Fraser Valley Home Sales in October Consistent with 10-year Average.

 

 

For Immediate Release: Nov. 4, 2013

 

SURREY, BC – An increase in sales and a decrease in new listings last month resulted in Fraser Valley’s real estate market returning to typical activity levels for October – on par with that month’s 10‐year average.

 

The Fraser Valley Real Estate Board posted 1,249 sales on its Multiple Listing Service (MLS®) in October, an increase of 19 per cent compared to the 1,053 sales processed during October 2012. At the same time, the Board received 2,336 new listings, a decrease of 7 per cent compared to the 2,522 new listings received during the same time period last year.

 

Ron Todson, President of the Fraser Valley Real Estate Board, says, “We’ve had a great summer and good early fall, but it’s important to remind everyone of the context. The last four months of 2012 were amongst the slowest for our real estate market in the last 15 years.

 

“What we’re witnessing is a return to a balanced residential market indicated by prices remaining unchanged or down slightly compared to a year ago, stable inventory levels and the average length of time to sell a home is about two months.”

 

In October, the benchmark price of single family detached homes in the Fraser Valley was $551,400 a 0.8 per cent increase compared to $546,900 during the same month last year. For townhouses, the benchmark price was $295,500, a decrease of 0.5 per cent compared to $297,100 in October 2012 and the benchmark price of apartments was $199,500, 2.2 per cent less than in October 2012 when it was $203,900.

 

In October, the Board’s listing inventory was 9,047, a decrease of 10 per cent compared to the 10,051 active properties that were available in October of 2012.

 

Todson adds, “We characterize our overall market as balanced because of the ratio of sales compared to the number of active listings, however that ratio changes for every community and property type in the Fraser Valley.

 

We have quite a range; some markets with less than 10 per cent of inventory selling and others where more than 25 per cent of the housing stock will sell in one month. If you want to know what’s happening with your local market and how it would affect the selling price of your home, talk to your REALTOR®.”

 

 

Take a look at the latest Fraser Valley Real Estate Statistics for our local market, by following the link below, and call me to discuss how this information is used for buying and selling homes in your specific neighbourhood. You can reach me directly at 604.715.3900 or email me at judy@judysehling.com. If you would like to receive this information monthly to your inbox, subscribe to my Newsletter.



Download the complete statistics package by clicking here. 

Read Full Story

 

 

The latest Fraser Valley Real Estate Statistics for Home Sales in the Fraser Valley market area are available. This information is produced by the Fraser Valley Real Estate Board.

 

Lower inventory keeps home prices in check as ‘slow but steady’ market continues

 

SURREY, BC – In March, the Fraser Valley Real Estate Board processed 1,128 sales on its Multiple Listing Service® (MLS®), a 20 per cent decrease compared to the 1,412 sales during the same month last year, and a 24 per cent increase compared to February’s 913 sales.

 

The Board also received 11 per cent fewer new listings in March compared to last year – 2,736 compared to 3,066 – keeping inventory in check. March finished with 9,503 active listings, 1.5 per cent fewer than March of last year and 3.5 per cent fewer than the 9,832 available during March of 2009; the highest volume of active listings for that month in the last decade.

 

Ron Todson, President of the Board, explains, “Although we saw a typical spring uptick in activity from February to March, our sales remained at about 70 per cent of the norm for March and our new listings came in at 90 per cent of what the Board would typically receive.

 

“Because inventory levels are in check, prices are staying in check.”

 

In March, the benchmark price of single family detached homes in the Fraser Valley was $544,300, an increase of 0.6 per cent compared to $541,300 during the same month last year. For townhouses, the benchmark price was $298,200, a decrease of 1.7 per cent compared to $303,400 in March 2012 and the benchmark price of apartments was $204,200, an increase of 0.8 per cent compared to $202,500 in March 2012.

 

Todson adds, “Inventory levels are not as high as they need to be to put significant downward pressure on prices of the benchmark, or ‘typical’ home. These are homes that have characteristics most common to houses in a given community.

 

“In fact, we’re seeing the reverse happen. Benchmark prices for all three main property types in the Fraser Valley increased in value during the first quarter of 2013. Since January, detached homes are up by 1 per cent, townhomes by 0.6 per cent; and apartments by 2 per cent.”

 

Take a look at the latest Fraser Valley Real Estate Statistics for our local market, by following the link below, and call me to discuss how this information is used for buying and selling homes in your specific neighbourhood. You can reach me directly at 604.715.3900 or email me at judy@judysehling.com. If you would like to receive this information monthly to your inbox, subscribe to my Newsletter.

 

See the full Real Estate Statistics Package for the month of March 2013









Read Full Story

The latest Fraser Valley Real Estate Statistics for Home Sales in the Fraser Valley market area are available.  This information is produced by the Fraser Valley Real Estate Board.

 

  

Positive signs Fraser Valley housing market is starting to move.


 

Sales on Fraser Valley’s Multiple Listing Service® (MLS®) in February experienced a typical ‘early spring’ surge, increasing by 48 per cent in one month going from 617 sales in January to 913 last month.

 

Based on February’s increase in activity, Ron Todson, President of the Board, is guardedly optimistic, “We’re seeing signals that the stand-off between buyers and sellers over the last six months is coming to an end.

 

“Business has picked up in the last month with increased traffic at open houses, sellers quicker to accept offers and homes selling on average two weeks faster than they did in January.”

 

Todson adds that tightening inventory has also had an effect, “When buyers see that their selection is diminishing they’re more motivated to act.” The Board posted 2,582 new listings last month, a decrease of 9 per cent compared to the 2,846 posted during February last year pushing the total number of active listings down by 1.6 per cent compared to 2012.

 

“As your REALTOR® will explain, each market is different. Right now, the market for detached homes is balanced in North Delta and Langley. The condo market is brisk in Abbotsford and Central Surrey and townhome sales are steady in North and Central Surrey as well as Cloverdale.

 

“One commonality amongst these areas and property types is greater affordability. What’s not doing well generally anywhere in the Fraser Valley is sales of higher-end homes unless they are priced competitively.”

 

In February, it took on average 49 days to sell a detached home compared to 64 days in January. Townhomes took 60 days on average to sell compared to 72 days the month before and apartments spent an average of 66 days on the market in February compared to 83 days in January.

 

Take a look at the latest Fraser Valley Real Estate Statistics for our local market, by following the link below, and call me to discuss how this information is used for buying and selling homes in your specific neighbourhood.  You can reach me directly at 604.715.3900 or email me at judy@judysehling.com.  If you would like to receive this information monthly to your inbox, subscribe to my News Letter.

 

See the full real estate statistics package for the month of February here.




Read Full Story

Search Listings Now!

Ready To Sell?

Insider Access