SURREY, BC – The Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) recorded 1,102 sales in February, an increase of 43 per cent over January’s sales and an increase of 21 per cent over the 913 sales during February of last year.
Ray Werger, President of the Board, says, “The last time we saw an improvement in the market this early in the year was two years ago when we ended up having a solid, steady market from February through to mid-summer. It’s too early to predict whether this year will be similar, but for now sales are up and the average number of days to sell a detached home is one week faster than it was in January.”
Werger adds, “Although sales have picked up, it’s important to mention that they’re still hovering about 10 per cent below our 10-year average and the increases in activity are specific to property type and location, so be sure to ask your REALTOR® how your home and neighbourhood compare.”
The Board posted 2,666 new listings last month, an increase of 3 per cent compared to the 2,582 posted during February of last year bringing the total number of active listings in February to 8,210 – 11 per cent more than were available in January and 8 per cent less than were available during February 2013.
Werger adds, “Generally, we’re finding for all property types if they’re priced right there is a buyer; however, demand for single family detached homes and townhomes is the most consistent with certain pockets in Langley, Abbotsford and North Delta that are thriving, which is why prices for detached homes in those areas are either on par or elevated compared to last year.
“Fraser Valley’s condo market, moderately busier in February, continues to favour buyers offering excellent opportunities due to higher levels of inventory and prices comparable to what they were eight years ago.”
In February, the benchmark price of single family detached homes in the Fraser Valley was $558,100, an increase of 3.2 per cent compared to $540,900 during the same month last year. For townhouses, the benchmark price was $298,900, an increase of 0.7 per cent compared to $296,700 in February 2013 and the benchmark price of apartments was $193,200, a decrease of 4.6 per cent compared to $202,500 in February 2013.
In February, it took on average 51 days to sell a detached home compared to 58 days in January. Townhomes took 55 days on average to sell compared to 60 days the month before and apartments spent an average of 70 days on the market in February compared to 86 days in January.
Find the February Statistics Package here.
LANGLEY, BC - The Fraser Valley Real Estate Board (FVREB) elected its new Board of Directors for 2014/2015 at its Annual General Meeting held on February 26.
REALTOR® Ray Werger will replace outgoing President Ron Todson. Werger has been active in real estate since 1992, and is a representative of Royal LePage West R.E.S. (Surrey).
“It's an incredible honour to lead one of the largest, longest-serving professional associations in BC. Since 1921, our Board has been providing Fraser Valley REALTORS® with the tools and services we need to give consumers the best possible service,” Werger said.
Werger started volunteering on behalf of the Board 18 years ago and has served as a director since 2007, chairing a number of committees and assisting in the development of many of the Board’s initiatives.
The FVREB is the professional association of more than 2,700 REALTORS® in the Fraser Valley providing its members with a variety of membership services including the Multiple Listing Service®, professional development and technological innovation.
The incoming President-Elect is Jorda Maisey, RE/MAX Little Oak Realty, Fort Langley and the Vice President is Charles Wiebe, Landmark Realty Corp., Abbotsford.
The full 2014/2015 FVREB Board of Directors is as follows:
Fraser Valley’s new Board of Directors takes office on March 1, 2014.
LANGLEY, BC - The 2014 recipient of the Fraser Valley Real Estate Board’s John Armeneau Professional of the Year award is Bonnie Moy of HomeLife Benchmark Realty in White Rock.
The award is the highest honour the Board bestows, recognizing outstanding leadership and dedication professionally and within the community.
With over 22 years in the real estate profession, Bonnie is revered for her skill, expertise, and commitment to both the Fraser Valley and its community of REALTORS®.
Her dedication has offered over 17 years of volunteerism to the Board, and her efforts have made her integral to the development of professional real estate in British Columbia. Notably, Bonnie is the founder of the Board’s influential crime prevention program Realty Watch, and also the creator of the REALTOR® Value Toolkit, an educational tool used by REALTORS® across Canada that helps them explain their value to clients.
“Bonnie demonstrates an incredible passion for her profession, one that shines in every aspect of her work. I’ve seen both clients and REALTORS® alike in awe of her immense knowledge and commitment toward the job at hand,” said Ron Todson, FVREB president.
“Our Board is lucky to have her. Without even realizing it, Bonnie raises the standard for all REALTORS® through her conduct. We couldn’t have selected a more appropriate person to represent the value our members provide to clients throughout the Fraser Valley.”
