Sales were slightly lower in January – down 2% – compared with December 2018 but were significantly lower than January 2018 – down 35.2%. The bigger news was that there were more sales of condos last month (257) than detached homes (250). This was the first time in the Board’s history that condo sales have outsold detached homes in a month. Moving forward, condos will likely continue to be a very popular property type due to affordability. So far, we are seeing a big increase in sales for the month of February over January. While the market was barely holding on to a balanced market in January, February looks like inventory and sales will be in a more solid, balanced market.
Prices in January continued to drop for all property types across the Fraser Valley. Many market forecasters projected that we would see prices stabilize in 2019 so the question is, when will this happen. If sales start to pick up for the spring, we should see prices stabilize.
“Historically, January months start slowly, and 2019 is following that trend,” explains John Barbisan, President of the Board. “Pricing for each of our major residential property types remains either stable or decreased in most areas. This isn’t necessarily indicative of what’s to come in 2019, but it reinforces the need to be aware of what’s happening in your local market in order to be effective.”
For the Fraser Valley region, the average number of days to sell a condo in January was 45, and 44 for townhomes. Single family detached homes remained on the market for an average of 55 days before selling.
HPI® Benchmark Price Activity
- Single Family Detached: At $954,100, the Benchmark price for a single family detached home in the Fraser Valleydecreased 1.2 percent compared to December 2018 and decreased 3.3 percent compared to January 2018.
- Townhomes: At $522,100, the Benchmark price for a townhome in the Fraser Valleydecreased 1.8 percent compared to December 2018 and increased 0.5 percent compared to January 2018.
- Condos: At $409,000, the Benchmark price for apartments/condos in the Fraser Valleydecreased 2.2 percent compared to December 2018 and increased 1.2 percent compared to January 2018.
Last month’s sales were 36.3 percent below the 10 year sales average for January and the lowest January sales since 2009. For detached properties, most areas continued in a buyers market. Townhomes and condos were generally in balanced markets for January. Prices for most property types dropped again in January.
In the past 12 months, the benchmark price for a detached home in Vancouver, west side, has gone down over 14 percent. On the other end, Port Moody, Port Coquitlam, Pitt Meadows and Maple Ridge have all seen their benchmark price for a detached home fall less than 4 percent in the past 12 months.
HPI® Benchmark Price Activity
- Single Family Detached: At $1,453,400, the Benchmark price for a single familydetached home decreased 9.1 percent compared to January 2018 and decreased8.3 percent in the past six months.
- Townhomes: At $800,600 the Benchmark price for a townhome decreased 0.5 percent compared to January 2018 and decreased6.2 percent in the past six months.
- Condos: At $658,600, the Benchmark price for condos decreased 1.7 percent compared to January 2018 and decreased 6.6 percent in the past six months.
Foreclosures and Distress Sales
Prices have dropped for attached properties however, these properties are still in high demand.
#411 8183 121A Street, Surrey
Brand new, 2 bed, 2 bath, top floor, $539K