“My team and I decided to put together some information to help home buyers. Whether a first time home buyer, buying property, empty nesters’ downsizing or selling a house, knowledge is power! We will do our best to help you to be able to afford to participate in the crazy, busy, lucrative real estate market in the Fraser Valley.
Listings and Sales
The Board received 2,633 new listings in August. Listings last an average of only 15 days on the market. Has it been a Red Hot Summer? You bet!”
“Demand for attached homes has brought about the second highest August sales in history. The Fraser Valley Real Estate Board has processed 1,879 sales of all property types in August 2017. That is an increase of 10.9%, compared to 1,694 sales in August of 2016. A 3 % decrease compared to 1,937 sales in July 2017.”
The Fraser Valley Market
“Everyone seems to have discovered our beautiful Langley community and are anxious to see the latest property for sale. In the search for a home, new buyers find that real estate prices in the Fraser Valley have gone up significantly since last year. For sellers…this is the time to make your move! ”
Joan Hansen expressed the fact that she is not surprised at the surge of demand so late in the summer. “There is not only a very high demand for country houses for sale. 54% of the whole of market activity was split almost evenly between apartments and townhouses,”says Joan.
” The Fraser Valley has never been a better place to live than it is now,” said Real Estate Board President Gopal Sahota. “Our communities are thriving, and there are still affordable options throughout our region. Also, it doesn’t hurt that removing the bridge tolls gives us even greater access to the Lower Mainland.”
Days to Sell
“Anyone whose looking for a townhome or apartment will have to move quickly – units are selling faster than they ever have here,” continued Sahota. “Talk to your REALTOR® for the best advice on how to prepare yourself and succeed in a competitive market like this one.”
Joan Hansen notes, “In the Fraser Valley region the average number of days it takes to sell an apartment in August was 17 days, compared to 26 at this time last year. Townhomes sold in an average of 16 days, and single family detached took 25. It has become common knowledge that breaking into the market is a real challenge. Prices are high, inventory is low and multiple offers are common practice.”
A Breakdown Of Pricing
• Single Family Detached: $976,000 is the Benchmark price for a single family detached home in the Valley. Increased 10.2 % compared to August 2016.
• Townhomes: $491,900 is the Benchmark price for a townhome in the Fraser Valley. Increased 16.6 % compared to August 2016.
• Apartments: $349,300 is the Benchmark price for apartments/condos in the Fraser Valley. Increased 32.8 % compared to August 2016.
Condo Market
“The Joan Hansen Team did a little investigating into what you can purchase in Langley and Abbotsford with a budget of $250,000 and $500,000.”
Joan Hansen advises, “In Langley you might be able to purchase a condo for $250,000 dollars. If you find it, you better grab it fast. Most are selling for considerably more than the original asking price. There are frequently multiple offers. The size will be about 730 sq. ft. with 1 bedroom, 1 bathroom.”
Detached Homes
“Even if you double your investment and plan to spend half a million dollars, you’d be hard pressed to find a single detached home in Langley for that price.”
“You’re not going to find a house for $500,000 in Langley; if you should come across a house selling at that low a price, it will be a serious fixer upper and probably in a less that appealing neighborhood.” Joan says.
Townhouses
“You can, however, find a nice three bedroom, two bathroom, townhouse going for approximately $500,000 in Langley.”
“With this sort of hot market, detached homes are bound to hold their value well. This makes it an ideal time to buy a home or sell at a healthy profit.”
“If you are planning to sell or just want a free market evaluation, our team is here for you. For those of you who are on a home buying search, we are able to offer you lots of information and professional advice.” Joan Hansen says,” I have been a residential real estate agent for 37 years in the Fraser Valley and am able to help you to achieve your needs and desires in this difficult market.”