Surrey Housing Market Slows Down in 2018
The 2018 Fraser Valley Real Estate stats are in. After 3+ years of total annual sales of 20,000+ units, 2018 shook the trend and ended up a down year. Specifically, as per the Fraser Valley Real Estate Board’s Multiple Listing Service (MLS), 2018 saw a 30.2% decrease. 15,586 sales occurred in 2018 compared to 22,338 sales in 2017. This is the lowest sales by volume in the Fraser Valley since 2013. Lastly, and perhaps most tellingly, “The total dollar volume of MLS® transactions for the year was $11.8 billion, dropping from $15.7 billion sold during the year prior.
When the stats are broken down further, it is worth noting that townhouses and apartments were hit especially hard. Specifically, only 3,866 townhouses (down 25.6%) and 4,296 apartments (down 30.5%) were sold last year. Another statistic worth noting is the just released December 2018 stat; there were only 800 total sales in December, the lowest number since 2012.
It is worth noting that while this does sound somewhat “doom and gloomy”, the truth is that the markets appear to be reverting to the mean as opposed to in a steep decline. Last years’ stats are more in keeping with the usual totals seen in the Fraser Valley / Surrey region. Per John Barbisan, President of the Fraser Valley Real Estate 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”. He further states that “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.”
Here is a look at the HPI key metrics / benchmark price activity see: http://www.fvreb.bc.ca/statistics/Package201812.pdf
- 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.
If you are looking to get into the market, give us a call or send us an email – we can answer any questions or concerns you might have as well as help you achieve your goals in the new year.