SURREY, BC – Even with a characteristic seasonal dip in sales, the Fraser Valley real estate market experienced its best August since 2011 with volumes improving over last year and finishing 10 per cent below the 10-year average for the month.
The Fraser Valley Real Estate Board processed 1,302 sales on the Multiple Listing Service® (MLS®) in August, an increase of 3 per cent compared to the 1,258 sales during the same month last year and a decrease of 19 per cent compared to the 1,615 sales in July.
Ray Werger, president of the Board, says, “As usual, we saw a typical summer slowdown in August compared to July, however like every month so far in 2014, August sales were higher than last year. It’s the continuation of the story we’ve seen all year; a return to a normal, balanced market.”
The Board added 2,382 new properties to the MLS® in August, an increase of 1 per cent compared to August of last year and a decrease of 13 per cent compared to July. August finished with 9,403 active listings, a decrease of 7 per cent compared to what was available during the same month last year.
Werger adds, “Generally in August, we saw sales of single family detached homes continue to outpace sales of townhouses and condos in the Fraser Valley. Depending on what property type you’re thinking of listing or buying, talk to your REALTOR® who will explain that the markets for detached and attached homes are quite different. We have only five months’ supply of detached homes currently and nine months’ supply of condos.
“With interest rates as competitive as they are combined with the increase of affordable, new townhome developments in Cloverdale and Langley in particular, we’re seeing first-time buyers bypass the condo phase to jump immediately to a larger, more expensive townhouse or a smaller single family home.”
The MLS® Home Price Index benchmark price of a single family detached house in the Fraser Valley in August was $569,800, an increase of 3.4 per cent compared to $551,000 in August 2013.
For townhouses, the benchmark price in August was $298,500 on par with the August 2013 price of $298,200. The benchmark price of apartments in Fraser Valley in August was $196,700, a decrease of 3.5 per cent compared to $203,900 in August 2013.
Find the August Statistics Package here.
SURREY, BC – Continued demand for single family homes and townhomes resulted in the busiest July in five years for the Fraser Valley Real Estate Board. The Board’s Multiple Listing Service® (MLS®) processed 1,615 sales in July, an increase of 11 per cent compared to the 1,456 sales in July last year and 1.4 per cent above the 10-year average for the month.
Ray Werger, President of the Board, says, “July’s steady activity is a continuation of what we’ve been seeing all year. Our market has fully recovered from last year’s slump and has returned to what we typically see in the Fraser Valley, which is a steady, consistent market.”
In July, the Board received 2,724 new listings, a decrease of 2 per cent compared to July 2013 taking the number of active listings in Fraser Valley to 9,636, a decrease of 8 per cent compared to the volume available in July 2013.
Werger says, “Although our sales were slightly above average for the month, the volume of new listings added to the MLS® was 7 per cent lower than what’s typical for July, so for certain property types and price ranges we’re actually seeing a shortage of listings creating a seller’s market for particular homes.
“When demand starts to exceed supply it puts upward pressure on prices and in areas such as White Rock/South Surrey, North Delta and Langley we’ve seen an increase in benchmark prices of single family detached homes ranging from 3 to 6.6 per cent over the last year. It’s a different story for condos. In most of our market, there’s excellent selection and prices lower than they were one year ago offering tremendous opportunities for buyers.”
In July, the benchmark price, as determined by the MLS® Home Price Index (MLS® HPI), of a ‘typical’ single family detached home was $568,300, an increase of 3 per cent compared to July 2013 when it was $551,000.
The HPI benchmark price of Fraser Valley townhouses increased by 0.2 per cent; going from $297,800 in July 2013 to $298,500 in July 2014. The benchmark price of apartments was $194,700 last month, a decrease of 3.6 per cent compared to $202,000 in July of last year.
Find the July Statistics Package here.
SURREY, BC – The Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) processed 1,668 sales in June, an increase of 26 per cent compared to the 1,327 sales in June of last year and 2 per cent higher than sales in May. In terms of historical comparison, last month’s sales finished 7 per cent below the 10-year average for June with the previous best June occurring in 2010.
Ray Werger, President of the Board, says, “Recent news reports indicate that consumer optimism about real estate is at its highest level in a number of years and we’re experiencing that at the ground level.
“Over the last three months, we’ve seen a surge in demand specifically for single family homes and townhomes in most of our communities. Our number one buyer is families with children and they’re taking advantage of ultra-low interest rates combined with more affordable, stable prices in the Fraser Valley.”
In June, the benchmark price, as determined by the MLS® Home Price Index (MLS® HPI), of a ‘typical’ residential home – detached, townhouse and apartment combined – was 1.3 per cent higher than June of last year. For the single family detached home, the HPI benchmark price in June was $568,600, an increase of 3 per cent compared to June 2013 when it was $552,200. This is a record high benchmark price for detached homes since the MLS® HPI began in January 2005.
