2012 KICKS OFF WITH NEW HOME PRICE MEASUREMENT; AND, A SLUGGLISH START TO SALES

(Surrey, BC) – The Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) processed 799 sales in January, a decrease of 4 per cent compared to the 834 sales in January last year and 10 per cent fewer than were processed in December. In the last decade, January 2012 was second only to 2009 for lowest volume.

On the flip side, compared to other starts during the last 10 years, the Board received one of its highest influxes of new listings for January – 2,753 – 5 per cent more than January 2011 and 143 per cent more than December the month before. The increase in new inventory raised the volume of active properties in Fraser Valley to 8,320 by the end of January.

Sukh Sidhu is the Board’s president. “For spring house hunters this is great news. For buying power you can’t beat the combination of greater selection, the continuation of extremely low interest rates and stable prices.”

The Board’s new MLS® Home Price Index (MLS® HPI), launched today, reveals that residential home prices in Fraser Valley have decreased gradually over the last six months, while still showing increases year-over-year.

In January, the benchmark price of a detached home in the Fraser Valley was $567,700, an increase of 7.6 per cent compared to $527,500 in January 2011 and an increase of 0.1 per cent compared to December.

For townhouses, the benchmark price in January was $314,200, an increase of 2.4 per cent compared to the same month last year when it was $306,800 and down 1.1 per cent compared to December. The benchmark price of apartments in January was $199,600, a decrease of 0.1 per cent compared to January 2011 when it was $199,800 and an increase of 0.3 per cent compared to December.

The MLS® Home Price Index (HPI), replacing the Lower Mainland’s MLSLink® Housing Price Index, is a new measure of price for residential properties in five major markets across Canada. It includes Greater Vancouver, Fraser Valley, Calgary, Toronto, and Montreal, with more markets to be added. It was pioneered by six founding partners: the real estate boards of Calgary, Fraser Valley, Greater Montreal, Greater Vancouver, and Greater Toronto and the Canadian Real Estate Association.

Sukh Sidhu says the new MLS® HPI will be very helpful to REALTORS® in guiding homeowners. “It’s a bigger, better tool to measure the change in home prices in the Fraser Valley and now we can more accurately compare our market to other major cities in Canada.” Learn more at www.homepriceindex.ca.

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2011 REAL ESTATE MARKET SHOWCASES REGIONAL VARIATION

(Surrey, BC) – Overall, Fraser Valley’s real estate market in 2011 was below the 10-year average in property sales and above average in the number of new listings received, however, according to the president of the Fraser Valley Real Estate Board, results varied widely depending on the community and property type.

Fraser Valley Real Estate Board President, Sukh Sidhu observes, “I can’t remember a year that illustrates better how local real estate is and the importance of talking to your REALTOR® before making a decision to buy or sell. For example, in my community of Abbotsford, sales of single family homes dropped by almost 7 per cent compared to 2010, pushing prices down slightly, while in South Surrey/White Rock sales increased year over year by 45 per cent resulting in double-digit price increases.”

The Board’s Multiple Listing Service® processed 15,529 sales in 2011 compared to 14,891 the previous year, an increase of 4 per cent, while the number of new listings remained about the same – 31,592 in 2011 compared to 31,437 in 2010. Over the year, the number of active listings for buyers to choose from dropped by 9 per cent going from 8,139 properties in December 2010 to 7,399 in December 2011.

Although 2011 ranks the third slowest year for sales in Fraser Valley since 2002, it was only 10 per cent less than the 10-year average of 17,210 sales. The volume of new listings received in 2011 was 6 per cent more than the 10-year average of 29,867 new listings, placing last year third in ranking since 2002.

Sidhu adds, “One trend from 2011 that is clear was the preference for single family homes. For the most part in our region, both sales and prices of townhomes and condos either stayed on par with 2010 or decreased.”

In December, the benchmark price of a detached home in the Fraser Valley was $522,998, an increase of 3.3 per cent compared to $506,145 in December 2010 and a decrease of 1.7 per cent compared to November.

For townhouses, the benchmark price in December was $315,330, a decrease of 2.1 per cent compared to the same month last year when it was $322,054 and down 3.8 per cent compared to November. The benchmark price of apartments in December was $237,285, a decrease of 1.2 per cent compared to December 2010 and a decrease of 0.5 per cent compared to November.

