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February 2020 Fraser Valley Market Stats

Posted by Andy Boldt on March 25, 2020
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February in the Fraser Valley saw the demand of homes continue to climb. While the amount of sales were just slightly above the 10 year average, we saw an almost 40% increase of sales of both January 2020 & February 2019. Balance this against the 15% decrease of supply compared with last February, and you see the expected slight rise in prices and decrease in the average amount of days that a home is on the market for. 


MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $971,300, the Benchmark price for a single-family detached home in the Fraser Valley increased 1.1 per cent compared to January and, also increased 1.3 per cent compared to February 2019.
  • Townhomes: At $523,200*, the Benchmark price for a townhome in the Fraser Valley increased 1.0 per cent compared to January and increased 1.4 per cent compared to February 2019.
    *Preliminary number pending further review.
  • Apartments: At $414,500, the Benchmark price for apartments/condos in the Fraser Valley increased 1.5 per cent compared to January and increased 1.2 per cent compared to February 2019.

Single Family Detached homes were on the market for an average of 37 days before selling, where the average days to sell a townhouse was 33 and 35 for condos. 

This is on average 6 days faster then this time last year. 


With the balanced market being in between 12-20% we found ourselves again in the Sellers market at 24% Sales to Active Listing Ratio.


Some specifics in areas of interest:


In Abbotsford we saw a rise of the Benchmark Price of detached homes of 4.9% over this time last year. There is a decrease of 18.2% of active townhouse listings. While the amount of condo sales was only 2.5% lower than January of 2020, it was over 40% lower then last February. The condo's Benchmark price was not affected by this as it rose 3.4% over February 2019.


In Mission, the amount of sales of detached homes was down 5.4% over last February, but the active listings were down 13% With demand being up, Benchmark prices were up too, 2.7% over February 2019 and 2.6% over January 2020. The amount of townhomes available in February was up 45% from last year and sales went up 33%.


The City of Surrey saw a sales of detached homes go up by 79% in comparison to February 2019, and up 44.4% when compared to January 2020 although this had very minimal change on the benchmark price of the homes. Townhouses had an increase of 49% sales over last year and 39% over January while Condo's had a 24% increase over last year and a similar increase over January. The benchmark price of condos also rose 1.3% over last year and 1.6% over January. 


To see the full detailed stats Click Here