Fraser Valley Market Update – August 2020

According to the Real Estate Board of Greater Vancouver report (REBGV), there were a total of 5442 listings and home sales in the area totalled 1734 showing a Seller’s Market within the Fraser Valley.

For all residential properties in Fraser Valley the average Multiple Listing Service® (MLS®) Home Price Index (HPI) benchmark price is $622,200. This shows a 4.1% change over a yearly period and a 0.6% increase compared to the previous month.

Surrey Market Stats – August 2020

In August there were 745 sales out of a total 2329 residential properties listed in Surrey. The sales-to-active listings ratio is 32.9% for detached homes, 38.1% for townhomes, and 25% for condominiums bringing the average residential property to 32% determining a Seller’s Market for the month.

Breaking it down to the property types, the HPI Benchmark Price for a detached home is $1,044,300, a 1% increase from the previous month and a 7.5% increase from the same time last year.

For townhomes, the HPI Benchmark price rose 4.2% compared to the year before, reaching a benchmark price of $582,700.

The HPI Benchmark price of a condominium sits at $438,700; a -0.5% decrease compared to last month and a 4.9% increase from the same time last year.

Delta North Market Stats – August 2020

In August there were 81 sales out of a total 214 residential properties listed in Delta North. The sales-to-active listings ratio is 44.1% for detached homes, 55% for townhomes, and 13.7% for condominiums bringing the average residential property to 37.9% determining a Seller’s Market for the month.

Breaking it down to the property types, the HPI Benchmark Price for a detached home is $935,200, a 0% increase from the previous month and a 6.8% increase from the same time last year.

For townhomes, the HPI Benchmark price dropped -0.6% compared to the year before, reaching a benchmark price of $57,700.

The HPI Benchmark price of a condominium sits at $386,900; a -0.6% decrease compared to last month and a 4.8% increase from the same time last year.

White Rock Market Stats – August 2020

In August there were 279 sales out of a total 1100 residential properties listed in White Rock. The sales-to-active listings ratio is 19.3% for detached homes, 44.8% for townhomes, and 23.9% for condominiums bringing the average residential property to 25.4% determining a Seller’s Market for the month.

Breaking it down to the property types, the HPI Benchmark Price for a detached home is $1395300, a 1.8% increase from the previous month and a 5.2% increase from the same time last year.

For townhomes, the HPI Benchmark price rose 4.9% compared to the year before, reaching a benchmark price of $670,600.

The HPI Benchmark price of a condominium sits at $489,000; a 0.7% increase compared to last month and a -2% decrease from the same time last year.

Langley Market Stats – August 2020

In August there were 329 sales out of a total 968 residential properties listed in Langley. The sales-to-active listings ratio is 44.3% for detached homes, 38.6% for townhomes, and 23.9% for condominiums bringing the average residential property to 34% determining a Seller’s Market for the month.

Breaking it down to the property types, the HPI Benchmark Price for a detached home is $1,066,500, a 0.5% increase from the previous month and a 8.7% increase from the same time last year.

For townhomes, the HPI Benchmark price rose 3.6% compared to the year before, reaching a benchmark price of $576,200.

The HPI Benchmark price of a condominium sits at $400,900; a 0.5% increase compared to last month and a 4.6% increase from the same time last year.

Mission Market Stats – August 2020

In August there were 91 sales out of a total 219 residential properties listed in Mission. The sales-to-active listings ratio is 45.8% for detached homes, 54.5% for townhomes, and 9.7% for condominiums bringing the average residential property to 41.6% determining a Seller’s Market for the month.

Breaking it down to the property types, the HPI Benchmark Price for a detached home is $696,900, a 1.2% increase from the previous month and a 6.9% increase from the same time last year.

For townhomes, the HPI Benchmark price rose 4% compared to the year before, reaching a benchmark price of $465,500.

The HPI Benchmark price of a condominium sits at $348,200; a -1.3% decrease compared to last month and a -0.2% decrease from the same time last year.

Abbotsford Market Stats – August 2020

In August there were 290 sales out of a total 826 residential properties listed in Abbotsford. The sales-to-active listings ratio is 40.8% for detached homes, 49.7% for townhomes, and 21.6% for condominiums bringing the average residential property to 35.1% determining a Seller’s Market for the month.

Breaking it down to the property types, the HPI Benchmark Price for a detached home is $849,800, a 2.2% increase from the previous month and a 5.7% increase from the same time last year.

For townhomes, the HPI Benchmark price rose 0.9% compared to the year before, reaching a benchmark price of $465,200.

The HPI Benchmark price of a condominium sits at $325,100; a 0.9% increase compared to last month and a 4.4% increase from the same time last year.

 

About Tien Sher Real Estate Market Updates

At Tien Sher we want to bring you in-depth, accurate, simple, and easy to understand real estate stats and market updates of the Fraser Valley area and the rest of the Lower Mainland.  These updates will provide you with a better understanding of the market so that you can make an informed decision when buying or selling property within Fraser Valley. We present individual real estate market reports for Surrey, North Delta, White Rock, Langley, Mission and Abbotsford as well as an average report for the Fraser Valley.

All our statistics are sourced directly from the REBGV and the MLS®.  To get a more in-depth real estate market updates and analysis every month, sign up below to have our newsletter delivered directly to your inbox.

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