The Holm Report - Fraser Valley Market Update for March 2015

February 2015 was a very busy month in the real estate market in the Fraser Valley. The Fraser Valley Real Estate Board processed 1,337 sales this past month, a 21 per cent increase compared to the same time last year.

New listings on the MLS® in February reached 2,610, which is a slight decrease of 3.8 per cent from the previous month. The total active number of listings on the MLS® was 7,864, which, while it is an 8 per cent increase over January totals, is actually 4 per cent less that the same time last year.

In February, the Sales to Active Listings ratio was 17 per cent for all property types, but for single family detached houses, this ratio climbed to 26.18 per cent, a definite bonus for sellers. The average days to sell for all properties in the Fraser Valley last month was 41.5 days.

With a view to the luxury home market in South Surrey and Langley, we can look at the neighbourhoods of Elgin Chantrell, Morgan Creek, Granview 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 $1,501,200, a 5.6 per cent increase from the previous month.

In February 2015, there were 25 sales of homes over $1,000,000 in this area, with the average list price of these homes being $2,003,300. The average number of days on market for those February sales was 58 days.

Currently in Elgin Chantrell, there are 65 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 $1,084,900, which is a 1.31 per cent increase from the previous month.

In February 2015, there were 8 sales of homes over $1,000,000 in this area, with the average list price of these homes being $ 1,903,750. The average number of days on market for those February sales was 84 days.

Currently in Morgan Creek, there are 40 active listings of homes priced over $1,500,000.

Grandview Heights (South Surrey)

The MLS® Home Price Index benchmark price for a detached single family home in the Grandview Heights neighbourhood is currently $ 1,290,200, which is a 2.02 per cent increase from the previous month.

In February 2015, there were 6 sales of homes over $1,000,000 in this area, with the average list price of these homes being $1,730,316. The average number of days on market for those February sales was 33 days.

Currently in Grandview, there are 30 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 $947,200, 2.6 per cent higher than the previous month. However, homes in the High Point neighbourhood tend to list and sell for much higher prices than other parts of Campbell Valley.

In February 2015, there was 1 sale in High Point, which was listed at $2,990,000. It was on the market for 381 days.

Currently, there are 13 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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