 360,000
43.1%
Average Price
$ 528,662
$ 414,785
27.5%
$ 361,217
46.4%
$ 370,670
42.6%
Townhouse
2016
2015
% change
2013
% change
2011
% change
Sales
731
565
29.4%
378
93.4%
375
94.9%
New Listings
795
759
4.7%
699
13.7%
682
16.6%
Median Price
$ 350,000
$ 284,900
22.9%
$ 261,000
34.1%
$ 270,000
29.6%
Average Price
$ 284,339
$ 284,339
0.0%
$ 264,458
7.5%
$ 273,637
3.9%
Apartment – Condo
2016
2015
% change
2013
% change
2011
% change
Sales
922
527
75.0%
469
96.6%
493
87.0%
New Listings
1,045
845
23.7%
951
9.9%
995
5.0%
Median Price
$ 180,000
$ 150,000
20.0% $
$ 150,600
19.5%
$ 171,000
5.3%
Average Price
$ 188,993
$ 158,747
19.1%
$ 162,075
16.6%
$ 173,104
9.2%
White Rock
Detached
2016
2015
% change
2013
% change
2011
% change
Sales
1,586
1,785
-11.1%
1,082
46.6%
1,581
0.3%
New Listings
2,799
2,506
11.7%
2,432
15.1%
2,455
14.0%
Median Price
$ 1,399,950
$ 1,035,000
35.3%
$ 820,000
70.7%
$ 820,000
70.7%
Average Price
$ 1,591,544
$ 1,211,747
31.3%
$ 1,019,986
56.0%
$ 953,181
67.0%
Townhouse
2016
2015
% change
2013
% change
2011
% change
Sales
841
731
15.0%
444
89.4%
402
109.2%
New Listings
1,026
953
7.7%
869
18.1%
707
45.1%
Median Price
$ 549,900
$ 470,000
17.0%
$ 420,000
30.9%
$ 445,900
23.3%
Average Price
$ 598,556
$ 511,505
17.0%
$ 464,111
29.0%
$ 498,781
20.0%
Apartment – Condo
2016
2015
% change
2013
% change
2011
% change
Sales
1,028
742
38.5%
519
98.1%
528
94.7%
New Listings
1,231
1,239
-0.6%
1,184
4.0%
1,246
-1.2%
Median Price
$ 334,102
$ 290,950
14.8%
$ 271,768
22.9%
$ 270,500
23.5%
Average Price
$ 368,772
$ 330,930
11.4%
$ 308,309
19.6%
$ 304,533
21.1%
Langley
Detached
2016
2015
% change
2013
% change
2011
% change
Sales
1,790
1,692
5.8%
1,251
43.1%
1,236
44.8%
New Listings
2,352
1,954
20.4%
1,930
21.9%
2,166
8.6%
Median Price
$ 845,000
$ 650,000
30.0%
$ 560,000
50.9%
$ 540,000
56.5%
Average Price
$ 904,039
$ 688,174
31.4%
$ 589,894
53.3%
$ 565,154
60.0%
Townhouse
2016
2015
% change
2013
% change
2011
% change
Sales
1,057
934
13.2%
623
69.7%
604
75.0%
New Listings
1,263
1,036
21.9%
1,000
26.3%
1,060
19.2%
Median Price
$ 435,000
$ 331,950
31.0%
$ 317,000
37.2%
$ 320,000
35.9%
Average Price
$ 444,693
$ 342,911
29.7%
$ 321,277
38.4%
$ 328,709
35.3%
Apartment – Condo
2016
2015
% change
2013
% change
2011
% change
Sales
918
579
58.5%
390
135.4%
393
133.6%
New Listings
1,028
878
17.1%
810
26.9%
897
14.6%
Median Price
$ 238,750
$ 207,000
15.3%
$ 202,950
17.6%
$ 218,000
9.5%
Average Price
$ 254,465
$ 218,606
16.4%
$ 205,704
23.7%
$ 222,961
14.1%
Delta – North
Detached
2016
2015
% change
2013
% change
2011
% change
Sales
698
783
-10.9%
464
50.4%
596
17.1%
New Listings
1,185
936
26.6%
862
37.5%
927
27.8%
Median Price
$ 862,750
$ 638,000
35.2%
$ 529,500
62.9%
$ 507,500
70.0%
Average Price
$ 920,056
$ 679,330
35.4%
$ 563,619
63.2%
$ 546,047
68.5%
Townhouse
2016
2015
% change
2013
% change
2011
% change
Sales
121
144
-16.0%
81
49.4%
78
55.1%
New Listings
134
189
-29.1%
146
-8.2%
121
10.7%
Median Price
$ 561,000
$ 444,500
26.2%
$ 470,000
19.4%
$ 399,900
