SURREY, BC – Last month’s sales volumes on the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) were the highest for June since 2005 and rank as the fourth busiest month ever for MLS® sales in the Fraser Valley.
There were 2,413 sales processed on the MLS® in June, an increase of 45 per cent compared to the 1,668 sales processed in June of last year and also an increase of 23 per cent compared to May.
Jorda Maisey is the Board’s President. “This is the strongest residential market we’ve experienced since 2005 and prior to that in the early 90’s. What’s generating all this activity?“Our informal market research shows that the majority of homebuyers in the Fraser Valley are families with children moving within their same community or moving within the Fraser Valley region. Our clients are telling us that they’re feeling confident with the current economic climate in BC and the long-term value of investing in real estate.”
In addition to a surge in sales, the number of new listings also picked up in June increasing by 11 per cent going from 2,989 last year to 3,316 last month; taking the number of active listings to 8,105.
Maisey adds, “With demand for detached homes and townhomes at peak levels, our advice to prospective buyers is interview a number of REALTORS® for help navigating what can be a stressful market. With the average home selling in just over a month and many homes receiving multiple offers, you need an expert to find you a home, protect you and position you for success.”
In June, the MLS® Home Price Index (MLS® HPI) benchmark price of a detached home was $609,900, an increase of 7.3 per cent compared to June 2014 when it was $568,600. The benchmark price of townhouses in June was $302,600, an increase of 1.6 per cent compared to $297,800 in June 2014. The benchmark price of apartments decreased year-over-year by 2.6 per cent, going from $197,000 in June 2014, to $191,900 last month.
Now available for the first time, are residential benchmark prices for the municipality of Surrey, as it is geographically defined encompassing the FVREB MLS® areas of North Surrey, Surrey-Central, Cloverdale, South Surrey, but excluding White Rock, which is its own municipality. Find the new City of Surrey – Combined prices for detached, townhouse and apartment on page four of the Monthly Statistics Package - June 2015.
Find the June Statistics Package here.
SURREY, BC – Sales on the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) in May remained at strong levels – the highest since 2007 – however, they softened slightly compared to April.
There were 1,969 MLS® sales processed in May, a decrease of 2 per cent compared to April, however an increase of 21 per cent compared to the 1,633 sales processed in May of last year.
Jorda Maisey is the Board’s President. “Home sales in the Fraser Valley maintained a strong pace in May; however, we noticed a slight shift in the market. In certain areas, we saw interest in higher-end detached homes pick up while demand for attached homes, which typically appeal to first-time buyers, decreased.
“The result is that the selection of apartments in the Fraser Valley improved in the last month creating greater opportunities for buyers. Inventory of detached homes and townhomes remains tight, keeping the market elevated.”
In May, the total number of active listings on the MLS® was 8,512, an increase of 1.5 per cent compared to April and a decrease of 14 per cent compared to May 2014. The volume of new listings decreased 7 per cent compared to April, and was also down 7 per cent compared to May of last year.
Maisey continues, “It may help consumers to understand that over half the housing inventory in the Fraser Valley is attached homes, either condos or townhomes, while 60 per cent of all home sales are for single family detached.
“What buyers and sellers are experiencing is effectively two markets: a sellers’ market for detached homes and townhomes and a balanced or buyers’ market depending on the location, for apartments. In either situation, you can benefit a tremendous amount from the experience and advice of your local REALTOR®.”
In May, the MLS® Home Price Index (MLS® HPI) benchmark price of a detached home was $603,100, an increase of 6.5 per cent compared to May 2014 when it was $566,400.
The benchmark price of townhouses in May was $303,100, an increase of 2 per cent compared to $297,300 in May 2014. The benchmark price of apartments decreased year-over-year by 2.8 per cent, going from $198,100 in May 2014, to $192,500 last month.
Find the May Statistics Package here.
SURREY, BC – Property sales in the Fraser Valley soared in April compared to one year ago increasing by 37 percent.
There were 2,009 sales processed on the Fraser Valley Real Estate Board Multiple Listing Service® (MLS®) in April, compared to 1,470 in April of last year. These volumes rank third highest of all time for the month with the next best April in 2004 and prior to that in 1991.
“April was a very active market,” says Jorda Maisey, Board President. “The low cost of borrowing continues to attract first-time buyers and families looking to either downsize or upsize as they take advantage of the equity they’ve built up in their existing homes.”
Though there was a 2 per cent increase in new listings processed in April, as compared to April 2014, the increase was not enough to balance out the market. Total active inventory on the MLS® at month’s end was 8,384 properties, the lowest for the month of April in eight years.
