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December 2019 Market Stats

After a sluggish first half of the year, property sales in the Fraser Valley started picking up speed in the summer and finished strong in December, but not enough to surpass last year’s sales totals.

The Board’s Multiple Listing Service® (MLS®) processed 15,487 sales in 2019, a 0.6 per cent decrease compared to 2018’s 15,586 sales and the lowest total sales volume for the Fraser Valley since 2013. The total dollar volume of MLS® transactions for the year was $11.2 billion, dropping from $11.8 billion sold during the year prior. 

In 2019, total sales of the three main residential property types – detached, townhome and apartment – was 13,773. Of that total, 5,770 were detached, 3,888 were townhouses and 4,115 were apartments. Year-over-year, sales of detached and townhomes increased by 0.6 per cent compared to 2018, while apartment sales dropped by 4.2 per cent.

“Comparatively, 2019 was slower than normal for our region,” said Darin Germyn, President of the Board. “Earlier in the year, we were still feeling the impact of the stress test introduced in 2018, but with steady job growth in our region and a stable economy, we’ve seen sales in the last few months return to above-average levels.”

In December the Board processed a total of 1,247 sales, the third best December since 2010. Active inventory finished at 4,686 units in December, 20.3 per cent lower than the 10-year average for the month, with a total of 948 new listings entering the market throughout the month.

Germyn added, “Some sellers have been holding back on listing, waiting until the market improves, with the result that supply in many areas currently is quite tight; so if you’re looking to enter the market in 2020, now is a good time. Without a healthy supply of inventory in the coming months, we could see upward pressure on prices.”

A total of 30,568 new listings were received by the Board’s MLS® system in 2019. This year was the second lowest for new inventory for the Board in the last decade. 

MLS® HPI Benchmark Price Activity

  • Single Family Detached: At $953,700, the Benchmark price for a single-family detached home in the Fraser Valley increased 0.2 per cent compared to November 2019 and decreased 1.2 per cent compared to December 2018.
  • Townhomes: At $514,900, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley remained on par with November 2019 and decreased 3.2 per cent compared to December 2018.
  • Apartments: At $405,500, the Benchmark price for apartments/condos in the Fraser Valley increased 0.2 per cent compared to November 2019 and decreased 3.1 per cent compared to December 2018.

For the Fraser Valley region, the average number of days to sell an apartment in December was 48, and 45 for townhomes. Single family detached homes remained on the market for an average of 52 days before selling.

March 2019 Market Stats

 

 

 

Last month, buyers in the Fraser Valley took advantage of the continued stability in home prices and the highest inventory levels for March since 2015.

The Fraser Valley Real Estate Board processed 1,221 sales of all property types on its Multiple Listing Service® (MLS®) in March, a 24.3 per cent increase compared to sales in February 2019, and a 26.6 per cent decrease compared to the 1,664 sales in March of last year. Of the 1,221 total sales, 462 were residential detached homes, 300 were townhouses, and 346 were apartments. This was the lowest sales total for the Board during March since 2013.

Darin Germyn, President of the Board, said of the market: “From a buyer’s perspective, there are more opportunities available as we move deeper into spring. Many of our communities are seeing higher inventory levels, especially in the attached market with the number of available townhomes almost doubling and Fraser Valley condos more than doubling compared to last year.”

There were 7,011 active listings available in the Fraser Valley at the end of March, an increase of 9.4 per cent compared to February 2019’s inventory and an increase of 46.2 per cent year-over-year.

The Board received 2,872 new listings during the month, a 29.6 per cent increase compared to February 2019’s intake of 2,216 new listings and a 0.2 per cent increase compared year-over-year.

“One of the reasons our market has remained stable is simply due to affordability. Although prices have increased dramatically over the last ten years, during the last twelve months we’ve seen prices for all major residential property types in the Fraser Valley decrease between four and five per cent. This is good news for buyers,” continued Germyn.

For the Fraser Valley region, the average number of days to sell an apartment in March was 38, and 29 for townhomes. Single family detached homes remained on the market for an average of 38 days before selling.

HPI® Benchmark Price Activity

  • Single Family Detached: At $963,100, the Benchmark price for a single family detached home in the Fraser Valley increased 0.4 per cent compared to February 2019 and decreased 4.2 per cent compared to March 2018.
  • Townhomes: At $517,300, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley increased 0.3 per cent compared to February 2019 and decreased 4.5 per cent compared to March 2018.
  • Apartments: At $418,000, the Benchmark price for apartments/condos in the Fraser Valley increased 2 per cent compared to February 2019 and decreased 5.1 per cent compared to March 2018.