Average prices year over year show detached homes up 9.1 per cent – $610,269 in 2011 compared to $559,456 in 2010. The average price of townhomes increased by 2.6 per cent, going from $336,484 in 2010 to $345,138 in 2011 and the average price of apartments increased by 0.9 per cent going from $223,910 in 2010 to $225,976 in 2011.

The Fraser Valley Real Estate Board is an association of 2,893 real estate professionals who live and work in the BC communities of North Delta, Surrey, White Rock, Langley, Abbotsford, and Mission. The FVREB marked its 90-year anniversary in 2011.

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STEADY DEMAND FOR HOMES HEADING INTO THE HOLIDAYS

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(Surrey, BC) – The November property sales in the Fraser Valley are up slightly compared to last year and didn’t experience the usual month-over-month seasonal decline.

The Fraser Valley Real Estate Board processed 1,120 sales in November on its Multiple Listing Service® (MLS®), an increase of 3 per cent compared to the 1,084 sales during the same month last year and a decrease of 2 per cent compared to 1,139 sales in October. In the last decade, sales decreased on average 9 per cent from October to November.

Board president, Sukh Sidhu says, “Given the time of year, Fraser Valley is experiencing steady buying activity with notable month-over-month increases in the sale of homes with an attractive price point.

“For example, townhome sales in central Surrey increased by 20 per cent in one month and in Langley by 43 per cent.” Sidhu adds, “Fraser Valley offers buyers the key value of affordability. Currently, over half of our townhomes and condos are listed for $289,000 or less.”

While sales remained stable, MLS® inventory decreased from October to November, typical for the time of year. The board posted 1,926 new properties in November, an increase of 9 per cent compared to November of last year and a decrease of 23 per cent compared to October. November finished with 9,471 active listings in the Fraser Valley, 5 per cent more than the same month last year and 5 per cent less than October’s 10,005 listings.

Sidhu says, “Even with fewer listings coming on stream, buyers can still take advantage of almost nine months of inventory, which is putting downward pressure on prices in certain areas and property types.” Prices for a typical Fraser Valley apartment are down year-over-year and month-over-month, while both single family detached and townhomes are still showing positive price gains compared to November last year and remain stable compared to October.

In November, the benchmark price of a detached home in the Fraser Valley was $532,086, an increase of 5.4 per cent compared to $504,848 in November 2010 and an increase of 0.3 per cent compared to October.

For townhouses, the benchmark price in November was $327,764, an increase of 2.5 per cent compared to the same month last year when it was $319,623 and up 0.7 per cent compared to October. The benchmark price of apartments in November was $238,461, a decrease of 1.6 per cent compared to November 2010 and a decrease of 2.2 per cent compared to October.

 

Property sales on the Fraser Valley Real Estate Board’s  Multiple Listing Service® (MLS®)  in September were the third lowest for that month in the last decade, while new listings for September ranked the second highest.

Sukh Sidhu is FVREB’s president. “This is the third month in a row based on the 10-year average where we’ve seen lower sales combined with a higher influx of new listings.”

The Fraser Valley Real Estate Board processed 1,165 sales in September, an increase of 12 per cent compared to the 1,044 sales during the same month last year and a decrease of 13 per cent compared to 1,341 sales in August.

The board posted 2,651 new properties on its MLS® in September, an increase of 10 per cent compared to September of last year and on par with the listings it received in August. The number of active listings in the Fraser Valley remained at 10,096 in September, at an annual high for the last three months.  

Sidhu adds, “This trend is stabilizing home prices in the Fraser Valley resulting in the price of a typical detached home in September being only slightly higher than it was in May.

“Although average prices year-over-year are still showing strong increases or decreases for some communities, make sure to ask your local REALTOR® for the benchmark price as well. It’s the predicted sale price of a typical home in your neighbourhood and unlike the average price, isn’t sensitive to sales of high-end or low-end homes. It’s one of our most reliable pricing tools.”

The benchmark price of a single family detached home in the Fraser Valley in September was $530,321, an increase of 4.5 per cent compared to $507,429 in September 2010 and 0.3 per cent higher than the price in August.

For townhouses, the benchmark price in September was $327,546, an increase of 1.8 per cent compared to the same month last year and unchanged with the price in August. The benchmark price of apartments in September was $243,420, an increase of 1.6 per cent compared to September 2010 and down 0.9 per cent compared to August.

