Fraser Valley Real Estate Statistics Shows Buyers Are Taking Advantage Of Market & Frozen Interest Rates.
SURREY, BC – January was a bit of a slower month from historical data as we saw, however the Fraser Valley real estate market saw an increase in sales totals as well as overall increase in inventory in February along with … decreased prices in several of the Fraser Valley’s communities.
The Fraser Valley Real Estate Board processed a 25.3 per cent increase compared to sales in January 2019, and a 29.1 per cent decrease compared to the 1,385 sales in February of last year. In total the board processed 982 total sales. 354 of the 982 sales were residential detached homes, 236 were townhouses, and 288 were apartments.
Darin Germyn, President of the Board, said of the market: “With inventory continuing to build, and prices softening across many of our areas and property types, buyers will be well positioned to make a move this spring.”
This February 6,406 active listings were available in the Fraser Valley, which totals to an increase of 6.9 per cent compared to January 2019’s inventory and an increase of 47.6 per cent year-over-year. Supply is up demand is still down. Still a buyers market it appears.
The Board received 2,216 new listings during the month, a 15.1 per cent decrease compared to January 2019’s intake of 2,609 new listings and a 3.4 per cent decrease compared year-over-year.
“Demand within our region varies depending on the community, with both residential detached homes and attached properties garnering interest when priced effectively,” continued Germyn. “If you’re looking to list, contact a REALTOR® who can help you understand the local market and what price point will bring you the buyers you’re looking for.”
The average number of days to sell an apartment in January was 40, and 39 for townhomes in the Fraser Valley specifically. Single family detached homes in the real estate valley remained on the market for an average of 43 days before selling.
HPI® Benchmark Price Activity
- Single Family Detached: At $958,900, the Benchmark price for a single family detached home in the Fraser Valley increased 0.5 per cent compared to January 2019 and decreased 3.7 per cent compared to February 2018.
- Townhomes: At $516,000, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 1.2 per cent compared to January 2019 and increased 2.8 per cent compared to February 2018.
- Apartments: At $409,700, the Benchmark price for apartments/condos in the Fraser Valley increased 0.2 per cent compared to January 2019 and decreased 3 per cent compared to February 2018.
METRO VANCOUVER MARKET STATISTICS FEBRUARY 2019
The Metro Vancouver* housing market is still very much in a buyers market. Supply is up and demand appears to still be soft.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales totalled 1,484 in February 2019 for Greater Vancouver Area, a 32.8% decrease from the 2,207 sales recorded in February 2018, and a 34.5% increase from the 1,103 homes sold in January 2019.
February’s sales were 42.5% below the 10-year February sales average.
“For much of the past four years, we’ve been in a sellers’ market. Conditions have shifted over the last 12 months to favour buyers, particularly in the detached home market. This means that home buyers face less competition today, have more selection to choose from and more time to make their decisions.” Phil Moore, president of REBGV
There were 3,892 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in February 2019. This represents a 7.8% decrease compared to the 4,223 homes listed in February 2018 and a 19.7% decrease compared to the 4,848 homes listed in January 2019.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 11,590, a 48.2 per cent increase compared to February 2018 (7,822) and a 7.2% increase compared to January 2019 (10,808).
For all property types, the sales-to-active listings ratio for February 2019 is 12.8%.
Sales-to-active listings ratio – February 2019
Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.
“Homes priced well for today’s market are attracting interest, however, buyers are choosing to take a wait-and-see approach for the time being,” Moore said.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,016,600. This represents a 6.1% decrease over February 2018, a 6.2% decrease over the past six months, and a 0.3% decrease compared to January 2019.
Sales of detached homes in February 2019 reached 448, a 27.9 % decrease cent from the 621 detached sales recorded in February 2018. The benchmark price for detached properties is $1,443,100. This represents a 9.7 % decrease from February 2018, a 7.6% decrease over the past six months, and a 0.7% decrease compared to January 2019.
Sales of apartment homes reached 759 in February 2019, a 35.9% decrease compared to the 1,185 sales in February 2018. The benchmark price of an apartment property is $660,300. This represents a 4% decrease from February 2018, a 5.1% decrease over the past six months, and a 0.3% increase compared to January 2019.
Attached home sales in February 2019 totalled 277, a 30.9% decrease compared to the 401 sales in February 2018. The benchmark price of an attached unit is $789,300. This represents a 3.3% decrease from February 2018, a 6.7% decrease over the past six months, and a 1.4% decrease compared to January 2019.
* Areas covered by the Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge, and South Delta.