SURREY, BC – The Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) recorded 986 property sales in November, an increase of 9 per cent compared to the 905 sales during the same month last year, however a decrease of 21 per cent compared to October’s 1,249 sales.
Month-over-month, the Board also received 24 per cent fewer new listings – 1,774 compared to 2,336 in October – but still an improvement over the 1,723 new listings received during November of 2012.
Ron Todson, president of the Board says, “We typically see a slowdown just before the holidays and this year it started a little sooner reflecting what we’re seeing in our overall economy.
“Similar to last November, sales are hovering at about 14 per cent off normal levels, but so are new listings. They’re down about 7 per cent compared to the 10-year average, so what we’re seeing is a slower but steady market keeping home prices in check and the average number of days to sale stable.”
For a detached home in the Fraser Valley, the average number of days to sell in November was 57, compared to last year’s 59 days. For townhomes, it was 58 days and apartments 78 compared to 70 and 74 in November 2012.
Prices for benchmark homes also remain steady showing nominal year-over-year increases or single-digit decreases. For single family detached homes, the benchmark price increased by 1.0 per cent in one year, going from $544,700 in November 2012 to $550,300 last month.
For townhouses, the benchmark price in November was $292,400, a decrease of 2.2 per cent compared to $298,900 during the same month last year. The benchmark price of apartments in the Fraser Valley in November was $196,200, a decrease of 3.3 per cent compared to $202,800 in November 2012.
Todson notes, “Those thinking of buying or selling may notice in our monthly statistics package that average prices in November are up or down substantially compared to the benchmark price.
“Talk to your REALTOR® who will explain that the volume of sales and the calibre of homes sold can dramatically skew average prices, which doesn’t happen with the benchmark price the most reliable of all pricing measurements.”
Since November 2012, the benchmark price in the Fraser Valley for all three residential property types combined is flat, having decreased by 0.4 per cent and over the last six months the price has decreased by 0.9 per cent.
Find the November Statistics Package here.
19th annual REALTORS Care® Blanket Drive collection will run Nov. 18-25
VANCOUVER –Chances are high that many of the 1,600 homeless people currently living in Vancouver; 400 in Surrey, and 200 in Abbotsford have received a blanket, coat or multiple changes of clothing supplied through the REALTORS Care® Blanket Drive.
Although the annual Blanket Drive is now so successful it assists thousands of underprivileged in our region by equipping dozens of charities and community service organizations, the original goal of direct distribution to those most in need remains at the heart.
“What our Blanket Drive does is provide the first line of defence for our most vulnerable citizens living outside,” says Vancouver REALTOR® and volunteer Louise Boutin. “Many of our recipient charities distribute what we collect right on the streets and regularly see repeat clients coming back for a change of clothes or a sleeping bag to protect them from the rain, cold and concrete.”
Donna Crocker, a volunteer veteran of the Blanket Drive in North Delta and coordinator of Friendship Providers in Action adds, “I wish that the thousands of individuals, businesses, corporations and REALTORS® who donate every year could see the gratitude that we see.
“Smiles, hugs, high-fives and sometimes tears of relief because that clean pair of jeans or even a simple pair of gloves can make the difference between sleeping safely and comfortably or being cold and at risk. Most of all, they feel loved and appreciated.”
The REALTORS Care® Blanket Drive – the largest and longest-running in BC – is now scheduled one week earlier in the year to help as many people as possible in advance of the holidays. The dates this year are from November 18 to 25 when REALTORS® will collect and deliver enough blankets and warm clothing to 39 charities between Whistler and Hope to help 20,000 people this year .
“What we’re looking for most is gently-used blankets, coats, gloves, hats, jeans, hoodies and new underwear and socks for both men and women; and whenever possible, smaller waist sizes,” explains Chilliwack Drive volunteer Kellee Romaine. “Thank you so much for your support.”
Special REALTORS® Care Blanket Drive donation bags are available at any of the 100 plus participating real estate offices acting as drop-off locations. To find an office nearest you, a list of charitable recipients and see videos of the Drive in action:
Donations stay within the communities in which they are donated, or if the volumes are too large, go to charities in greatest need in neighbouring communities. Since 1995, the Blanket Drive has supported at least 200,000 people.