She is the 29th Fraser Valley member to be recognized with a Professional of the Year award presented at the Board’s Annual General Meeting held in Langley on February 26. The award was renamed in 1996 in honour of John Armeneau, a North Delta REALTOR® who for over two decades was a role model and mentor to other Fraser Valley REALTORS®.
LANGLEY, BC - The Fraser Valley Real Estate Board (FVREB) presented its highest honours for community giving at its Annual General Meeting, February 26 at the Coast Hotel & Convention Centre in Langley.
The individual award went to Abbotsford REALTOR® Wendy Church with Lighthouse Realty Ltd. and the corporate award was presented to Royal LePage - Wolstencroft, Langley.
The REALTORS® Make Good Neighbours awards recognize volunteerism and community support offered by Fraser Valley REALTORS® and offices. Candidates are nominated for going above and beyond to improve the quality of life within their communities.
Board president Ron Todson explains how important these awards are, “Almost 70 per cent of REALTORS® in the Fraser Valley support their communities at some level, be it volunteering, coaching, fund-raising and so on. However, we have exceptional members that make giving back a vocation, as important as their full-time jobs serving home buyers and sellers.
“Our award recipients’ immense dedication beautifully reflects what it means to not only be great REALTORS®, but great human beings as well. Their efforts are a source of enduring inspiration for our membership, and I am very proud to call them peers.”
Wendy Church has been an active member of Abbotsford’s Citizens on Patrol since 2008, volunteering more than 20 hours weekly and now serves on the executive committee. Her contributions include coordinating patrol schedules, training new volunteers and personally completing over 130 patrol shifts every year. For her astounding level of service, the Abbotsford Police Department recognized Church as the Citizens on Patrol “Member of the Year” last year.
Royal LePage - Wolstencroft, established in Langley in 1991, devotes countless hours raising funds through its Royal LePage Shelter Foundation in support of the Ishtar Transition Housing Society. In addition, the office is a significant contributor to the REALTORS® Care Blanket Drive, the Langley Christmas Bureau, and the Langley Food Bank. The office represents 90 plus REALTORS® and is lead by Karen Grunlund, Managing Broker.The Fraser Valley Real Estate Board launched the REALTORS® Make Good Neighbours Awards in 2002 to honour community volunteering by REALTORS®. Recipients are selected based on the amount of time they spend volunteering, level of responsibility undertaken as volunteers and overall impact of their efforts within their communities. The selection panel is composed of people outside the real estate profession who work in local charities or non-profit associations.
For more information on the RMGN awards, go to www.fvreb.bc.ca.
SURREY, BC – The Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) recorded higher activity in January compared to one year ago with an increase in sales and a slight increase in new listings.
The Board processed 772 sales on the MLS® last month, a 25 per cent increase compared to the 617 sales in January 2013. In addition, the Board saw a modest 1 per cent increase in new listings in January, 2,676 compared to 2,643 received during the same month last year, but a 164 per cent increase compared to the new listings received the previous month, December 2013.
Ron Todson, President of the Board, says, “Starting early in the year, we typically see a ‘re-stocking of our shelves’ in advance of the spring market, which is a positive trend for buyers in that it creates new opportunities for them. With higher inventory they have greater freedom to comparison shop.”
From a historical perspective, the number of new listings received in January 2014 was 7 per cent higher than the 10-year average for that month, while sales finished 8 per cent less than the 10-year average.
Todson explains, “Over the last few months, housing supply in the Fraser Valley has moderated while sales have been variable, fluctuating below average levels. When supply meets or exceeds demand, it has a calming effect on prices.
“Generally, values of ground-oriented homes in Fraser Valley have been stable or increasing while condo values have been flat or decreasing. This is why it’s important to talk to your local REALTOR® because we’re seeing different market trends dependent on property type and location.”
In January, the benchmark price of a detached home in the Fraser Valley was $552,500, an increase of 2.2 per cent compared to $540,500 in January 2013 and an increase of 0.6 per cent compared to December.
For townhouses, the benchmark price in January was $297,600, an increase of 1.3 per cent compared to the same month last year when it was $293,700 and up 1.5 per cent compared to December. The benchmark price of apartments in January was $192,300, a decrease of 4.0 per cent compared to January 2013 when it was $200,400 and a decrease of 0.2 per cent compared to December.
January’s total active inventory at 7,384 listings finished 8 per cent lower than the 8,031 active listings available during January 2013.
Find the January Statistics Package here.