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  • Fraser Valley Real Estate Board Monthly Statistics Package

    October 2017

  • News Release Fraser Valley Real Estate Board

    Contact Michael Gleboff, Communications Coordinator michael.gleboff@fvreb.bc.ca Fraser Valley Real Estate Board Telephone 604.930.7630 Fax 604.930.7623 www.fvreb.bc.ca

    For Immediate Release: November 2, 2017

    October fails to scare away home buyers in the Fraser Valley

    SURREY, BC Ongoing demand for properties in the Fraser Valley saw overall sales reach the second highest point for an October in the Boards history. The Fraser Valley Real Estate Board processed 1,799 sales of all property types on its Multiple Listing Service (MLS) in October, an increase of 23 per cent compared to the 1,463 sales in October of last year, and an 11.1 per cent increase compared to the 1,619 sales in September 2017. Attached sales represented 56% of all market activity for the month, with apartment sales totaling 591 and townhomes at 418. The divide between our attached and detached markets continues to widen, Gopal Sahota, Fraser Valley Real Estate Board president said. Apartment activity was notably strong in October with a sales-to-actives ratio of 105 per cent, meaning that apartments are selling as fast as we can list them. Last month the total active inventory for the Fraser Valley was 5,483 listings. Active inventory decreased by 6.3 per cent month-over-month, and decreased 9.1 per cent when compared to October 2016. The Board received 2,479 new listings in October, a 13 per cent decrease from September 2017, and a 12.8 per cent increase compared to October 2016s 2,197 new listings. "Your real estate experience in the Valley is going to be very different depending on what youre looking for or selling, continued Sahota. Regardless, with the help of a professional REALTOR you can understand exactly whats happening in your market and find success. For the Fraser Valley region the average number of days to sell an apartment in October was 18 days, and 19 days for townhomes. Single family detached homes remained on market for an average of 31 days before selling. HPI Benchmark Price Activity

    Single Family Detached: At $971,900, the Benchmark price for a single family detached home in the Valley decreased 0.3 per cent compared to September 2017, and increased 11.8 per cent compared to October 2016.

    Townhomes: At $502,800 the Benchmark price for a townhome in the Fraser Valley increased 0.8 per cent compared to September 2017, and increased 18.4 per cent compared to October 2016.

    Apartments: At $369,400, the Benchmark price for apartments/condos in the Fraser Valley increased 3.1 per cent compared to September 2017, and increased 36.4 per cent compared to October 2016.

    30

    The Fraser Valley Real Estate Board is an association of 3,514 real estate professionals who live and work in the BC communities of North Delta, Surrey, White Rock, Langley, Abbotsford, and Mission. The FVREB marked its 90-year anniversary in 2011.

  • Source: Fraser Valley Real Estate Board MLS Summary Page 1 of 3

    MLS Summary - Fraser ValleyOctober 2017

    All Property Types All Property Types

    Grand Totals Oct-17 Oct-16 % change Sep-17 % change Grand Totals - year to date 2017 2016 % change

    Sales 1,799 1,463 23.0% 1,619 11.1% Sales - year to date 19,266 21,784 -11.6%

    New Listings 2,479 2,197 12.8% 2,848 -13.0% New Listings - year to date 29,052 32,145 -9.6%

    Active Listings 5,483 6,035 -9.1% 5,854 -6.3%

    Average Price 709,843$ 616,402$ 15.2% 709,253$ 0.1%

    Detached Townhouse Apartment

    All Areas Combined Oct-17 Oct-16 % change Sep-17 % change Oct-17 Oct-16 % change Sep-17 % change Oct-17 Oct-16 % change Sep-17 % change

    Sales 633 513 23.4% 602 5.1% 418 389 7.5% 392 6.6% 591 400 47.8% 470 25.7%

    New Listings 1,074 984 9.1% 1,271 -15.5% 502 434 15.7% 552 -9.1% 526 399 31.8% 628 -16.2%

    Active Listings 2,511 2,745 -8.5% 2,694 -6.8% 633 686 -7.7% 670 -5.5% 562 710 -20.8% 714 -21.3%

    Benchmark Price 971,900$ 869,000$ 11.8% 974,500$ -0.3% 502,800$ 424,600$ 18.4% 498,900$ 0.8% 369,400$ 270,900$ 36.4% 358,200$ 3.1%

    Median Price 900,000$ 755,000$ 19.2% 925,000$ -2.7% 542,500$ 440,000$ 23.3% 542,750$ 0.0% 330,000$ 248,750$ 32.7% 323,000$ 2.2%

    Average Price 1,025,805$ 923,812$ 11.0% 1,000,100$ 2.6% 550,617$ 449,184$ 22.6% 555,398$ -0.9% 349,447$ 269,334$ 29.7% 338,611$ 3.2%

    Detached Townhouse Apartment

    Abbotsford Oct-17 Oct-16 % change Sep-17 % change Oct-17 Oct-16 % change Sep-17 % change Oct-17 Oct-16 % change Sep-17 % change

