In December the Board processed a total of 1,247 sales, the third-best December since 2010. Active inventory finished at 4,686 units in December, 20.3% lower than the 10‐year average for the month, with a total of 948 new listings entering the market throughout the month.
Darin Germyn, President of the Board and Macdonald Realty real estate agent said that comparatively, 2019 was slower than normal for that region. “Earlier in the year, we were still feeling the impact of the stress test introduced in 2018, but with steady job growth in our region and a stable economy, we’ve seen sales in the last few months return to above‐average levels.”
Germyn added, “Some sellers have been holding back on listing, waiting until the market improves, with the result that supply in many areas currently is quite tight; so if you’re looking to enter the market in 2020, now is a good time. Without a healthy supply of inventory in the coming months, we could see upward pressure on prices.”
Here are the latest real estate market statistics from Macdonald Realty on Abbotsford, Cloverdale, Langley, Mission, North Delta, North Surrey, Surrey Central, White Rock/South Surrey listings and sales in December 2019.
In the Cloverdale market, there were 70 sales of detached homes and 30 active listings at the end of the month. The benchmark sale price was $998,100.
In comparison, the condo market had 21 sales, 29 active listings, and the benchmark sale price was $448,700.
Townhome market featured 37 sales, 55 active listings and a $560,700 benchmark sale price.
It’s a seller’s market in Cloverdale.
In the North Surrey market, the benchmark sale price was $933,400 for detached homes. At the end of the month, there were 196 active listings and 48 sales.
The condo market had 91 sales and 241 active listings. The benchmark sale price was $395,700.
Townhomes featured 22 sales, 60 active listings and a $552,200 benchmark sale price.
It’s a seller’s market for condos and townhomes in North Surrey.
In the Surrey Central market, the benchmark sale price was $999,200 for detached homes. At the end of the month, there were 118 active listings and 329 sales.
The condo market had 28 sales and 53 active listings. The benchmark sale price was $409,300.
Townhomes 69 12 sales, 202 active listings and a $554,400 benchmark sale price.
It’s a seller’s market in Surrey Central.
White Rock/South Surrey
In the White Rock/South Surrey market, there were 61 sales of detached homes and 359 active listings at the end of the month. The benchmark sale price was $1,299,500.
In comparison, the condo market had 49 sales, 178 active listings, and the benchmark sale price was $475,800.
Townhome market featured 43 sales, 147 active listings and a $625,000 benchmark sale price.
It’s a seller’s market for condos and townhomes in White Rock/South Surrey.
Looking for more information about the real estate market in specific neighbourhoods in Surrey, Langley and Fraser Valley?
MLS® Home Price Index (HPI) Benchmark Price
Average and median home prices are often misinterpreted, are affected by change in the mix of homes sold, and can swing dramatically from month to month (based on the types and prices of properties that sold in a given month). The MLS® HPI overcomes these shortcomings and uses the concept of a benchmark home, a notional home with common attributes of typical homes in a defined area. Visit www.housepriceindex.ca for more information.
This blog post is based on market data provided by the Fraser Valley Real Estate Board (FVREB) www.fvreb.bc.ca