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 November 2019.
According to the Fraser Valley Real Estate Board a combination of unseasonably high demand and declining supply reinforced Fraser Valley’s real estate market in November. Darin Germyn, President of the Board and real estate agent at Macdonald Realty, says, “Some listings are seeing a lot of activity depending on location and property type. REALTORS® are reporting more showings, higher traffic at open houses and even some multiple offer situations, which is atypical for the time of year. For our region, a balanced market is when 12 to 20 per cent of active inventory is selling. In November, 33 per cent of our supply of townhomes sold, as did 29 per cent of Fraser Valley condos; indicating that the supply of attached properties isn’t keeping up with demand.”
In the Abbotsford market, there were 74 sales of detached homes and 379 active listings at the end of the month. The benchmark sale price was $785,100.
In comparison, the condo market had 73 sales, 223 active listings, and the benchmark sale price was $309,200.
Townhome market featured 48 sales, 148 active listings and a $377,700 benchmark sale price.
It’s a seller’s market for condos and townhomes in Abbotsford.
In the Langley market, the benchmark sale price was $990,300 for detached homes. At the end of the month, there were 298 active listings and 82 sales.
The condo market had 65 sales and 269 active listings. The benchmark sale price was $399,200.
Townhomes featured 180 sales, 94 active listings and a $490,400 benchmark sale price.
It’s a seller’s market for homes and townhomes in Langley.
In the Mission market, the benchmark sale price was $639,200 for detached homes. At the end of the month, there were 150 active listings and 52 sales.
The condo market had 3 sales and 11 active listings. The benchmark sale price was $335,100.
Townhomes featured 12 sales, 26 active listings and a $439,800 benchmark sale price.
It’s a seller’s market in Mission.
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