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HOME SALES IN FRASER VALLEY HOLD STEADY IN AUGUST

The Fraser Valley Real Estate Board processed 1,341 sales on the Multiple Listing Service® (MLS®) in August, an increase of 35 per cent compared to the 997 sales during the same month last year and slightly higher than the 1,322 sales in July.

Sukh Sidhu, president of the Fraser Valley Real Estate Board, says, “We typically see a summer dip in sales in August compared to July and that didn’t happen this year. We attribute the current steady market to interest rates remaining favourable, as well as buyers taking advantage of home prices softening slightly in certain markets and an influx of new inventory across all property types.”

The board posted 2,644 new properties on its MLS® in August, an increase of 26 per cent compared to August of last year and 10 per cent fewer than it received in July. The number of active listings in the Fraser Valley remained at 10,074 in August, on par with July’s volume.  

“The number of homes on the market remains at a yearly high, which combined with a decrease in sales, can put downward pressure on pricing. We’re only seeing this in some communities for certain property types underlining the importance for both sellers and buyers to obtain local real estate expertise.

“Year over year, home prices in the Fraser Valley are either on par or showing increases; month over month, benchmark prices for the three main residential property types combined declined by 1.3 per cent.”

The benchmark price of a single family detached house in the Fraser Valley in August was $528,959, an increase of 3.7 per cent compared to $510,107 in August 2010.

For townhouses, the benchmark price in August was $327,317, an increase of 0.9 per cent compared to $324,485 during the same month last year. The benchmark price of apartments in Fraser Valley in August was $245,751, an increase of 2.5 per cent compared to $239,659 in August 2010. 

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FRASER VALLEY HOUSING MARKET SHOWS LOCAL VARIATION

The Fraser Valley Real Estate Board processed 1,608 property sales on its Multiple Listing Service (MLS®) in May, an increase of 9 per cent compared to 1,477 sold during May of last year, and an increase of 6 per cent compared to April’s 1,516 sales.  

Sukh Sidhu, president of the Board, reports, “Overall, the Fraser Valley market is in a balanced position, however there are significant differences amongst individual communities and property types stressing the importance of getting local expertise if you’re thinking of buying or selling.

“For example, sales of single family detached homes in South Surrey/White Rock, Cloverdale and North Delta remain brisk with those markets favouring sellers, however in Abbotsford and Mission high inventory and downward pressure on prices is good news for buyers. In Langley, Surrey Central and North Surrey, conditions are balanced for sales of detached homes.”

Variation is also evident in home prices. In May, the benchmark price for Fraser Valley detached homes was $529,810, an increase of 2.8 per cent year-over-year. The benchmark price is the predicted sale price of a typical property in the Fraser Valley. Contrast that to May’s average price of $630,870 for detached homes, an 11.6 per cent increase compared to May 2010 – influenced by the sale of higher-end homes or homes with larger lots.

Sukh Sidhu explains, “The average price and its percentage change often do not provide an accurate picture of the real market, which is why we talk about prices of “typical” homes that most people are buying or selling.”

In May, the benchmark price of Fraser Valley townhomes was $324,730, a decrease of 1.1 per cent compared to $328,295 in May 2010. The benchmark price of apartments was $250,988 in May, a decrease of 0.5 per cent compared to the $252,221 price in May of last year.

May finished with 2.9 per cent more active listings on the MLS® than it had in April – 9,978 compared to 9,697 – however, 12.6 per cent fewer than the 11,411 listings that were active during May of 2010.  The Board received 3,070 new listings in May, an increase of 5.2 per cent compared to April and a decrease of 11.2 per cent compared to the 3,457 new listings received in May 2010.

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EARLY SPRING SURGE IN SALES & NEW LISTINGS IN FRASER VALLEY

The Fraser Valley Real Estate Board processed 1,279 sales on the Multiple Listing Service® (MLS®) in February, an increase of six per cent compared with 1,204 sold during February 2010, and 53 per cent more than the 834 listings that sold last month.
 
Sukh Sidhu, Board president, confirms the market is more active earlier than expected. “Fraser Valley REALTORS® are busy. We sold 659 detached homes last month compared to 398 in January. We also saw the greatest amount of new inventory come on stream since last summer.

“We think one of the drivers is the change in mortgage rules that is coming up on March 18. Some clients have asked that their sale complete before that date. Plus, our REALTORS® are telling us that almost fifty per cent of their buyers paid less than 25 per cent as a down payment for their home purchases during the first half of February. A 35-year amortization could be more attractive to those buyers.”