The HPI benchmark price of Fraser Valley townhouses decreased by 0.3 per cent; going from $298,700 in June 2013 to $297,800 in June 2014. The benchmark price of apartments was $197,000 last month, a decrease of 2.7 per cent compared to $202,500 in June of last year.
Werger adds, “We’re essentially seeing two markets right now, so it’s important to get advice dependent on what you’re listing or buying. Competitively priced, mid-range single family homes are being snapped up quickly, on average in a little over a month, whereas condos and higher-end, executive homes in our region are taking as long as three months on average to sell. Talk to your REALTOR® to find out where you fit.”
The Board’s MLS® received 13 per cent more new listings in June, 2,974 compared to the 2,625 new listings received during June of last year. The month finished with 9,853 active listings, a decrease of 6 per cent compared to the 10,515 active listings available during June of last year.
Find the June Statistics Package here.
SURREY, BC – May’s property sales in the Fraser Valley reached the highest they’ve been in seven years with the Fraser Valley Real Estate Board posting 1,633 sales on its Multiple Listing Service (MLS®), an increase of 18 per cent compared to May 2013 and 11 per cent more than in April.
Previous record-setting Mays were in the mid-2000s during the market peak, with last month’s sales coming in just below the 10-year average.
Ray Werger, President of the Board, says, “For the second month in a row, we’re experiencing healthy sales volumes with the most popular choice being single family detached homes followed by townhouses. For single family homes, that market is at the upper-end of a balanced market with certain areas in a sellers’ market where over 30 per cent of available inventory is selling.”
Werger adds that the market for apartments has not picked up to the same degree. “We’ve seen an improvement in condo sales in specific areas, however in many communities the market continues to favour buyers due to inventory levels that remain elevated and buyer preference for homes that offer more space and amenities.
“Last month in the Fraser Valley, 60 per cent of our residential sales were single family detached homes and we’re starting to see that preference reflected in prices. Prices are up three per cent over the past year, even higher in the most sought-after communities and most of that increase has taken place in the last six months.”
The benchmark price as determined by the MLS® Home Price Index (MLS® HPI) of a single family detached home in Fraser Valley increased 3.1 per cent in one year. It went from $549,200 in May 2013 to $566,400 last month.
In May, the benchmark price of a Fraser Valley townhouse was $297,300, a decrease of 0.2 per cent compared to $298,000 in May 2013. The benchmark price of an apartment decreased by 2.6 per cent year-over-year; going from $203,400 in May of last year to $198,100 in May 2014.
In May, the Board received 3,218 new listings, an increase of 2 per cent compared to April and 1 per cent more than were received during the same month last year. The new inventory took the number of active listings in Fraser Valley to 9,870, a decrease of 7 per cent compared to the volume available in May 2013.
Werger says, “Our home supply is the best it’s been since last fall, with the highest demand for priced-right, quality properties. If your home fits that description, anticipate a lot of interest.”
Find the May Statistics Package here.
SURREY, BC – The growth in sales on Fraser Valley’s Multiple Listing Service (MLS®) outpaced the growth in new inventory in April, propelling the market into solid balanced conditions.
In April, the Fraser Valley Real Estate Board’s total sales volume increased by 8 per cent year over year and 17 per cent compared to March while new listings saw a 7 per cent increase compared to April 2013 and a 13 per cent increase compared to the previous month.
Ray Werger, president of the Board, says, “There’s a lot of optimism right now. It will take a few more months of numbers, but our 2014 market is already on track to outperform last year.
“A measurement we rely on to gauge the health of the housing market is the ratio between sales and active listings and in April that number was the highest it’s been in our region in three years. Last month, that ratio for both single family detached homes and townhomes was 21 per cent, meaning for every 100 homes available, 21 sold. That’s a strong, balanced market.”
Werger adds that demand for apartments in the Fraser Valley remained softer. “In some of our areas we have an oversupply of condos and you’ll see that reflected in prices. Generally, prices of benchmark or typical apartments have decreased over the past year. However, both buyers and sellers need to be aware that it depends on the community and the age and quality of the condo.”
In April, the benchmark price of single family detached homes in the Fraser Valley was $566,000, an increase of 3.4 per cent compared to $547,300 during the same month last year. For townhouses, the benchmark price was $298,700, virtually unchanged compared to $299,100 in April 2013 and the benchmark price of apartments was $196,300, a decrease of 3.7 per cent compared to $203,900 in April of last year.
In April, the Board processed a total of 1,470 sales through its MLS® compared to 1,366 sales in April 2013 and 1,259 sales in March; and, received 3,153 new listings last month compared to 2,951 new listings received during April 2013. The number of active listings reached 9,400, 7 per cent more than were available in March however 6 per cent fewer than were available during April of last year.
In April, the number of days on average to sell a detached home in the Fraser Valley was 43; 47 for townhomes; and, 59 days on average for an apartment. All, four days faster than they were in April 2013.
Find the April Statistics Package here.