Buying and Selling Real Estate Blog
Selling Unique BC Properties
September 2019 Market Stats
Through the end of the summer into the fall we've seen Fraser Valley Home sales rising above the 2018 numbers, which brings the market back into line with the long-term averages. In fact, the almost 30% increase of sales are drastic when compared to September 2018, but that is because last year's numbers were among the worst in 10 years. Now we are sitting just above the 10 year average, which is good news for both sellers and buyers.
Turning to the Sales-to-Active Listings Ratio shows us that the Fraser Valley is, and has been sitting in a balanced market for over a year. With 17.5% more new listings than last month the active listings are ended up being 1.2% less than last month.
The total amount of inventory in the Fraser Valley has been seeing consistent drops over the last four months which has been moderating the prices of homes. The Benchmark price of homes is still dropping in comparison to last year, but because of the shrinking supply, we see them slowly changing direction.
In detached sales we saw huge jumps over this time last year in White Rock (75%) and Surrey (58%). Townhouse sales saw major year over year jumps in Delta - North (150%), Langley (117.5%) and Abbotsford (29%). Condo's big numbers is sales were found in Surrey (40.2%) & White Rock (56.8%).
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.
The Average number of days to sell a condo in September in the Fraser Valley was 41, and 37 for townhomes. The average amount of days that a single family detached home took before selling was 46 days.
Darin Germyn, President of the Board says, '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.'
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