In February, the benchmark price for Fraser Valley detached homes was $514,161, an increase of 1.2 per cent from the February 2010 price of $508,136.

The benchmark price of Fraser Valley townhouses in February was $316,578, a 2.5 per cent decrease compared to $324,708 in February 2010. The benchmark price of apartments remained on par year-over-year going from $245,879 in February 2010 to $245,519 in February 2011.

The MLS® received 3,038 new listings in February, an increase of 15.4 per cent compared to the volume received in January and 6.2 per cent more than the 2,879 new listings received during February last year. Last month finished with 8,680 active listings, an increase of 2.3 per cent compared to the 8,485 active listings available during February 2010, and 12.4 per cent more than were available in January.

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EARLY SPRING SURGE IN SALES & NEW LISTINGS IN FRASER VALLEY

March, 02 2011 12:55:37 pm, by FVREB
Categories: Statistics

The Fraser Valley Real Estate Board processed 1,279 sales on the Multiple Listing Service® (MLS®) in February, an increase of six per cent compared with 1,204 sold during February 2010, and 53 per cent more than the 834 listings that sold last month.
Sukh Sidhu, Board president, confirms the market is more active earlier than expected. ?Fraser Valley REALTORS® are busy. We sold 659 detached homes last month compared to 398 in January. We also saw the greatest amount of new inventory come on stream since last summer.

?We think one of the drivers is the change in mortgage rules that is coming up on March 18. Some clients have asked that their sale complete before that date. Plus, our REALTORS® are telling us that almost fifty per cent of their buyers paid less than 25 per cent as a down payment for their home purchases during the first half of February. A 35-year amortization could be more attractive to those buyers.?

In February, the benchmark price for Fraser Valley detached homes was $514,161, an increase of 1.2 per cent from the February 2010 price of $508,136.

The benchmark price of Fraser Valley townhouses in February was $316,578, a 2.5 per cent decrease compared to $324,708 in February 2010. The benchmark price of apartments remained on par year-over-year going from $245,879 in February 2010 to $245,519 in February 2011.

The MLS® received 3,038 new listings in February, an increase of 15.4 per cent compared to the volume received in January and 6.2 per cent more than the 2,879 new listings received during February last year. Last month finished with 8,680 active listings, an increase of 2.3 per cent compared to the 8,485 active listings available during February 2010, and 12.4 per cent more than were available in January.

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INCREASE IN LISTINGS ADVANTAGEOUS FOR FRASER VALLEY BUYERS

The Fraser Valley Real Estate Board reports an increase in listing activity and steady sales for the first month of 2011.

Deanna Horn, president of the Board says, “In addition to an influx of new inventory in January, our REALTORS® had more inquiries and increased traffic at open houses boding well for a solid spring market in the Fraser Valley.”

There were 834 sales processed on the Board’s Multiple Listing Service® (MLS®) in January, a decrease of 15 per cent compared to the 981 sales processed in January 2010 and a 7 per cent decrease compared to the 895 sales in December.

Although the Board received 11 per cent fewer new listings in January than it did during the same month last year, it saw the typical post-holiday surge in new properties coming on stream. The Board received 2,632 new listings last month, an increase of 138 per cent compared to the 1,104 listings received in December taking the number of active listings to 7,724 at the end of January, 4 per cent more than were available during January 2010.

Horn adds, “The market typically picks up at this time of year as also evidenced by the decrease in the average number of days to sell for single family homes and townhomes in January.

“In terms of prices, overall they’re holding steady, however we are seeing variability depending on the community and property type.”

The benchmark price for Fraser Valley detached homes in January was $505,618, down 0.1 per cent compared to December and 0.9 per cent higher compared to $500,931 in January 2010.  

The benchmark price of Fraser Valley townhouses in January was $317,414, a 1.4 per cent decrease compared to December and a 0.1 per cent decrease compared to January 2010 when it was $317,719. Year-over-year, the benchmark price of apartments decreased 2.6 per cent going from $243,470 in January 2010 to $237,171 last month and decreased 1.2 per cent compared to December 2010.

The average number of days to sell for detached homes in January was 62.2, down from 67.9 in December. Townhouses on average sold in 57.7 days last month, down almost nine days compared to December, however apartments took on average 14.6 days longer to sell, going from 65.6 in December to 80.2 days in January.

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