The Sky is Not Falling
Sales increased 11.6% compared to sales in September 2018 which is the first time we have seen an increase in sales since May. Sales are still considerably lower than last year – down 35%. Inventory continues to increase in the Fraser Valley however, there were 5.8% fewer new listings posted to the MLS compared to September 2018.
The market for condos and townhouses remained in a sellers market for Cloverdale, Langley and Surrey while all other areas experienced balanced markets. The market for detached homes remained in a balanced market across the valley with the exception of South Surrey/White Rock which continued in a buyers market.
“We’re in a much better spot in terms of overall inventory compared to this time last year, and now closer to a more balanced market. Attached inventory in particular has seen notable gains, doubling year-over-year for townhouses and nearly tripling for apartments.” said John Barbisan, President of the Fraser Valley Board.
For the Fraser Valley region, the average number of days to sell both a condo and townhouse in October was 31. Single family detached homes remained on the market for an average of 39 days before selling.
Sales of detached homes in the South Surrey/White Rock area were up 61% compared to September. While most areas saw the benchmark price drop compared to September, the benchmark price for South Surrey/White Rock remained unchanged. This is a good sign for sellers but it is only one month of data.
HPI® Benchmark Price Activity
- Single Family Detached: At $986,700, the Benchmark price for a single family detached home in the Fraser Valley decreased 0.2% compared to September 2018 and increased 1.1% compared to October 2017.
- Townhomes: At $538,400, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 1.4% compared to September 2018 and increased 7.1% compared to October 2017.
- Apartments: At $432,800, the Benchmark price for apartments/condos in the Fraser Valley decreased 1.3% compared to September 2018 and increased 17.2% compared to October 2017.
The Greater Vancouver area also experienced an increase in sales compared to September. Sales for the month of October were up 23% compared to September but were 34.9% lower than recorded in October 2017.
Last month’s sales were 26.8% below the 10-year October sales average.
The market for condos and townhouses remained strong throughout the Greater Vancouver area with most areas in a balanced or sellers market. The market for detached homes varied across the region with most areas being in a buyers market with Pitt Meadows in a sellers market and Maple Ridge in a balanced market.
HPI® Benchmark Price Activity
- Single Family Detached: At $1,524,000, the Benchmark price for a single family detached home decreased 5.1% compared to October 2017 and decreased 3.9% in the past three months.
- Townhomes: At $829,200 the Benchmark price for a townhome increased 4.4% compared to September 2017 and decreased 2.8% in the past three months.
- Apartments: At $683,500, the Benchmark price for apartments/condos increased 5.8% compared to September 2017 and decreased 3.1% in the past three months.