Fraser Valley Real Estate Board. Monthly Statistics Package

Transcription

1 Fraser Valley Real Estate Board Monthly Statistics Package February 2018

2 News Release Fraser Valley Real Estate Board For Immediate Release: March 2, 2018 Lack of supply continues to command Fraser Valley housing market SURREY, BC Despite slight increases to both active and new inventory in the Valley, overall supply in February remained well below the ten-year average for the month historically. The Fraser Valley Real Estate Board processed 1,385 sales of all property types on its Multiple Listing Service (MLS ) in February, a decrease of 0.8 per cent compared to the 1,396 sales in February of last year, and a 14.5 per cent increase compared to the 1,210 sales in January Of the 1,385 sales processed last month 336 were townhouses and 379 were apartments, together representing 52 per cent of all transactions in February. "Attached apartment inventory in particular has struggled to keep up with the shift in demand we saw prominently throughout last year," said John Barbisan, Board President. "Without sufficient supply, it has become increasingly challenging for buyers looking to enter the market at that level." Active inventory for the Fraser Valley finished at 4,340 listings last month, increasing 9.5 per cent month-over-month, and decreasing 6.6 per cent when compared to February The 10-year average for February active inventory is 7,487 units. The Board received 2,293 new listings in February, a 9.6 per cent increase from January 2018 s 2,092 new listings, and a 5.6 per cent increase compared to February "With the sales-to-actives ratio for townhomes and apartments at 67 per cent and 75 per cent respectively, sellers can expect interest if they price their homes effectively. Talk to your REALTOR who can evaluate your local market and find the right price point for success. For the Fraser Valley region the average number of days to sell an apartment in February was 13, and 16 for townhomes. Single family detached homes remained on the market for an average of 38 days before selling. HPI Benchmark Price Activity Single Family Detached: At $992,100, the Benchmark price for a single family detached home in the Valley increased 1 per cent compared to January 2018, and increased 15.7 per cent compared to February Townhomes: At $531,000 the Benchmark price for a townhome in the Fraser Valley increased 2.2 per cent compared to January 2018, and increased 25.4 per cent compared to February Apartments: At $422,300, the Benchmark price for apartments/condos in the Fraser Valley increased 4.5 per cent compared to January 2018, and increased 46.7 per cent compared to February The Fraser Valley Real Estate Board is an association of 3,538 real estate professionals who live and work in the BC communities of North Delta, Surrey, White Rock, Langley, Abbotsford, and Mission. The FVREB marked its 90-year anniversary in Contact Michael Gleboff, Communications Coordinator michael.gleboff@fvreb.bc.ca Fraser Valley Real Estate Board Telephone Fax

3 MLS Summary - Fraser Valley February 2018 All Property Types All Property Types Grand Totals Feb-18 Feb-17 % change Jan-18 % change Grand Totals - year to date % change Sales 1,385 1, % 1, % Sales - year to date 2,594 2, % New Listings 2,293 2, % 2, % New Listings - year to date 4,385 4, % Active Listings 4,340 4, % 3, % Average Price $ 774,627 $ 617, % $ 723, % All Areas Combined Feb-18 Feb-17 % change Jan-18 % change Feb-18 Feb-17 % change Jan-18 % change Feb-18 Feb-17 % change Jan-18 % change Sales % % % % % % New Listings % % % % % % Active Listings 1,838 1, % 1, % % % % % Benchmark Price $ 992,100 $ 857, % $ 982, % $ 531,000 $ 423, % $ 519, % $ 422,300 $ 287, % $ 404, % Median Price $ 957,737 $ 825, % $ 942, % $ 602,900 $ 489, % $ 569, % $ 385,000 $ 275, % $ 370, % Average Price $ 1,062,777 $ 912, % $ 1,028, % $ 609,046 $ 484, % $ 563, % $ 410,276 $ 286, % $ 388, % Abbotsford Feb-18 Feb-17 % change Jan-18 % change Feb-18 Feb-17 % change Jan-18 % change Feb-18 Feb-17 % change Jan-18 % change Sales % % % % % % New Listings % % % % % % Active Listings % % % % % % Benchmark Price $ 803,300 $ 674, % $ 786, % $ 371,600 $ 295, % $ 361, % $ 315,900 $ 223, % $ 300, % Median Price $ 770,000 $ 648, % $ 720, % $ 497,400 $ 351, % $ 385, % $ 304,950 $ 209, % $ 287, % Average Price $ 838,706 $ 684, % $ 760, % $ 480,050 $ 356, % $ 402, % $ 313,535 $ 222, % $ 291, % Mission Feb-18 Feb-17 % change Jan-18 % change Feb-18 Feb-17 % change Jan-18 % change Feb-18 Feb-17 % change Jan-18 % change Sales % % % % % % New Listings % % % % % % Active Listings % % % % % % Benchmark Price $ 653,500 $ 544, % $ 645, % $ 433,400 $ 345, % $ 432, % $ 315,400 $ 235, % $ 307, % Median Price $ 685,000 $ 529, % $ 685, % $ 415,000 $ 387, % $ 451, % $ 329,500 $ 163, % $ 117, % Average Price $ 713,333 $ 573, % $ 687, % $ 415,000 $ 391, % $ 466, % $ 368,400 $ 170, % $ 117, % Source: Fraser Valley Real Estate Board MLS Summary Page 1 of 3