40.3%
Average Price
$ 535,237
$ 451,607
18.5%
$ 472,671
13.2%
$ 390,212
37.2%
Apartment – Condo
2016
2015
% change
2013
% change
2011
% change
Sales
182
44
313.6%
39
366.7%
34
435.3%
New Listings
232
111
109.0%
72
222.2%
74
213.5%
Median Price
$ 347,150
$ 220,000
57.8%
$ 193,250
79.6%
$ 219,500
58.2%
Average Price
$ 322,965
$ 201,381
60.4%
$ 175,939
83.6%
$ 205,976
56.8%
Surrey – Central
Detached
2016
2015
% change
2013
% change
2011
% change
Sales
2,016
2,577
-21.8%
1,352
49.1%
1,776
13.5%
New Listings
3,500
3,521
-0.6%
3,184
9.9%
3,321
5.4%
Median Price
$ 850,000
$ 649,000
31.0%
$ 574,450
48.0%
$ 542,000
56.8%
Average Price
$ 902,653
$ 680,297
32.7%
$ 589,505
53.1%
$ 566,373
59.4%
Townhouse
2016
2015
% change
2013
% change
2011
% change
Sales
1,401
1,089
28.7%
755
85.6%
770
81.9%
New Listings
1,717
1,554
10.5%
1,457
17.8%
1,397
22.9%
Median Price
$ 418,000
$ 336,000
24.4%
$ 323,193
29.3%
$ 331,250
26.2%
Average Price
$ 418,258
$ 341,777
22.4%
$ 322,165
29.8%
$ 332,777
25.7%
Apartment – Condo
2016
2015
% change
2013
% change
2011
% change
Sales
491
306
60.5%
219
124.2%
293
67.6%
New Listings
582
648
-10.2%
563
3.4%
679
-14.3%
Median Price
$ 221,900
$ 203,500
9.0%
$ 195,000
13.8%
$ 207,000
7.2%
Average Price
$ 225,771
$ 203,006
11.2%
$ 198,831
13.5%
$ 210,694
7.2%
Surrey – Cloverdale
Detached
2016
2015
% change
2013
% change
2011
% change
Sales
925
870
6.3%
586
57.8%
722
28.1%
New Listings
1,308
1,047
24.9%
1,027
27.4%
1,219
7.3%
Median Price
$ 825,000
$ 647,500
27.4%
$ 551,000
49.7%
$ 545,758
51.2%
Average Price
$ 871,610
$ 669,360
30.2%
$ 569,600
53.0%
$ 564,050
51.2%
Townhouse
2016
2015
% change
2013
% change
2011
% change
Sales
737
587
25.6%
334
120.7%
342
115.5%
New Listings
812
663
22.5%
544
49.3%
658
23.4%
Median Price
$ 420,000
$ 338,178
24.2%
$ 319,450
31.5%
$ 329,900
27.3%
Average Price
$ 429,437
$ 345,999
24.1%
$ 331,182
29.7%
$ 337,949
27.1%
Apartment – Condo
2016
2015
% change
2013
% change
2011
% change
Sales
322
172
87.2%
129
149.6%
127
153.5%
New Listings
359
302
18.9%
257
39.7%
311
15.4%
Median Price
$ 260,000
$ 220,450
17.9%
$ 215,000
20.9%
$ 229,000
13.5%
Average Price
$ 284,489
$ 252,452
12.7%
$ 226,251
25.7%
$ 249,301
14.1%
Surrey – North
Detached
2016
2015
% change
2013
% change
2011
% change
Sales
1,058
1,115
-5.1%
692
52.9%
900
17.6%
New Listings
1,971
1,541
27.9%
1,445
36.4%
1,613
22.2%
Median Price
$ 790,500
$ 588,000
34.4%
$ 505,000
56.5%
$ 485,000
63.0%
Average Price
$ 858,851
$ 658,083
30.5%
$ 565,079
52.0%
$ 542,249
58.4%
Townhouse
2016
2015
% change
2013
% change
2011
% change
Sales
381
250
52.4%
209
82.3%
195
95.4%
New Listings
442
392
12.8%
406
8.9%
352
25.6%
Median Price
$ 339,000
$ 291,150
16.4%
$ 285,000
18.9%
$ 276,000
22.8%
Average Price
$ 350,041
$ 290,147
20.6%
$ 285,272
22.7%
$ 276,483
26.6%
Apartment – Condo
2016
2015
% change
2013
% change
2011
% change
Sales
1,140
625
82.4%
518
120.1%
604
88.7%
New Listings
1,441
1,486
-3.0%
1,284
12.2%
1,464
-1.6%
Median Price
$ 233,000
$ 200,000
16.5%
$ 197,425
18.0%
