The Holm Report - Fraser Valley Market Update for April 2015


Property sales continued to be strong in the Fraser Valley real estate market in March. In fact, with 1,857 sales in the month, the FVREB enjoyed a 47.5 per cent increase in sales this past month compared to the same time last year.

New listings in March reached 3,089, an 18 per cent increase from the previous month and an 11 per cent increase compared to March 2014. Because of the higher number of sales in March, the inventory of active listings on the Multiple Listing Services® (MLS®) dropped to 8,193, a 7 per cent decrease compared to the same time last year.

This decreased number of active listings has resulted in increasing prices and faster sales in many areas, especially for single family detached homes. The average number of days to sell a single family home in March was 38 days, compared to 44 days for the same time last year. This is great news for sellers!

With a view to the luxury home market in South Surrey and Langley, here is a market snapshot for the beautiful neighbourhoods of Elgin Chantrell, Morgan Creek, Grandview Heights and High Point.

Elgin Chantrell (South Surrey)
The MLS® Home Price Index benchmark price for a detached single family home in the Elgin Chantrell neighbourhood is currently $1,488,100, which is a 0.88 per cent decrease from the previous month.

In March 2015, there were 26 sales of homes over $1,000,000 in this area, with the average list price of these homes being $1,770,860. The average number of days on market for those March sales was 31 days.

Currently in Elgin Chantrell, there are 66 active listings of homes priced over $1,500,000.

Morgan Creek (South Surrey)
The MLS® Home Price Index benchmark price for a detached single family home in the Morgan Creek neighbourhood is currently $1,076,600, which is a 0.76 per cent decrease from the previous month.

In March 2015, there were 6 sales of homes over $1,000,000 in this area, with the average list price of these homes being $ 1,501,500. The average number of days on market for those March sales was 48 days.

Currently in Morgan Creek, there are 37 active listings of homes priced over $1,500,000.

Grandview (South Surrey)
The MLS® Home Price Index benchmark price for a detached single family home in the Grandview neighbourhood is currently $ 1,328,500, which is a 2.96 per cent increase from the previous month.

In March 2015, there were 8 sales of homes over $1,000,000 in this area, with the average list price of these homes being $1,243,575. The average number of days on market for those March sales was 26 days.

Currently in Grandview, there are 27 active listings of homes priced over $1,500,000.

High Point (Langley)
High Point is a subdivision of the Campbell Valley area in south Langley. The MLS® Home Price Index benchmark price for a detached single family home in Campbell Valley is currently $944,400, 0.30 per cent lower than the previous month. However, homes in the High Point neighbourhood tend to list and sell for much higher prices.

In March 2015, there were no sales in the High Point neighbourhood.

Currently, there are 15 active listings of homes priced over $1,500,000 in High Point.

If you wish to learn more about homes in any of these areas, or if you would like to talk about selling your home, I would be more than happy to talk with you in detail.


Please don’t hesitate to call me – I’m Holm!

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