4 White Rock / South Surrey Feb-18 Feb-17 % change Jan-18 % change Feb-18 Feb-17 % change Jan-18 % change Feb-18 Feb-17 % change Jan-18 % change Sales % % % % % % New Listings % % % % % % Active Listings % % % % % % Benchmark Price $ 1,482,800 $ 1,414, % $ 1,470, % $ 656,000 $ 570, % $ 644, % $ 519,000 $ 387, % $ 507, % Median Price $ 1,349,000 $ 1,306, % $ 1,245, % $ 751,000 $ 555, % $ 689, % $ 485,000 $ 359, % $ 460, % Average Price $ 1,512,472 $ 1,490, % $ 1,418, % $ 762,771 $ 611, % $ 708, % $ 550,657 $ 370, % $ 495, % Langley Feb-18 Feb-17 % change Jan-18 % change Feb-18 Feb-17 % change Jan-18 % change Feb-18 Feb-17 % change Jan-18 % change Sales % % % % % % New Listings % % % % % % Active Listings % % % % % % Benchmark Price $ 1,028,200 $ 867, % $ 1,024, % $ 508,500 $ 405, % $ 499, % $ 424,300 $ 289, % $ 406, % Median Price $ 1,010,000 $ 850, % $ 980, % $ 598,000 $ 505, % $ 569, % $ 380,000 $ 291, % $ 361, % Average Price $ 1,113,677 $ 864, % $ 1,130, % $ 616,367 $ 494, % $ 570, % $ 390,574 $ 298, % $ 378, % Delta - North Feb-18 Feb-17 % change Jan-18 % change Feb-18 Feb-17 % change Jan-18 % change Feb-18 Feb-17 % change Jan-18 % change Sales % % % % % % New Listings % % % 9-33% % % Active Listings % % % % % % Benchmark Price $ 944,800 $ 819, % $ 941, % $ 581,000 $ 482, % $ 561, % $ 394,100 $ 268, % $ 375, % Median Price $ 975,000 $ 820, % $ 929, % $ 685,000 $ 558, % $ 809, % $ 482,500 $ 349, % $ 463, % Average Price $ 1,035,792 $ 859, % $ 1,011, % $ 646,128 $ 577, % $ 805, % $ 481,466 $ 352, % $ 481, % Source: Fraser Valley Real Estate Board MLS Summary Page 2 of 3

