Surrey Housing Market Status Nov.04.2019

Surrey Housing Market Status Nov.04.2019

Surrey Housing Market Status Nov.04.2019

Surrey Housing Market Status Nov.04.2019:strongest housing demand since the spring of 2018 in the Fraser Valley area.

The Fraser Valley Real Estate Board processed 1,592 sales of all property types on its Multiple Listing Service® (MLS Surrey®) in October, an 18.5 percent increase compared to sales in September 2019, and a 37.8 percent increase compared to the 1,155 sales in October of last year.

Darin Germyn said:

Our market started to pick up in the summer and we’ve been steadily improving since. It’s rare to see October home sales in the Fraser Valley outpace April and that’s what we’ve seen this year; our typical spring and fall markets have flipped.

There were 7,398 active listings available in the Fraser Valley at the end of October, a decrease of 4.5 percent compared to October of last year and a decrease of 6.9 percent compared to September 2019. The Board received 2,383 new listings in October, a 13.9 percent decrease compared to September 2019’s intake of 2,769 new listings and a 14.2 percent decrease compared to October of last year.

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MLS® HPI Benchmark Price Activity:

  1. Single Family Detached: At $952,600, the Benchmark price for a single‐family detached home in the Fraser Valley increased by 0.3 percent compared to September 2019 and decreased 3.5 percent compared to October 2018.
  2. Townhomes: At $516,000 the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased by 0.8 percent compared to September 2019 and decreased by 4.2 percent compared to October 2018.
  3.  Apartments: At $405,100, the Benchmark price for apartments/condos in the Fraser Valley decreased by 0.1 percent compared to September 2019 and decreased 6.4 percent compared to October 2018.

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