In the Fraser Valley real estate, Surrey and its neighboring areas offer diverse opportunities for both buyers and sellers. Let’s explore the detached and attached housing markets in Surrey, South Surrey White Rock, North Delta, Cloverdale, Langley, Abbotsford, and Mission. From market balance to seller dominance, each area presents unique insights crucial for informed decision-making.
SURREY
DETACHED Market Summary:
In Surrey, the detached housing market shows balance with a 14% sales ratio average, meaning 1.4 in 10 homes sell. These homes typically sell for 1% below the list price. The most active price band is $1 million to $1.25 million, with a 35% sales ratio, signaling a seller’s market. For buyers, consider homes priced $2.25 million to $2.5 million in Panorama Ridge, especially those with up to 2 bedrooms. Sellers may succeed in Bear Creek Green Timbers, Fleetwood Tynehead, and Guildford, particularly with 5 to 6-bedroom properties. Minimum inventory requirements apply.
ATTACHED Market Summary:
The attached housing market in Surrey favors sellers with a 23% sales ratio average, meaning 2.3 in 10 homes sell. These homes sell, on average, for 2% below the list price. The most active price band is $300,000 to $400,000, boasting a 42% sales ratio, indicating a robust seller’s market. For buyers, consider homes priced $1 million to $1.25 million in East Newton, Panorama Ridge, and Queen Mary Park, especially those with 4 plus bedrooms. Sellers may succeed in Bear Creek Green Timbers, Fleetwood Tynehead, and Guildford, especially with up to 2 bedrooms. Minimum inventory requirements apply.
SOUTH SURREY WHITE ROCK
DETACHED Market Summary:
In South Surrey White Rock, the detached housing market is balanced, with a 13% sales ratio average, indicating 1.3 in 10 homes selling. Homes in this category typically sell 2% below the list price. The most active price band is $1.25 million to $1.5 million, with an average 50% sales ratio, signifying a seller’s market. For buyers, homes priced $1.75 million to $2.25 million in Sunnyside Park, with a minimum of 7 bedrooms, are recommended. Sellers may find success in Crescent Beach Ocean Park with up to 2 bedrooms. Minimum inventory requirements apply.
ATTACHED Market Summary:
The attached housing market in South Surrey White Rock favors sellers, with a 32% sales ratio average, indicating 3.2 in 10 homes selling. Homes in this category sell 2% below the list price. The most active price band is $400,000 to $500,000, with an average 47% sales ratio, indicating a strong seller’s market. For buyers, homes $1.25 million to $1.5 million in Elgin Chantrell, especially with up to 1 bedroom, are recommended. Sellers may find success in Grandview, King George Corridor, and Pacific Douglas, especially with 2 to 3-bedroom properties. Minimum inventory requirements apply.
NORTH DELTA
DETACHED Market Summary:
In North Delta, the detached housing market reflects a seller’s market with a 26% sales ratio average, indicating 2.6 in 10 homes selling, typically 3% below the list price. The most active price band is $1 million to $1.25 million, with over 100% sales ratio, a strong seller’s market. For buyers, homes priced $1.5 million to $1.75 million in Nordel, especially 7+ bedrooms, are recommended. Sellers may find success in Annieville, particularly 3 to 4-bedroom properties.
ATTACHED Market Summary:
The attached housing market in North Delta leans towards a seller’s market with a 36% sales ratio average, indicating 3.6 in 10 homes selling, typically 3% below the list price. The most active price band is $500,000 to $600,000, with a 27% sales ratio, a favorable seller’s market. For buyers, homes in Annieville, especially 2 bedrooms, are recommended. Sellers may find success in Scottsdale and Sunshine Hills Woods, especially 3-bedroom properties.
