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 post

Balanced conditions continue in the Greater Vancouver housing market

The Real Estate Board of Greater Vancouver (REBGV) reports that home buyer and seller activity continues to mirror historical averages in the Greater Vancouver housing market. These trends have helped keep the region in a balanced state for the last nine months. 

 

Residential property sales in Greater Vancouver reached 2,661 on the Multiple Listing Service® (MLS®) in October 2013. This is a 37.8 per cent increase compared to the 1,931 sales recorded in October 2012, and a 7.2 per cent increase from the 2,483 sales recorded in September 2013.

 

New listings for attached, detached and apartment properties in Greater Vancouver totalled 4,315 in October 2013. This represents a 0.2 per cent decline from the 4,323 new listings reported in October 2012, and a decrease of 14.2 per cent compared to the 5,030 new listings reported in September of this year.

 

Last month’s sales were 2.8 per cent above the 10-year sales average for the month, while new listings for the month were 1.9 per cent below the 10-year average.

 

The sales-to-active-listings ratio is currently at 17.4 per cent in Greater Vancouver.

 

The MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver is $600,700. This represents a 0.5 per cent decline compared to this time last year.

 

Sales of detached properties reached 1,067 in October 2013, an increase of 35.1 per cent from the 790 detached sales recorded in October 2012 and a 9.5 per cent increase from the 974 units sold in October 2011. The benchmark price for detached properties decreased 0.5 per cent from October 2012 to $922,600.

 

Sales of apartment properties reached 1,098 in October 2013, an increase of 36.7 per cent compared to the 803 apartment sales recorded in October 2012, and an increase of 14.6 per cent compared to the 958 sales in October 2011. The benchmark price of an apartment property decreased 0.9 per cent from October 2012 to $365,600.

 

Attached property sales totalled 496, an increase of 46.7 per cent compared to the 338 attached property sales recorded in 2012 and a 29.8 per cent increase compared to the 382 attached property sales recorded in October 2011. The benchmark price of an attached property is $458,000, which is virtually unchanged from October 2012.

 

 

Take a look at the latest Greater Vancouver 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 stats package by clicking here. 

Read full post

Search Listings Now!

Ready To Sell?

Insider Access