here is a quick market review and update for your reading pleasure.
MARKET REVIEW FOR 2016 & 2017
The Fraser Valley Real Estate Market experiences the strongest year in it's History with record breaking numbers in both MLS transactions and dollar volume.
The Board MLS Dept. processed 23, 974 Sales in 2016 which is 13.6% more than the 21,095 Sales in 2015 and broke the record set in 2005 for 21,282 Sales. The total dollar volume of the MLS Sales hit a record setting of $16.2 BILLION!!! which is $4 BILLION MORE than the previous set record in 2005.
Very interestingly, of the total transactions for the year, 5,369 were townhomes sold and 5,069 were apartments, the highest each category has reached in the Board's History! Detached House sales were 10,728 for the Fraser Valley.
For inventory, a total of 34, 748 New Listings were received by the MLS Dept. during 2016, the second highest in the Boards History and only 883 behind the 35,651 received in 2008.
In December the Board processed 966 Sales, which was down 37.4% compared to December 2015 but level with the 10 year average for the month. December's total inventory in the Fraser Valley is way down at only 3,930 Active listings, which is 29.8 % fewer than we had the previous month in November 2016 and 8 fewer that we had a year ago in December 2015. Prior to all of this, we normally carry around 10,000 listing for the Fraser Valley.
As 2016 came to an end, we now saw sales returning to more typical levels and LOW INVENTORY overall.
Now in 2017, with such low inventory, Great Interest Rates, New incentive for Government Help for 1St Buyers, Strong pricing and limited Selection.......Would be Sellers, are in a GREAT POSITION TO SELL before the rush of the Spring Market.
Currently in Walnut Grove, we only have 26 Detached homes available for sale as February 22, 2017.
Since November 1, 2016 to now, Jan 11, 2017 we have had 19 Solds for Detached homes in Walnut Grove.
- To compare to the height of the market, prior to the New 15% Foreign tax coming in beginning of September 2016 , see below;
- Prior to the 15% Tax, from May 1, 2016 to August 31, 2016 were the following;
- Langley SOLDS 793 during this period. Langley City SOLDS 97 during this period.
- After 15% tax, from September 1, 2016 to December 31, 2016 Huge Drop!
- Langley SOLDS 403 during this period. Langley City SOLDS 45 during this period.
- January 1, 2017 to February 15, 2017
- Langley SOLDS 91 during this time. Langley City SOLDS 15 during this time period
HISTORICAL LANGLEY DETACHED HOMES
BASED ON MEDIAN PRICING
- 2013 SALE PRICE $561,239 $226 a sq ft
- 2014 SALE PRICE $593,075 $236 a sq ft
- 2015 SALE PRICE $652,648 $259 a sq ft
- 2016 SALE PRICE $736,250
- 2017 Sale Price $799,000
As of January 2017, the Benchmark Price for a Detached home in
Fraser Valley is $856,300 & For Langley $866,500
• Single Family Detached: At $856,300, the Benchmark price for a single family detached home in the Fraser Valley did not change compared to December 2016, and increased 24.3 per cent compared to January 2016.
• Townhomes: At $420,400 the Benchmark price for a townhome in the Fraser Valley increased 0.9 per cent compared to December 2016, and increased 28.8 per cent compared to January 2016.
• Apartments: At $262,300, the Benchmark price for apartments/condos in the Fraser Valley increased 1.3 per cent compared to December 2016, and increased 27.6 per cent compared to January 2016.
If You are curious to the value of your home and would like a Free Market Evaluation........please give me call. I look forward to hearing from you. www.marleane.com
Wishing you all the best,