The strong summer for Fraser Valley real estate – particularly detached homes - carried through September.
Ray Werger, the Fraser Valley Real Estate Board president, says, “Similar to this past summer, this is the busiest September we’ve had since 2009 with sales of all property types combined out-performing the 10-year average by 13 per cent.”
Residentially, the single family home remains the preferred property type. From North Delta to Langley to Mission, sales increased in every Fraser Valley community compared to last year with the price range of $400,000 to $699,999 garnering almost sixty per cent of our total detached market.
New listing activity was also brisk in September with the MLS receiving 2,758 new listings, an increase of 16 per cent compared to last year. An important factor underlying the housing market is consumer confidence and in our region that confidence has been bolstered by the stability of home prices. Since March, the benchmark price of the three main residential property types combined has remained flat, increasing by only 0.6 per cent.
Long-term, the value of single family detached home has increased at a faster pace than it has for attached properties, particularly in areas such as Surrey, White Rock, Langley and Abbotsford where we’ve seen many new townhome and condo developments. The supply of new inventory has affected the price of resale product. – ie: Sullivan / Panorama.
The MLS Housing Price Index benchmark price of a detached home in September was $569,800 an increase of 3.1 per cent compared to September 2013, when it was $552,900. In the last six months, the HPI benchmark price of a detached home has increased by 1.1 per cent.
If you have questions about buying or selling in the near future we can help. You can reach us anytime – no obligation – at 604-583-2000.