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SEAS5 EP236 - August 2023 Fraser Valley Real Estate Statistics!

September 28, 2023 | Posted by: Michele Cummins

SEAS5 EP236 - August 2023 Fraser Valley Real Estate Statistics!

Watch segment one here: 

Watch segment two here: 

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Michele Cummins 
Cell: 778-885-4659

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Curtis Pope  0:22  
Saturday morning. You know what that means? It's time for the commercial real estate show with Michelle Cummings and myself Curtis Pope. And a good Saturday morning to you, Michelle.

Michele Cummins - PREC  0:30  
Happy Saturday to you too, Curtis.

Curtis Pope  0:32  
And here we are again back at it. And now it's the chaos is over first week of school is done. Late gets back to normal ish this week.

Michele Cummins - PREC  0:41  
Did you wear white after Labor Day?

Curtis Pope  0:43  
I haven't yet. I don't want to wait anyway. Black is slimming. You're correct. Oh, you've heard so that's why I'm always in black. Do you ever see a stripe on me? No.

Michele Cummins - PREC  0:55  
I always think of that, because because the Dukes of Hazzard movie. And the way he says it. Anyways, it's really funny. If you haven't seen the latest movie, you should. It's good. It's funny. So it is September already. That's crazy. It is the stat show. We've got August stats, and I gotta tell you, it's completely different than I expected. Oh,

Curtis Pope  1:16  
yeah, little teaser, we call that eggs.

Michele Cummins - PREC  1:20  
And so we're gonna get into that in the second segment. But I do have some really interesting being September being the second busiest time and best time for sellers to sell typically in the year. There's a lot of new listings coming on board and I've got a few that I wanted to talk about and some open houses and some special realtor events and some special MLS tours and all that good stuff. If you don't mind

Curtis Pope  1:44  
changing things up. Yes. Well, you know, it actually doesn't make sense to You're just saying that because I have noticed a few more signs up and around. Yeah, you know, around you saying I was driving out through Chilliwack and, and Harrison this week and things like that, and I saw a few more signs. So

Michele Cummins - PREC  1:57  
you're gonna see a lot more REMAX Magnolia signs going up. Yeah. And so one of the brand new ones is at 8676. Ashmore place in mission. And this is a really beautiful, it's got a gorgeous green color, great exterior, good street appeal, nice landscaping. It's fully fenced really deep, nice double garage, and it's got power for that electrical vehicle. And it has a suite. And it also it's an authorized suite, by the way. And it also has this little cute not little but it's like an enlarged space on the main level when you walk in that has a full bathroom connected to it. So that could be I mean, for a student it would be great for students. You know, you can have student housing. So yeah, so that one and it's built in 2007. It's six bedrooms altogether four bathrooms almost close to 7000 square foot lot. And over 2600 2700 square foot house. It is beautiful. They really actually maintained really, really well it shows well. And you'll see that on our YouTube channel with Curtis's VoiceOver on the video. And that one we have an open house today between 11 and 1am will eliminate lovin Lavinia Wow,

Curtis Pope  3:20  
why? Midnight, that's when the party starts. That's what's really a good time to check it out. margaritas are flowing the music's

Michele Cummins - PREC  3:29  
music Yeah, it's a party rock'n'roll time. Okay, 11am and 1pm keep it at that more

Curtis Pope  3:36  
sense. And then tomorrow. I want to do an open house at some point. We just have a little big party and it's like it was till 1am

Michele Cummins - PREC  3:42  
Oh, I have one of those probably coming up. Okay, that'll come up soon will be fun. Yeah, we'll talk about that soon here. And two to four tomorrow. So come out and check it out. Shanaya Dougal? Realtor in our office is going to be hosting that one. Today and tomorrow. And then you know, we've got this property this executive property talking about you know, good times. This gorgeous home is in East Abbotsford with amazing mountain valley and Gulf Island views. And it is at 36508. Florence today and tomorrow. Open Houses are from two to four. And the we had a huge price adjustment on this one. I mean, wow, the price improvement down $300,000 This is now 2,499,000 It is executives' it is low maintenance to no maintenance. It's got gorgeous green, but that artificial gorgeous grass. You never have to mow in the front and huge garage in the beams in this property. I mean, you've seen this property Chris. You know how gorgeous it is. It's got a legal suite. It's got DAX galore on every level. I three was blushing dryer rooms, the bedroom the master the primary. It has its own kitchen and its own two huge walk in closets. It's got it's got a kitchen of its own a whole laundry room and area of its own. It's like its whole own separate space from the house. So it's really unique. So come out and have a look at that again today and tomorrow two to four. But this is the one where we're going to have a twilight special events Thursday the 14th from four to 7pm. I'm going to be serving some champagne, champagne. Yeah. And hors d'oeuvres and it's going to be really fun. And we'll have music and maybe we'll have Richard there doing some acoustic live stuff. I

