Another big year for Fraser Valley real estate

  • Sutton Premier Realty
  • 08 January 2018

SURREY, BC - The Fraser Valley housing market has its second highest selling year on record in 2017, with total MLS transactions and dollar volume sold behind only 2016's unprecedented level of activity.

The Board's Multiple Listing Service (MLS) processed 22,338 sales in 2017, 7.3 per cent less than the record of 23,974 sales set in 2016.  The total dollar volume of MLS sales was $15.7 billion, coming out of slightly beneath 2016's record setting total dollar volume of $16.2 billion.

Of the total transactions for the year, 5,198 were townhouses sold and 6,183 were apartments, together representing over half of overall market acitivty for the region.  This was also the highest total annual sales for apartments in the Board's history.

"Much of the market's momentum through 2017 came from the incredible shift in demand to attached-style homes, particularly in our larger communities," remarked Gopal Sahota, President of the Board.

"While prices continued to see slight gains month-to-month, alot of our attached inventory remained affordable and an excellent option for consumers of all types."

For inventory, a total of 32,651 new listings were received by the Board's MLS system, the third highest in the Board's history after 2016 (34,768) and 2008 (35,651).

Last month the Board processed 1,344 sales, the second-most transactions for a December on record in the Fraser Valley.  December inventory finished at 3,818 active units, with a total of 1,277 new listings entering the market throughout the month.

Sahota add, "All yeart, supply levels remained below where we'd like them to be, and that has put a tight grip on inventory and pressure on the pace of the market.  This is still a challenging market for many consumers.

"However, if you have your finances in order, and the support of a local REALTOR who fits your needs, you'll be in the best position to make a move in 2018 and find success."

-Jan 3, 2018 - FVREB