Does the housing market seem a little scary right now? No one seems to know where it's going. Knowing about what's happening in the real estate market is a challenge for consumers. Some people are running around like, "The sky is falling! The sky is falling!"
While everyone is struggling with the decision of whether or not to invest in real estate right now, inventories have been steadily rising. Prices have stabilized. This may be the ideal time to find exactly what you've been searching for.
There has been an increase in home sales in the Fraser Valley because of the renewed interest in single family, detached homes. Total market activity remained well below historical norms – 18 per cent below the 10-year average – but the sale of detached homes increased by 14.9 per cent in one month.
The Fraser Valley Real Estate Board processed 1,517 sales of all property types on its Multiple Listing Service® (MLS®) in May, a 9.7 per cent increase compared to sales in April 2019. A 13.7 per cent decrease compared to the 1,758 sales in May of last year.
In looking at the three main residential property types, detached homes garnered 41.2 per cent of the market in May, up from 39.4 per cent in April. Attached homes garnered 58.8 per cent in May, compared to 60.6 per cent in April.
A Few Words From the President
Darin Germyn, President of the Board, said of the market: “Buyers are recognizing that in the last three months, home prices have stopped declining and that in order to take advantage of the improvement in prices over the past year, now is a great time to consider making the purchase they held off on in the previous months.”
“We’re seeing buyers who have been waiting on the sidelines, act, because of better price opportunities and more selection. It’s been four years since buyers had this much choice in the Fraser Valley.”
“Key to this market is pricing,” continued Germyn. “We empathize with our clients on the challenges they face today to qualify to buy a home and we work with them to find the right property at a realistic price they can afford.”
"There is tremendous variation in the market depending on the property type and location", added Germyn. "It's currently a buyers' market for detached homes in South Surrey/White Rock; but is leaning towards a sellers' market for townhomes in Langley, so if you're considering taking advantage of the market slowdown, first, talk to your REALTOR®."
Active Listings and Pricing
With 8,506 active listings available in the Fraser Valley at the end of May, the numbers are reflecting an increase of 26.3 per cent compared to May of last year and an increase of 8.1 per cent compared to April 2019.
The Board received 3,542 new listings during the month, a 4.5 per cent increase compared to April 2019’s intake of 3,391 new listings and a 10.7 per cent decrease year-over-year.
There are great opportunities for buyers in the Fraser Valley. Inventory overall is growing; prices of typical homes, have decreased 6 to 10 per cent over the past year and interest rates are still holding firm.
There were 8,516 active listings available in the Fraser Valley at the end of June, an increase of 19.3 per cent compared to June of last year and an increase of 0.1 per cent compared to May 2019.
The Board received 2,810 new listings in June, a 20.7 per cent decrease compared to May 2019's intake of 3,542 new listings and a 10.5 per cent decrease compared to June of last year.
HPI® Benchmark Price Activity
• Single Family Detached: At $960,100, the Benchmark price for a single-family detached home in the Fraser Valley decreased 0.4 per cent compared to May 2019 and decreased 6.1 per cent compared to June 2018.
• Townhomes: At $525,200, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley increased 0.5 per cent compared to May 2019 and decreased 5.9 per cent compared to June 2018.
• Apartments: At $409,800, the Benchmark price for apartments/condos in the Fraser Valley decreased 1.7 per cent compared to May 2019 and decreased 9.6 per cent compared to June 2018.
People come from all over the world to live in our beautiful province. Real Estate News from the rest of the country really doesn't reflect what is going on in the Lower Mainland.
We have a unique market because of our climate and the proximity to the Pacific Ocean and our incredible mountains. So, don't panic folks. We are still one of the most valuable and sought-after locations for property in the entire world!
If you need any information on buying or selling your home or property, please don’t hesitateto Phone HomeLife Benchmark, Langley 604-530-4141.