As Maisey explains, what sellers are most looking for is a single family detached home, “In some of our areas, sixty to seventy per cent of inventory is selling. Depending on the location, some detached homes are selling in a matter of days, not weeks, which is why if you’re a buyer it’s so important to work with a professional who knows your neighbourhood and is networked with other REALTORS®.”
With demand high and available product slim, the benchmark price of single family detached homes continues to increase in most areas. In April, the MLS® HPI benchmark price of a detached home was $595,600, an increase of 5.2 per cent compared to April 2014 when it was $566,000.
The benchmark price of townhouses in April was $300,400, an increase of 0.6 per cent compared to $298,700 in April 2014. The benchmark price of apartments decreased year-over-year by 2.6 per cent, going from $196,300 in April 2014, to $191,200 last month.
Maisey adds, “For apartment owners, take heart, the condominium market in the Fraser Valley is improving. We are starting to see more activity at open houses and an increase in the number of sales; however, that market remains firmly in balance with plenty of selection and prices still flat or declining in certain areas.”
Find the April Statistics Package here.
SURREY, BC – In March, sales on the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) reached the highest they’ve been in nine years. The Board processed 1,857 sales, a 47 per cent increase compared to the 1,259 sales in March of last year. Sales during March of 2006 were 2,072.
Jorda Maisey, President of the Board, attributes the strength in the market to a number of factors. “Our population is growing, interest rates continue to remain supportive of housing demand and consumers are confident. It all adds up to a desire to invest in real estate now.”
In March, the Board processed 11 per cent more new listings compared to March 2014, however higher sales eroded the number of active listings. March finished with 8,193 active listings of all property types, 7 per cent fewer than available during the same month last year.
Maisey adds, “It’s important to emphasize that supply and demand vary depending on property type and location. Currently, demand for single family detached homes is outpacing supply in most Fraser Valley communities resulting in lower inventory levels, upward pressure on prices and homes selling faster than they did last year.
“For buyers looking for a detached home or in certain areas a townhome, your REALTOR® will advise that selection is limited, you will have less time to make decisions and their ability to negotiate a lower price for you is diminished. This is not the case if you’re looking to invest in an apartment or an acreage property where the market continues to favour buyers.”
The MLS® HPI benchmark price of a Fraser Valley single family detached home in March was $588,500, an increase of 4.5 per cent compared to March 2014 when it was $563,400.
In March, the benchmark price of townhouses was $299,700, an increase of 0.9 per cent compared to $297,100 in March 2014. The benchmark price of apartments decreased year-over-year by 2.4 per cent, going from $195,400 in March 2014 to $190,800 in March 2015.
In March, the average number of days to sell a single family detached home in the Fraser Valley was 38 days, down from 44 days in 2014. Townhomes took 48 days on average to sell, while apartments took 61 days, both comparable with March of last year.
Find the March Statistics Package here.
LANGLEY, BC - The Fraser Valley Real Estate Board (FVREB) elected its new Board of Directors for 2015/2016 at its Annual General Meeting held on February 25.
Also at the event, the Board awarded Cloverdale REALTOR® and Managing Broker Rick Dubord with its top honour, the John Armeneau Professional of the Year award for 2014.
Jorda Maisey will replace outgoing President Ray Werger. Maisey is a licensed REALTOR® of over twenty years, and is a representative of RE/MAX Little Oak Realty in Fort Langley.
“I am honoured and proud for this opportunity to help lead the seventh largest real estate board in Canada,” remarked Maisey. “For nearly a century, our organization has been recognized for its dedication and commitment to helping Fraser Valley REALTORS® provide exemplary service to their clients. Along with my fellow directors, we look forward to building on that reputation.”
Maisey has served as a Director at the Board for seven years and has chaired several member-led committees including finance and government relations.
The incoming President-Elect is Charles Wiebe, RE/MAX Little Oak Realty, Fort Langley and the Vice President is Gopal Sahota, Sutton Group – West Coast Realty, Surrey.
“During the meeting, Rick Dubord of HomeLife Benchmark Realty (Cloverdale) received the John Armeneau Professional of the Year award for his tremendous contribution to Fraser Valley real estate. The award is the highest honour the Board bestows, recognizing outstanding leadership and dedication professionally and within the community.
Of Dubord receiving the award, Past President Ray Werger said, “Rick is a remarkable individual and an exceptional member of this Board. For four decades, he has led through innovation, hard work and a commitment to giving back setting a true standard of professionalism and inspiring those around him.”
He is the 30th Fraser Valley member to be recognized with a Professional of the Year award. 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®.
The FVREB is a 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 full 2015/2016 FVREB Board of Directors is as follows:
Fraser Valley's new Board of Directors takes office on March 1, 2015.