5 City of Surrey - Combined* Feb-18 Feb-17 % change Jan-18 % change Feb-18 Feb-17 % change Jan-18 % change Feb-18 Feb-17 % change Jan-18 % change Sales % % % % % % Benchmark Price $ 1,102,700 $ 964, % $ 1,094, % $ 579,100 $ 460, % $ 566, % $ 442,900 $ 297, % $ 423, % Average Price $ 1,184,920 $ 1,022, % $ 1,112, % $ 633,463 $ 500, % $ 587, % $ 420,683 $ 297, % $ 397, % *North Surrey, Central Surrey, Cloverdale and South Surrey, excl. White Rock Surrey - Central Feb-18 Feb-17 % change Jan-18 % change Feb-18 Feb-17 % change Jan-18 % change Feb-18 Feb-17 % change Jan-18 % change Sales % % % % % % New Listings % % % % % % Active Listings % % % % % % Benchmark Price $ 1,019,500 $ 871, % $ 1,013, % $ 569,000 $ 443, % $ 557, % $ 427,400 $ 281, % $ 402, % Median Price $ 1,066,500 $ 842, % $ 990, % $ 605,000 $ 483, % $ 571, % $ 415,000 $ 251, % $ 384, % Average Price $ 1,118,237 $ 874, % $ 1,046, % $ 604,858 $ 474, % $ 563, % $ 410,425 $ 255, % $ 388, % Surrey - Cloverdale Feb-18 Feb-17 % change Jan-18 % change Feb-18 Feb-17 % change Jan-18 % change Feb-18 Feb-17 % change Jan-18 % change Sales % % % % % % New Listings % % % % % % Active Listings % % % % % % Benchmark Price $ 1,036,600 $ 862, % $ 1,014, % $ 595,000 $ 457, % $ 578, % $ 488,100 $ 318, % $ 469, % Median Price $ 978,000 $ 827, % $ 1,034, % $ 607,500 $ 499, % $ 570, % $ 418,000 $ 280, % $ 463, % Average Price $ 1,075,502 $ 863, % $ 1,075, % $ 593,585 $ 489, % $ 569, % $ 461,405 $ 279, % $ 464, % Surrey - North Feb-18 Feb-17 % change Jan-18 % change Feb-18 Feb-17 % change Jan-18 % change Feb-18 Feb-17 % change Jan-18 % change Sales % % % % % % New Listings % % % % % % Active Listings % % % % % % Benchmark Price $ 972,100 $ 821, % $ 966, % $ 560,200 $ 435, % $ 543, % $ 410,400 $ 270, % $ 391, % Median Price $ 875,000 $ 820, % $ 896, % $ 525,000 $ 478, % $ 514, % $ 374,400 $ 280, % $ 360, % Average Price $ 932,829 $ 870, % $ 987, % $ 506,740 $ 453, % $ 498, % $ 394,275 $ 283, % $ 372, % Source: Fraser Valley Real Estate Board MLS Summary Page 3 of 3

6 MLS Home Price Index - Fraser Valley February 2018 BENCHMARK INDEX ONE MONTH THREE MONTH SIX MONTH ONE YEAR THREE YEAR FIVE YEAR TEN YEAR PRICE (HPI) % CHANGE % CHANGE % CHANGE % CHANGE % CHANGE % CHANGE % CHANGE RESIDENTIAL LOWER MAINLAND 977, COMBINED FRASER VALLEY BOARD 795, NORTH DELTA 928, NORTH SURREY 762, SURREY 841, CLOVERDALE 894, SOUTH SURREY & WHITE ROCK 1,022, LANGLEY 785, ABBOTSFORD 603, MISSION 620, DETACHED LOWER MAINLAND 1,328, FRASER VALLEY BOARD 992, NORTH DELTA 944, NORTH SURREY 972, SURREY 1,019, CLOVERDALE 1,036, SOUTH SURREY & WHITE ROCK 1,482, LANGLEY 1,028, ABBOTSFORD 803, MISSION 653, TOWNHOUSE LOWER MAINLAND 694, FRASER VALLEY BOARD 531, NORTH DELTA 581, NORTH SURREY 560, SURREY 569, CLOVERDALE 595, SOUTH SURREY & WHITE ROCK 656, LANGLEY 508, ABBOTSFORD 371, MISSION 433, APARTMENT LOWER MAINLAND 641, FRASER VALLEY BOARD 422, NORTH DELTA 394, NORTH SURREY 410, SURREY 427, CLOVERDALE 488, SOUTH SURREY & WHITE ROCK 519, LANGLEY 424, ABBOTSFORD 315, MISSION 315, Fraser Valley Real Estate Board All indices equal 100 in January, An index of 120 indicates a 20% increase in price since January, Lower Mainland combines data across the Fraser Valley and Greater Vancouver real estate board areas.

7 Sales, Listings & Active Inventory, All Types, Fraser Valley Actives Listings Sales 14,000 12,000 10,000 8,000 6,000 4,000 2,

8 Sales to Active Listings Ratio, All Types, Fraser Valley Ratio 30 Sellers Market 20 Balanced Market 10 Buyers Market February: 32% According to BCREA, a balanced market in the Lower Mainland ranges between 12% - 20% This graph includes all Residential and Commercial property types Fraser Valley Real Estate Board

9 MLS Home Price Index, Fraser Valley

10 MLS Home Price Index Benchmark Prices, Fraser Valley $1,000,000 $900,000 $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $

11 $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 $0 Average Price, Residential Detached, all Fraser Valley

12 Annual Sales, New Listings, Average Price All Property Types, Fraser Valley Sales New Listings Average Price 40,000 $800,000 35,000 $700,000 30,000 $600,000 25,000 $500,000 20,000 $400,000 15,000 $300,000 10,000 $200,000 5,000 $100,000 $ Fraser Valley Real Estate Board