In Greater Vancouver contact: Fiona Youatt, Tel: 604.730.3068 email: firstname.lastname@example.org
In Fraser Valley contact: Debbie Jay, Tel: 604.930.7619 email: email@example.com
In Chilliwack & District contact: Joanne Reid, Tel: 1.604.792.0912 email: firstname.lastname@example.org
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®.
Find the October Statistics Package here.
SURREY, BC – The Fraser Valley real estate market continues to edge closer to typical activity levels as September saw the largest year-over-year increase in property sales this year to date.
The Fraser Valley Real Estate Board processed 1,131 sales on its Multiple Listing Service® (MLS®) in September, an increase of 32 per cent compared to the 857 sales processed during the same month last year and 10 per cent fewer than processed in August.
Ron Todson, President of the Board, explains, “It is good news however, it’s important to put the increase into context. Our home sales in September went from the worst in 10 years to just below our 10-year average.
“It can take a year or more for the market to recover from regulatory changes such as last year’s tightening of mortgage rules introduced by the federal government. Although we are seeing evidence of first-time home buyers returning to the market, we have to keep in mind that it is more challenging now for them to get financing, so although we’re witnessing a recovery to a balanced market it is gradual.”
Todson adds, “An improvement in our sales in the Fraser Valley has not translated to an increase in home prices because inventory levels have either kept pace or depending on the property type and community are elevated.
“Your REALTOR® can provide specifics for your area, for example there is 12 months of condo inventory right now in White Rock/South Surrey, 5 months of inventory for single family homes in North Delta and only 3 and a half months of townhouse inventory in Langley. Real estate is local so to understand your market, talk to an expert.”
In September, the benchmark price of single family detached homes in the Fraser Valley was $552,900, a 0.6 per cent increase compared to $549,500 during the same month last year. For townhouses, the benchmark price was $296,200, a decrease of 1.4 per cent compared to $300,500 in September 2012 and the benchmark price of apartments was $203,100, 1.9 per cent less than in September 2012 when it was $207,000.
The Board received 2,375 new listings in September, a decrease of 7 per cent compared to the 2,544 new listings received during the same month last year – leaving the volume of active properties at 9,875 a decrease of 5 per cent compared to September 2012 and the lowest it’s been since March of this year.
Find the September Statistics Package here.
SURREY, BC – Buyers and sellers continued to show greater confidence in the market last month as home sales on the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) edged closer to typical levels.
The Board processed 1,258 sales in August, an increase of 17 per cent compared to the 1,073 sales in August of last year however, the volume remains 13 per cent below the 10-year average for the month.
Ron Todson, President of the Board, explains, “The best way to describe our market currently is one of continued, modest improvement as buyers and sellers become more confident."
“In the last month in the Fraser Valley, we’ve seen an increase in sellers willing to accept an offer subject to another sale, we’re seeing fewer deals collapse and we’re seeing more move-up buyers, either improving on the size or quality of their existing home. These are all indicators of a return to a more typical, stable market.”
In terms of inventory, the Board received 2,353 new listings in August, a decrease of 2 per cent compared to the 2,406 new listings received during the same month last year – leaving the volume of active properties at 10,127 a decrease of 2 per cent compared to August 2012.
Todson says, “An important measure of the balance between housing supply and demand is the number of months it would take to sell our existing inventory. We’re currently sitting at eight months’ supply in the Fraser Valley, indicating a balanced market, which is also being reflected in the stability of home prices.
“Home prices generally remain unchanged or down slightly from a year ago; however, do check with your local REALTOR® if you’re in need of specific values because the range between property type and community can be sizeable.”
In August, the benchmark price of single family detached homes in the Fraser Valley was $551,000, virtually on par with $551,400 during the same month last year. For townhouses, the benchmark price was $298,200, a decrease of 1.6 per cent compared to $303,000 in August 2012 and the benchmark price of apartments was $203,900, 1.3 per cent less than in August 2012 when it was $206,600.
Find the August Statistics Package here.