CLOVERDALE
DETACHED Market Summary:
In Cloverdale, the detached housing market is a seller’s market with a 29% sales ratio average, indicating 2.9 in 10 homes selling, typically 1% below the list price. The most active price band is $1.25 million to $1.5 million, with a 44% sales ratio, favoring sellers. For buyers, homes priced $1.5 million to $1.75 million in Clayton, especially 3 to 4-bedroom properties, are recommended. Sellers may find success in Cloverdale, particularly with 5 to 6-bedroom properties, with a minimum inventory requirement in most instances.
ATTACHED Market Summary:
The attached housing market in Cloverdale strongly favors sellers with a 60% sales ratio average, indicating 6 in 10 homes selling, typically 2% below the list price. The most active price band is $800,000 to $900,000, boasting an 86% sales ratio, indicating a robust seller’s market. For buyers, homes between $900,000 to $1 million in Clayton, and those with up to 1 or 3 bedrooms, are recommended. Sellers are likely to find success in Cloverdale, especially with minimum 4-bedroom properties, with a minimum inventory requirement in most instances.
LANGLEY
DETACHED Market Summary:
Langley’s detached housing market reflects a seller’s market with a 28% sales ratio average, indicating 2.8 in 10 homes selling, usually 2% below the list price. The most active price band is $1 million to $1.25 million, with a sales ratio over 100%, favoring sellers. Buyers may find opportunities in homes priced between $2.5 million to $2.75 million in Campbell Valley and Salmon River, with at least 7 bedrooms. Sellers might succeed in Murrayville and Walnut Grove, especially with 3 to 4-bedroom properties, with a minimum inventory requirement in most cases.
ATTACHED Market Summary:
In Langley, the attached housing market strongly favors sellers with a 34% sales ratio average, indicating 3.4 in 10 homes selling, typically at 100% of the list price. The most active price band is $400,000 to $500,000, with a 68% sales ratio, indicating a robust seller’s market. Buyers may consider homes priced between $1 million to $1.25 million in Langley City, with at least 4 bedrooms. Sellers may find success in Walnut Grove, particularly with 3-bedroom properties, with a minimum inventory requirement in most instances.
ABBOTSFORD
DETACHED Market Summary:
Abbotsford’s detached housing market is balanced, with a 20% sales ratio on average, indicating 2 in 10 homes selling at 3% below list price. The most active price band is $900,000 to $1 million, with a 50% sales ratio favoring sellers. Buyers may find opportunities in homes priced between $1.75 million to $2 million in Aberdeen, while sellers may fare well in Abbotsford East with 3 to 6-bedroom properties.
ATTACHED Market Summary:
Abbotsford’s attached housing market strongly favors sellers, with a 33% sales ratio on average, indicating 3.3 in 10 homes selling, typically 1% below list price. The most active price band is $500,000 to $600,000, with a 48% sales ratio, indicating a robust seller’s market. Buyers may consider homes priced between $800,000 to $900,000 in Abbotsford West, while sellers may find success in Abbotsford East with 3-bedroom properties.
MISSION
DETACHED Market Summary:
Mission’s detached housing market is balanced, with a 12% sales ratio average and homes selling 1% below list price. The most active price band is $900,000 to $1 million. Buyers can consider properties between $700,000 to $800,000 or $1 million to $1.25 million with a minimum 7 bedrooms. Sellers may find success in Mission with 5 to 6-bedroom properties, subject to a minimum inventory of 10.
ATTACHED Market Summary:
Mission’s attached housing market is balanced, with a 15% sales ratio average and homes selling 4% below list price. The most active price band is $400,000 to $500,000. Buyers may explore homes between $500,000 to $600,000 with 3 bedrooms, while sellers may consider selling properties in Mission with up to 1 bedroom, with a minimum inventory of 10.
Conclusion
With the guidance of a knowledgeable realtor like Jared Gibbons, navigating the real estate markets of Fraser Valley and its neighboring areas becomes more manageable. Whether you’re looking to buy or sell, understanding the nuances of each market segment is essential for success. Reach out to Jared Gibbons today for personalized assistance and expert advice tailored to your unique needs and goals.