$ 207,000
12.6%
Average Price
$ 240,310
$ 207,806
15.6%
$ 206,088
16.6%
$ 209,402
14.8%
.
Here Is What The Fraser Valley Real Estate Board Had To Say
Record-setting year for Fraser Valley real estate
SURREY, BC – Fraser Valley real estate experienced the strongest year in its history in 2016, with record-setting numbers seen in both total MLS® transactions and overall dollar volume sold.
The Board’s Multiple Listing Service® (MLS®) processed 23,974 sales in 2016, 13.6 per cent more than the 21,095 sales in 2015, and 12.6 per cent more than the previous record of 21,282 sales in 2005. The total dollar volume of MLS® sales was a record setting $16.2 billion, four billion more than the previous record set in 2015.
Of the total transactions for the year, 5,369 were townhouses sold and 5,069 were apartments, the highest each category has reached in the Board’s history.
Charles Wiebe, President of the Fraser Valley Real Estate Board, attributes this year’s extraordinary market activity to a strong provincial economy and the diverse inventory available to consumers entering the Valley.
“Our region boasts a vast range of homes available at all price points, which made it a very enticing option for buyers of all types last year.”
For inventory, a total of 34,768 new listings were received by the Board’s MLS® system during 2016, the second highest in the Board’s history and only 883 behind the 35,651 received in 2008.
In December the Board processed 966 sales, a decrease of 37.4 per cent compared to December of 2015, but level with the ten-year average for the month. December’s total inventory in the Fraser Valley was 3,930 active listings; 29.8 per cent fewer than were available in November 2016 and 8 per cent fewer than December 2015.
Wiebe adds, “The Fraser Valley market was consistently strong throughout 2016, and at times tremendously active. However, at year’s end, we see sales returning to more typical levels and low overall inventory.
“Moving into 2017 and the spring market, would-be sellers are in a great position to take advantage of strong pricing and, depending on the area, a limited selection for buyers. Talk to a REALTOR® who can help you kick-off the New Year with incredible opportunity.”
HPI® Benchmark Price Activity
Single Family Detached: At $856,700, the Benchmark price for a single family detached home in the Valley decreased 0.5 per cent compared to November 2016, and increased 27.4 per cent compared to December 2015.
Townhomes: At $416,600, the Benchmark price for a townhouse in the Valley decreased 1.8 per cent compared to November 2016, and increased 29.5 per cent compared to December 2015.
Apartments: At $259,000, the Benchmark price for an apartment in the Valley increased 0.2 per cent compared to November 2016, and increased 26.4 per cent compared to December 2015.
Find the December Statistics Package in PDF File here.
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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