Strong Finish for Fraser Valley Real Estate 2019

         

After a sluggish first half of the year, property sales in the Fraser Valley started picking up speed in the summer and finished strong in December, but not enough to surpass last year’s sales totals.

The Board’s Multiple Listing Service® (MLS®) processed 15,487 sales in 2019, a 0.6 per cent decrease compared to
2018’s 15,586 sales and the lowest total sales volume for the Fraser Valley since 2013. The total dollar volume of
MLS® transactions for the year was $11.2 billion, dropping from $11.8 billion sold during the year prior.
In 2019, total sales of the three main residential property types – detached, townhome and apartment – was
13,773. Of that total, 5,770 were detached, 3,888 were townhouses and 4,115 were apartments. Year‐over‐year,
sales of detached and townhomes increased by 0.6 per cent compared to 2018, while apartment sales dropped by
4.2 per cent.

In December the Board processed a total of 1,247 sales, the third best December since 2010. Active inventory
finished at 4,686 units in December, 20.3 per cent lower than the 10‐year average for the month, with a total of
948 new listings entering the market throughout the month.

A total of 30,568 new listings were received by the Board’s MLS® system in 2019. This year was the second lowest
for new inventory for the Board in the last decade.

MLS® HPI Benchmark Price Activity

 Single Family Detached: At $953,700, the Benchmark price for a single‐family detached home in the Fraser
Valley increased 0.2 per cent compared to November 2019 and decreased 1.2 per cent compared to December
2018.
 Townhomes: At $514,900, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley
remained on par with November 2019 and decreased 3.2 per cent compared to December 2018.
 Apartments: At $405,500, the Benchmark price for apartments/condos in the Fraser Valley increased 0.2 per
cent compared to November 2019 and decreased 3.1 per cent compared to December 2018.

The Fraser Valley Real Estate Board is an association of 3,691 real estate professionals who live and work in the BC communities of North Delta, Surrey, White Rock, Langley, Abbotsford, and Mission. 

*Statistics provided by the FVREB.