Introduction
As we wrap up the year, the Fraser Valley real estate market shows intriguing developments. In this December 2023 edition, we explore the latest trends in key areas like Cloverdale, Langley, Abbotsford, Mission, and others. This comprehensive overview caters to everyone from first-time buyers to seasoned investors, offering insights into the diverse real estate scenes of these areas.
Cloverdale: A Sellers Market
Cloverdale’s attached housing market shows a seller’s market trend with a 43% sales ratio. The most active price band is $700,000 to $800,000. Buyers should consider homes priced between $1 million to $1.25 million in Cloverdale, particularly those with 3 bedrooms. Sellers find their best opportunities in Clayton, especially with up to 1-bedroom properties.
Cloverdale’s detached housing market is a seller’s market with a 25% sales ratio. The most active price band is $1.25 million to $1.5 million. For buyers, the best opportunities lie in homes priced between $1.75 million to $2 million in Clayton, especially those with a minimum of 7 bedrooms. Sellers are ideally positioned with 3 to 4-bedroom properties in Cloverdale.
Langley: A Diverse Market
Langley’s detached housing market presents a balanced environment with an 18% sales ratio. The $1 million to $1.25 million range is very active, with buyers finding opportunities in homes priced between $1.75 million and $2 million, especially in Fort Langley and Salmon River, with a preference for properties with 7 or more bedrooms. Sellers of 3 to 4-bedroom homes in Walnut Grove are well-placed.
For attached housing, Langley leans towards a seller’s market with a 35% sales ratio. Properties in the $400,000 to $500,000 bracket are particularly sought after. Buyers should consider homes priced between $1 million and $1.25 million in Willoughby Heights, especially those with 4 bedrooms or more. Sellers have the edge in Walnut Grove with 2-bedroom homes.
Surrey: A Tale of Two Markets
Surrey’s detached housing market shows a balanced state with a 12% sales ratio. The $1 million to $1.25 million range is particularly vibrant, offering opportunities for buyers in the $2.25 million to $2.5 million bracket in Panorama Ridge and Sullivan Station, with a focus on homes with 7 or more bedrooms. Sellers are best positioned in Bolivar Heights and Fraser Heights, particularly with 3 to 4-bedroom homes.
The attached housing market in Surrey is in a seller’s favor with a 23% sales ratio. The $400,000 to $500,000 range is seeing a lot of activity. For buyers, homes priced between $1 million and $1.25 million in Fraser Heights, especially those with 1 or 4+ bedrooms, are worth considering. Sellers in Fleetwood Tynehead and Guildford, particularly those with 3-bedroom homes, find themselves in an advantageous position.
South Surrey White Rock: Balanced and Active
In South Surrey White Rock, the detached market is balanced at a 14% sales ratio, with the $1.25 million to $1.5 million range being the most active. Buyers should target homes in the $2.75 million to $3 million range in Crescent Beach Ocean Park, especially those with 5 to 6 bedrooms. Sellers see success in King George Corridor with up to 2-bedroom homes.
The attached market here leans towards sellers, evidenced by a 28% sales ratio. The $900,000 to $1 million range is particularly lively. For buyers, properties in the $1.25 million to $1.5 million bracket in Morgan Creek and White Rock, especially those with up to 1 bedroom, are recommended. Sellers find their best opportunities in Pacific Douglas with 3-bedroom homes.
Abbotsford: Balanced Market Dynamics
In Abbotsford, the detached housing market is balanced, demonstrated by a 17% sales ratio. The $900,000 to $1 million range is particularly active. Buyers should focus on homes priced between $1.25 million to $1.75 million in Abbotsford West and Central Abbotsford, favoring properties with at least 5 bedrooms. Sellers have an edge with 3 to 4-bedroom homes in Abbotsford East.
Abbotsford’s attached housing market is a seller’s market with a 30% sales ratio. The most active price band is $300,000 to $400,000. Buyers should look for homes priced between $600,000 to $800,000 in Central Abbotsford, focusing on properties with 4 or more bedrooms. Sellers are best positioned with 3-bedroom properties, especially in Abbotsford East.
Mission: Favoring Sellers
Mission’s detached housing market leans towards sellers, with a 22% sales ratio. The $800,000 to $900,000 range is notably active. For buyers, the best opportunities lie in homes priced between $1.25 million to $1.5 million in Hatzic, particularly those with a minimum of 7 bedrooms. Sellers are advised to focus on properties with 3 to 4 bedrooms in Mission.
In Mission, the attached housing market is balanced with a 20% sales ratio. The $400,000 to $500,000 price range is the most active. For buyers, properties priced between $500,000 to $600,000, particularly those with up to 1 bedroom, are a good bet. Sellers have an advantage with 3-bedroom homes in Mission.
North Delta: Diverse Opportunities
North Delta’s detached market is a seller’s domain with a 23% sales ratio. The $1 million to $1.25 million price range is notably active. Buyers should look at homes priced between $1.5 million to $1.75 million in Scottsdale, particularly those with at least 7 bedrooms. Sellers are advantaged in Nordel with 5 to 6-bedroom homes.
In the attached market, North Delta also displays a seller’s market at a 23% sales ratio. The $500,000 to $600,000 price band is seeing a lot of activity. For buyers, Sunshine Hills Woods with 3-bedroom properties is a good option. Sellers should focus on Scottsdale with 2-bedroom homes for the best opportunities.
Conclusion
December 2023 has seen varied conditions across the Fraser Valley Real Estate market. From seller’s markets in Cloverdale and Mission to the balanced terrains in Langley and Abbotsford, each area presents unique challenges and opportunities. Understanding these dynamics is key to navigating the Fraser Valley real estate landscape effectively.
For more insights or personalized advice, feel free to reach out to Jared Gibbons, your local real estate expert.