Summer is almost over and our Real Estate Market is still moving and is active despite it being a time when most people are on holidays ! I have analyzed all of the stats for July and here are some insights to our Fraser Valley Real Estate Market:

  • We are in a Seller's market for houses with 25.2of the homes selling within a month and we are also in a Balanced Market for attached homes with 16.7% of the homes selling within a month.
  • Sales are up 10% from a year ago
  • Inventory is down -4.8% from a year ago.
  • The detached housing market has 4.3 months of inventory while our attached market has 5.6 months.
  • The average price of a house is $571,985
  • The average price of an attached home is $287,676.

If we compare from a year ago (July 2013):
Prices are up 5.3
% for houses and up 8.5% for attached homes.

Now... there are some areas that are selling better than others just as some areas offer better buying opportunities.  Here are the three most expensive areas:

For Detached Homes:

1) South Surrey/White Rock with an average price of $845,000 which works out to $294 per square foot.
2) Langley with an average price of $620,000 and at $256 per square foot.
3) Cloverdale with an average price of $595,750 and at $217 per square foot. 

For Attached Homes:

1) South Surrey/White Rock with an average price of $352,570 which works out to $280 per square foot.
2) North Delta with an average price of $348,250 which works out to $219 per square foot.
3) Cloverdale with an average price of $312,737 which works out to $221 per square foot.

The hottest area for selling a Detached house is in Cloverdale with 3.1 out of 10 homes selling within a month and sellers getting 99.3% of their asking price.  Houses are also selling within 20 days!

For Buyers, if you are looking to buy a house I would suggest South Surrey/White Rock as there is a good selection of homes available with 5 months worth of inventory and prices being negotiated 3% below the list price.

The hottest area for selling a Attached home is in Langley with 2.4 out of 10 homes selling within a month and sellers getting 98% of their asking price.  The average time to sell is 23 days!

For Buyers, if you are looking to buy an Attached home there is a great selection of homes available in North Delta with 8.4 months worth of inventory currently available.

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 filling out our contact form.

Enjoy the rest of your summer!

Posted by Tony Cikes on

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