    Sales 114 102 11.8% 89 28.1% 62 49 26.5% 39 59.0% 113 85 32.9% 89 27.0%

    New Listings 187 153 22.2% 180 3.9% 70 54 29.6% 60 16.7% 104 72 44.4% 103 1.0%

    Active Listings 352 354 -0.6% 359 -1.9% 79 90 -12.2% 86 -8.1% 97 140 -30.7% 116 -16.4%

    Benchmark Price 779,100$ 662,100$ 17.7% 785,400$ -0.8% 345,500$ 300,200$ 15.1% 346,000$ -0.1% 276,500$ 204,600$ 35.1% 265,700$ 4.1%

    Median Price 755,000$ 609,950$ 23.8% 718,000$ 5.2% 455,950$ 363,800$ 25.3% 426,500$ 6.9% 255,000$ 194,700$ 31.0% 240,000$ 6.3%

    Average Price 811,747$ 654,690$ 24.0% 755,144$ 7.5% 455,525$ 358,993$ 26.9% 406,664$ 12.0% 257,397$ 218,076$ 18.0% 248,635$ 3.5%

    Detached Townhouse Apartment

    Mission Oct-17 Oct-16 % change Sep-17 % change Oct-17 Oct-16 % change Sep-17 % change Oct-17 Oct-16 % change Sep-17 % change

    Sales 77 55 40.0% 69 11.6% 6 7 -14.3% 5 20.0% 7 6 16.7% 2 250.0%

    New Listings 61 70 -12.9% 87 -29.9% 6 6 0.0% 9 -33.3% 4 2 100.0% 3 33.3%

    Active Listings 146 168 -13.1% 179 -18.4% 9 26 -65.4% 11 -18.2% 8 9 -11.1% 13 -38.5%

    Benchmark Price 626,500$ 539,100$ 16.2% 629,700$ -0.5% 410,300$ 331,200$ 23.9% 392,400$ 4.6% 291,700$ 225,900$ 29.1% 279,600$ 4.3%

    Median Price 615,000$ 510,000$ 20.6% 660,000$ -6.8% 436,200$ 315,000$ 38.5% 390,000$ 11.8% 280,000$ 208,000$ 34.6% 285,000$ -1.8%

    Average Price 659,405$ 517,597$ 27.4% 664,710$ -0.8% 424,366$ 314,414$ 35.0% 392,780$ 8.0% 256,557$ 242,416$ 5.8% 285,000$ -10.0%

  • Source: Fraser Valley Real Estate Board MLS Summary Page 2 of 3

    Detached Townhouse Apartment

    White Rock / South Surrey Oct-17 Oct-16 % change Sep-17 % change Oct-17 Oct-16 % change Sep-17 % change Oct-17 Oct-16 % change Sep-17 % change

    Sales 63 64 -1.6% 81 -22.2% 65 46 41.3% 48 35.4% 72 61 18.0% 57 26.3%

    New Listings 190 166 14.5% 256 -25.8% 105 72 45.8% 111 -5.4% 71 84 -15.5% 106 -33.0%

    Active Listings 609 529 15.1% 643 -5.3% 169 139 21.6% 162 4.3% 126 167 -24.6% 144 -12.5%

    Benchmark Price 1,489,600$ 1,427,300$ 4.4% 1,514,200$ -1.6% 648,000$ 591,900$ 9.5% 652,800$ -0.7% 470,100$ 373,900$ 25.7% 462,100$ 1.7%

    Median Price 1,309,000$ 1,379,250$ -5.1% 1,308,000$ 0.1% 639,900$ 567,250$ 12.8% 667,500$ -4.1% 436,250$ 361,000$ 20.8% 435,000$ 0.3%

    Average Price 1,598,929$ 1,984,955$ -19.4% 1,456,509$ 9.8% 688,856$ 616,210$ 11.8% 782,918$ -12.0% 506,229$ 384,969$ 31.5% 485,244$ 4.3%

    Detached Townhouse Apartment

    Langley Oct-17 Oct-16 % change Sep-17 % change Oct-17 Oct-16 % change Sep-17 % change Oct-17 Oct-16 % change Sep-17 % change

    Sales 110 87 26.4% 110 0.0% 90 79 13.9% 94 -4.3% 108 75 44.0% 82 31.7%

    New Listings 157 134 17.2% 186 -15.6% 113 95 18.9% 98 15.3% 89 78 14.1% 93 -4.3%

    Active Listings 275 312 -11.9% 295 -6.8% 102 120 -15.0% 91 12.1% 49 98 -50.0% 79 -38.0%

    Benchmark Price 1,003,000$ 881,700$ 13.8% 999,800$ 0.3% 473,100$ 423,600$ 11.7% 465,200$ 1.7% 379,100$ 274,300$ 38.2% 368,500$ 2.9%

    Median Price 949,000$ 770,000$ 23.2% 996,000$ -4.7% 554,500$ 445,000$ 24.6% 547,450$ 1.3% 347,500$ 250,000$ 39.0% 326,000$ 6.6%

    Average Price 1,059,888$ 850,963$ 24.6% 1,055,681$ 0.4% 561,852$ 467,964$ 20.1% 558,309$ 0.6% 358,327$ 271,624$ 31.

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