The Holm Report - Fraser Valley Market Update for February 2015

The Fraser Valley Real Estate Board processed 853 sales in January, a 10 per cent increase compared to the same time last year. While the typical post-holiday slow down meant that January’s sales were 21 per cent lower than sales in December, it is important to note that mid-month, the Board noticed an increase in the number of inquiries from interested buyers, indicating a continued confidence in the market.

New listings on the MLS® in January reached 2,714, more than double the number of listings received in December, as sellers start to get prepared for the busy spring season. Sales remained strong especially for detached homes in the mid-price range, and hopefully the lower interest rates will continue to encourage this activity.

One interesting statistic: the average number of days to sell for a single family detached home last month ranged from 30 to 80 (depending on the community and neighbourhood). This statistic is influenced by the levels of supply and demand in a community, as well as the price of a home.
With a view to the luxury home market in South Surrey and Langley, we can look at the neighbourhoods of Elgin Chantrell, Morgan Creek, Grandview 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 $1,421,600, which is a 5.82 per cent increase over the same time last year.
In January 2015, there were 16 sales of homes over $1,000,000 in this area, with the average list price of these homes being $1,923,497. The average number of days on market for those January sales was 44 days.Currently in Elgin Chantrell, there are 64 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 $1,070,900, which is an 8.25 per cent increase over the same time last year.
In January 2015, there were 8 sales of homes over $1,000,000 in this area, with the average list price of these homes being $ 1,614,850. The average number of days on market for those January sales was 64 days. Currently in Morgan Creek, there are 40 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 $ 1,264,800, which is an 8.91 per cent increase over the same time last year.
In January 2015, there were 9 sales of homes over $1,000,000 in this area, with the average list price of these homes being $ 1,406,444. The average number of days on market for those January sales was 37 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 $923,200; however, homes in the High Point neighbourhood tend to list and sell for much higher prices.
In January 2015, there was one sale in High Point, which was listed at $2,300,000. It was on the market for 180 days. Currently, there are 12 active listings of homes priced over $1,500,000 in this neighbourhood.
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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