SURREY, BC – January’s property sales in the Fraser Valley came in 6 percent above the 10-year average for the month, while new listings finished 11 percent below historical norms.
The Fraser Valley Real Estate Board processed 974 sales of all property types on its Multiple Listing Service® (MLS®) in January, a 21.9 percent decrease compared to sales in December 2019, and a 24.2 percent increase compared to the 784 sales in January of last year.
Of the 974 total MLS® sales of residential and commercial combined in the Fraser Valley, 363 were single-family detached homes, 241 were townhouses, and 248 were apartments.
"Considering our record-shattering snow and cold, the pace of home sales remained surprisingly balanced in January," said Darin Germyn, President of the Board. “Sales in our region have steadily improved since July of last year and January's numbers remained consistent with that trend."
There were 5,143 active listings available in the Fraser Valley at the end of January, an increase of 9.8 percent compared to December 2019’s inventory and a decrease of 14.2 percent year-over-year.
Additionally, 2,216 new listings were received by the Board for the month, a significant increase compared to December 2019’s intake of 948 new listings and a 15.1 percent decrease compared year-over-year.
"Where the weather may have had an impact in January, is on our housing supply," observed Germyn. "For certain property types, listings in the Fraser Valley are not keeping pace with sales. In areas of Surrey and Langley for example, for every two townhomes listed, one is selling. So, if you’re thinking of buying, talk to your REALTOR® about local market conditions to understand the variances."
MLS® HPI Benchmark Price Activity
- Single Family Detached: At $960,800, the Benchmark price for a single-family detached home in the Fraser Valley increased 0.7 percent compared to December 2019 and, also increased 0.7 percent compared to January 2019.
- Townhomes: At $518,000, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley increased 0.6 percent compared to December 2019 and decreased 0.8 percent compared to January 2019.
- Apartments: At $408,400, the Benchmark price for apartments/condos in the Fraser Valley increased 0.7 percent compared to December 2019 and decreased 0.1 percent compared to January 2019.
For the Fraser Valley region, the average number of days to sell an apartment in January was 49, and 47 for townhomes. Single-family detached homes remained on the market for an average of 60 days before selling.