Curtis Pope  5:43  
think that's the plan. That would be a party. Yeah, the 14th from

Michele Cummins - PREC  5:46  
four to 7pm. Not quite midnight or 1am. But that's what we're going to do. And then okay, I've got this other brand new listing and this is an acreage and another executive, ReMax luxury property. It's on 3.29 acres, it is at 33060 Richards Avenue and mission. And this one has its own sports court. And again, our video on our YouTube and online social media has Curtis as the voiceover and you got to watch it. It's gorgeous. The drone video

Curtis Pope  6:17  
pretty amazing property that one like it's it's got a lot going on for it like it's what you know, it's like a 6000 square foot home.

Michele Cummins - PREC  6:25  
Yeah, huge. The rec room is so cool. It's got this live edge breakfast bar and live edge table and,

Curtis Pope  6:32  
and the deck space is amazing. It is cluding a hot tub.

Michele Cummins - PREC  6:36  
It's actually almost 7000 square feet. The

Curtis Pope  6:38  
house is big. It's a big place and it's got a beautiful kitchen. Yeah, that one is that's a nice place and just far enough away from everybody where you're, you know, kind of off to yourself and you've got all this acreage, do whatever you want, but still close enough to the city that you need a carton of milk. You're good.

Michele Cummins - PREC  6:53  
Yeah, totally private, completely private. It's got its own trails in the back. huge hot tub. And the detached garage is perfect for shop like 15 foot ceilings. Yeah, perfect for a shop. Gated driveway. long driveway. It's gorgeous. It's 3.3 million and that one we have on the realtor tour actually this Tuesday morning and we're going to serve brunch there and so have a look at that video. Check it out. And then this is a unique one. Okay, this is a newer listing and I'm the reason I'm I'm I'm really bringing it up it's out and hope anybody you know may not be even thinking about hope but where there's hope there is a way and there's light and hope is just waiting for somebody to live in this home and what if

Curtis Pope  7:44  
you go beyond your beyond hope

Michele Cummins - PREC  7:47  
that's what you don't want to pass Oh, that's right. That's passed beyond hope beyond all hope this is on also flood Hope Road that doesn't flood. Okay, let's not say that. It doesn't. Lismore so that's the actual park that it's in. It's gorgeous. Oh my gosh, the everywhere you look, the mountains, the hang gliders they have what are those planes that glide those really long wing planes at glide

Curtis Pope  8:13  

Michele Cummins - PREC  8:14  
riders. I don't have my pilot license, so don't laugh at me.

Curtis Pope  8:19  
You will notice it can't be gliders go I could just see going in your wheels. You know, you know it's gotta be something other. I think they they just call them gliders.

Michele Cummins - PREC  8:26  
That's it. So this manufactured home it has a gigantic deck and an enclosed sunroom to just be able to sit inside and enjoy all the views around or outside huge yard. I mean, I have not seen as big of a yard in a manufactured home lot in a park as this one has. It's got a huge garden, a huge greenhouse. Well, I will say huge greenhouse but to me it is when you don't have a greenhouse is big. And it's got shed a big shed. And yeah, the house is two bedrooms. One bathroom, it's it's 1995 really clean, well maintained, updated. Very nice. The only thing is, is if you like the single living, this is a single spark. Meaning only one person can live there. On each lot permanently. You can have friends over you can have gas, but if you like the single living this is the park for you. Yeah, and, and no pets, so it's very quiet. Very quiet. Yeah, I mean, maybe a bird is okay, but maybe a fish is okay. Frog. You have to talk to the owner of the park about that one but yeah, ribbit, ribbit? No, but um, yeah, so that one's really interesting. The price tag on that one is 185 and for what you get, it's that is such a good price. Such a good price. So there you have it. Those are some great listings and go online to have a look at all of them and there's going to be more coming up. Because it's September then That's what happens in September.

