There’s a new addition to our monthly infographic! In an effort to raise the bar, we will now be including our team’s opinion of current market revenue figures for new construction townhomes, wood-frame condos and detached homes. We have focused on the two most active development areas of the Fraser Valley: South Surrey and Willoughby.
Now back to regularly scheduled programming…
June was the month of the condo in the Fraser Valley with aggressive price increases, a drop in active listings, a further reduction in days on market, and multiple offers driving sale price above list price. This heat was felt by our project marketing division; they experienced extraordinary absorption at their most recent condo project, Yale Bloc 3 built by Manorlane Homes, which sold out in less than a week.
The benchmark price of a condo in the Fraser Valley rose by 10.3% month over month and 15.5% in South Surrey/White Rock. Steady price increases each month have condos up nearly 38% year over year. Detached and townhome HPI prices were up 2% month over month. Incidentally, the benchmark price of a townhome in Langley decreased by 3.2%, which is consistent with the very mild increase in days on market.
Check out our curated summary of the Fraser Valley Real Estate Board’s June 2017 stats in infographics here.
View the Fraser Valley Real Estate Board’s entire stats package for June 2017 here.
This representation is based in whole or in part on data generated by the Fraser Valley Real Estate Board which assumes no responsibility for its accuracy.