Fraser Valley housing market slows down in 2018
SURREY, BC – After three consecutive years of total annual sales surpassing 20,000 units, 2018 saw the Fraser Valley real estate market return to more typical levels for both sales and inventory.
The Board’s Multiple Listing Service® (MLS®) processed 15,586 sales in 2018, a 30.2 per cent decrease compared to 2017’s 22,338 sales and the lowest total sales for the Fraser Valley since 2013. The total dollar volume of MLS® transactions for the year was $11.8 billion, dropping from $15.7 billion sold during the year prior.
Of the total transactions that took place in 2018, 3,866 were townhouses and 4,296 were apartments. Each of those property types saw a significant decrease in sales compared to 2017, with total townhouse sales dropping 25.6 per cent year-over-year and apartments dropping 30.5 per cent.
“In terms of demand, this is around what we’re used to seeing for our region,” said John Barbisan, President of the Board. “There is still a great deal of interest for Fraser Valley real estate, but with prices moving slowly and more inventory becoming available, many consumers are taking a deliberate approach now that they can afford to.”
For inventory, a total of 32,058 new listings were received by the Board’s MLS® system in 2018. This was the fourth highest total for new inventory in the Board’s history.
In December the Board processed a total of 800 sales, the lowest for the month since 2012. Inventory in December finished at 5,454 active units, with a total of 978 new listings entering the market throughout the month.
Barbisan adds, “With buyers shifting into the driver’s seat and able to navigate the market more comfortably, it has become key for sellers to price effectively and leverage their home’s appeal to stand out and find success.”
“If you’re looking to enter the market in 2019, buying or selling, contact a local REALTOR® who can help you accomplish your goals in the new year.”
HPI® Benchmark Price Activity
- Single Family Detached: At $965,300, the Benchmark price for a single family detached home in the Fraser Valley decreased 1.1 per cent compared to November 2018 and decreased 1.5 per cent compared to December 2017.
- Townhomes: At $531,900, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 0.2 per cent compared to November 2018 and increased 3.7 per cent compared to December 2017.
- Apartments: At $418,300, the Benchmark price for apartments/condos in the Fraser Valley decreased 1 per cent compared to November 2018 and increased 7.6 per cent compared to December 2017.