Curtis Pope  10:02  
Absolutely all right well with that it's probably good time to take a quick break and then we have stats to get to ASAP so we'll take a quick break right now people are more information want to see your listings, things like that

Michele Cummins - PREC  10:11  
where do they go Michelle

Curtis Pope  10:14  
We're back with more right after this

Michele Cummins - PREC  10:54  

Curtis Pope  11:09  
and we're back with segment two of the Coventry real estate show with Michelle Cummins and myself Curtis Pope. Now I know you want to get right into the status like a horse late right and come out of the gate at the racetrack right years ago. I want to go I want to go I want to go so we'll get right to the stats.

Michele Cummins - PREC  11:24  
Right. So Fraser Valley real estate sales dip in August, prices hold steady. So this release came out September 5. Yes. And we have them here for you. So the Fraser Valley Real Estate Board recorded 12 173 sales on the MLS system in August, a decrease of 6.9% compared to July. But sales were up 25.2% compared to August of last year. New sales dropped 20 622 In August, that's new listings. That's a big drop. That's a decrease of 8.2% from last month, but 28.2% above this time last year. active listings have been rising since last December and grew again in August by 1.5%, bringing it to 6291 just 7% off the 10 year average. A message from the President order the chair of the Real Estate Board and Dorinda Bane says many buyers are in watchful waiting mode as they hold off on decisions in anticipation of potential further rate changes. So with prices relatively stable and active inventory on the rise, we hope to see more listings come on stream over the next couple of months, especially if rates hold steady. With the sales to active listings ratio of 16%. The market for detached homes was balanced between supply and demand. Demand for townhouses and apartments remained stronger 38% and 32% respectively. The market is considered balanced when the sales to active listings ratio is between 12 and 20%. Benchmark prices in the Fraser Valley remained relatively unchanged compared to last month, with gains of less than 1% across all types of of property. And we'll see more in a little bit on that one. And so, on average property's spent between two and four weeks on the market before selling that's not bad at all the townhouses and apartments moving faster, they take 16 and 20 days respectively. And then detached homes are taken about on average 25 days. Of course, always look in your neighborhood pocket and your municipality to see directly how long it's taking your type of property to sell. But that's just the overall activity for the Fraser Valley for detached homes. So now benchmark prices, single family homes and all the Fraser Valley right now are at 1,534,500. That benchmark price, and that's a decrease of point 6% compared to July, and it's an increase of 1.6% compared to August of last year. Townhouses are at 846,200 and that is a decrease of point 5% compared to July and an increase of point 9% Compared to last year in August. Apartments are at 553,500 and that is a decrease of point 4% compared to July and an increase of 2.5% compared to August of last year. So of course going from municipality to municipality and we always like starting in our beautiful Abbotsford and right now detached prices for benchmark is in Abbotsford. 1,214,300 And that's a decrease of point 3% from last year and a decrease of 2.6% from last month. So two separate stats, townhouses and But as further 653,400, and that's a decrease of 7.9% from last year, but from July to August, so in August, they went up 1.2% apartments and then in Abbotsford is 452,000. And that went up from last year point 8%. And actually August, it went up point 5%. So that helped that overall annual like your over your average go up as well. Mission for detached benchmark prices are at 1,060,100. And that is an increase of 4.9% from last year. And in August, that actually went up a little bit, which helped that it was point 4% townhouses at 673,700. And that's down from last year 3.4%. But actually August, it went up point 2%. And apartments in Michigan at 461,200, down 4.2%, from last year, but up slightly 8.6% from last month. And the reason earlier I said that I was surprised at the stats of August was I actually expected sales to be down but also prices to be down a little bit. But it's showing that actually, most benchmark prices actually went up a little bit. And with all the immigration growth, and there's this oh, there was a and I actually shared it on my social media, a great mortgage broker, I know shared it, and there was there was a huge amount of population that was missed on some stat or some some survey, and that they that they didn't mention about housing, how much housing we actually do really need in the next couple of years. We already know, we need way more than the housing starts. And then after the fires and everything, how many homes are we needing? And so, yeah, so that's the prices of properties and what people need homes, roofs over their heads. And so let's go back into this. So we are going to now mention White Rock and South Surrey prices. So detached benchmark is at 1,999,300 and that's up 2.6% from last year. And up point 3% from last month and townhouses in beautiful white rock, South Surrey at 977,600 and that is up 4.1% from last year and up point 5% from the month before and apartments are at $636,000 and that's up 3.9% from last year. And just straight across the same as it was in July. As of August so Langley now detached benchmark prices at $1,638,700 and that is a point 9% from last year and up point 5% from last month. Townhouses 856,200 And that's down 3% from last year, but up in August point 9%. And apartments are at $611,700. And that is up point 5%. From last year. But down in August just a little bit point 2%. And that is it. That is Langley. That was Langley white rock. Oh sorry, we got Surrey let's not forget the huge area of Surrey. So all of Surrey combined benchmark prices for detached homes $1,675,400 Up 1.4% from last month last year, but down point 5% from last month, townhouses 881,600. And that's up 3.8% from last year but down 1.3%. From July, and apartments at 548,200. That's up 3.5% from last year, but down 1.9% From July. And now that is the whole Fraser Valley for you.

