Here are 5 things you should know about the real estate market in the Fraser Valley for October 2015:

  1. Supply:  We had 4,344 properties listed thru the month of October which is down -42.5% from this time last year (October 2014) and down -10.9% from last month (September 2015). 
    If we look into those stats further.... we have 2.1 months of inventory for detached houses and 3.6 months of inventory for attached homes.

  2. Demand: 1,546 properties sold in October which is up +20.2% from this time last year (October 2014) and up +3% from last month (September 2015).

  3. Time:  The average time for a detached house to sell was 15.7 daysFor attached homes (condos, townhouses and 1/2 duplexes) it was 27.6 days.

  4. Prices: The average price of detached house is $679,793 which is up +16.8% from last year (October 2014) and the average price of an attached home is $305,857 which is up +2.2% from last year (October 2014).

  5. Hottest Areas

For Detached houses, the following areas saw the largest price increases from this time last year (October 2014):

  • South Surrey and White Rock with an increase of +24% to an Average price of $1,128,300.  There is currently 2.9 months of supply for detached houses.
  • North Delta with an increase of +20.9% to an Average price of $693,750.  There is also just 1.7 months of supply for detached houses.
  • Cloverdale with an increase of +16.2% to an Average price of $674,000.  There is also just 1.6 months of supply for detached houses.

For Attached homes, the following areas saw the largest price increases from this time last year (October 2014) 

  • Mission with an increase of +20.4% to an Average price of $250,500.  There is currently 3.6 month of inventory for attached homes.
  • South Surrey & White Rock with an increase of +7.5% to an Average price of $378,000.  There is 3.3 months of supply of attached homes!
  • Surrey with an increase of +6.4% to an Average price of $290,500.  There is 4.6 months of supply of condos, townhomes and 1/2 duplexes.
If you have any questions about the market in your neighbourhood or need assistance in planning your next real estate move, please feel free in calling me or simply fill out our contact form.
Posted by Tony Cikes on

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