Home prices soften as Fraser Valley housing market cools amid lower sales and higher…
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.
1. Areas covered by the Fraser Valley Real Estate Board include: White Rock, Abbotsford, Mission, Langley, Delta-North & the City of Surrey – North Surrey, Central Surrey, Cloverdale and South Surrey.