Curtis Pope  18:52  
So once again, the real message there is that inventory is keeping prices relatively the same.

Michele Cummins - PREC  19:00  
You got it supply and demand. And so we'll see what happens is in September, we're going to have more listings on the market. But we're also going to have actually more buyers because the buyers who have that three month hold and wait hold, they're going to continue wanting to try to get in, you know before the end of the year, they're going to want to try to find a place and move in before especially before the holidays too. And that's what that's why partly why September is so busy for buyers buying and best second best time of the year for sellers. Yeah, and the graph actually that shows if you if anybody out there wants the full report just just ask me. I'm happy to email it to you. I have it on my website uploaded on our blog when we upload the show. But it's it goes into detail and great graphs going back to the early 70s showing you what the prices overall have done. And then there but I expected it to go into a balanced market in August, but it's proven that is just on the tip. In fact And might just have dipped into it a little bit. It's really hard to tell on the graph, but it looks like it kind of dipped into it right in August. Yeah, September, it's probably gonna be seller's market again. There we go. Yeah, I'm already feeling it and seeing if you're feeling it. Yeah. So I thought it would be fun this week. Curtis is if you had a quote

Curtis Pope  20:21  
for us. Well, I can do that. I got a few quotes kicking around. This is one of my favorites, even though it's maybe a little odd. Inside this room, all of my dreams become realities. So my realities become dreams. It's familiar, isn't it? Oh, ah, Willy Wonka.

Michele Cummins - PREC  20:41  
Oh my gosh, of course.

Curtis Pope  20:43  
Because that's how I kind of feel about the studio here at the radio station. Always. How can I kind of get that vibe?

Michele Cummins - PREC  20:49  
Where's all the hidden candied is Everything Is Everything tasty gonna

Curtis Pope  20:52  
eat? Everything's corridor that makes us look really big. And we come with his dad sits you know,

Michele Cummins - PREC  20:57  
does that bear a big gummy bear? Yes.

Curtis Pope  21:01  
Yes, Violet. Are you Ruka who would you be? Yes, your rukh I've decided

Michele Cummins - PREC  21:11  
I want to fly. So I want to like be the one that flies in that big space in that big room. Well, we can

Curtis Pope  21:18  
work on that. We're going to have

Michele Cummins - PREC  21:20  
candy we're going to support local business at our new REMAX Magnolia and mission downtown and you know the candy shack is there and tons of different candies fun place. Well, we're gonna have I got this really cool beautiful you know, one of a kind French bakery trolley on wheels and they're round and they're like for the French break bakery. It's the neatest thing I got it at the renaissance in Langley. Love that sponge store. Oh my gosh. And so we're going to have candies all from the candy shack and in there and so when when when you come by Hey, how's the market going at scoop a little cup of candy. Brought to you by the candy shack? Yeah, we're gonna we're gonna be almost like Willy Wonka and the Chocolate Factory. Yeah, that's

Curtis Pope  22:09  
very cool. All right, well, people want more information about what can do you have and your listings and all that stuff. Where can they go?

Michele Cummins - PREC  22:16  
Gummy Bears and gummy worms and chocolate covered? They can go to Michelle

Curtis Pope  22:21  
And join us again next week and we will talk real estate in order to unlock your real estate potential on the show real estate is maximized. Thanks for listening

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