The summer’s strong real estate market in the Fraser Valley continued through into September. The Fraser Valley Real Estate Board processed 9 per cent more sales in September compared to the previous month, and 25 per cent more sales than this same time last year. In total, there were 1,121 sales processed in September.
New listings also increased, with the Multiple Listing Service® (MLS®) receiving 2,758 new listings, or 16 per cent more than September of last year. This brought the total number of active listings in the Fraser Valley to 9,156 (7 per cent less than a year ago).
While overall benchmark prices have remained generally stable since March (increasing by only 0.6 per cent), in some areas, such as Surrey, White Rock and Langley, the value of a single family detached home continues to increase at a faster rate.
In the Elgin-Chantrell area of South Surrey / White Rock, the current benchmark price for a single family detached home is $1,416,500, which is 5.21 per cent higher than the same time last year.
If you are curious about the value of your home in this market, please don’t hesitate to contact me. I’d be happy to discuss it with you. Call me – I’m Holm!