FRASER VALLEY HOUSE HUNTERS LOOKING FOR GOOD BUYS; KEEPING PRICES RESILIENT

(Surrey, BC) – The The Fraser Valley Real Estate Board processed 1,412 sales on its Multiple Listing Service® (MLS®) in March, a decrease of 22 per cent compared to March of last year, however only 13 per cent less than the 10-year average of 1,626 sales for same month.

Scott Olson, president of FVREB, says, “It was quieter than usual for March, but still steady with an increase in demand for more affordable properties, in particular detached homes for less than $500,000 and townhomes.

“Compared to last March, every community in Fraser Valley experienced a decrease in the sales of single family detached homes especially those priced at the higher-end; however Abbotsford, Langley and North Surrey all saw increases in the sale of townhomes.”

Olson adds, “Last year, single family homes represented 63 per cent of our residential market. This March, it dropped to 56 per cent, so we’re seeing demand for more affordable options. This is in contrast to last year when we saw elevated sales of higher-end homes in areas such as North Delta, South Surrey and White Rock.”

In March 2012 in Fraser Valley, the sale of detached homes with a value greater than half a million dollars decreased by 33 per cent compared to last year, explaining why average prices, which can be skewed by the dollar volume of high or low end sales*, are showing decreases year-over-year, while benchmark prices – homes with typical characteristics for the neighbourhood – are showing increases compared to 2011.

The MLS® Home Price Index (MLS® HPI) benchmark price of a detached home in March was $572,700, an increase of 6.8 per cent compared to $536,200 last year. The benchmark price of Fraser Valley townhouses increased by 1.5 per cent in one year, going from $310,300 in March 2011 to $315,000 in March 2012, while the benchmark price of apartments also increased by 1.5 per cent going from $210,600 in March of last year to $204,700 in March 2012.
The number of Fraser Valley properties on the market in March finished at 9,643, an increase of 5 per cent compared to the same month last year although the number of new listings received – 3,066 – represents a 9 per cent decrease compared to March 2011.

The average number of days to sell a detached home was 46 in March 2012, one day faster than last year. It took 49 days on average to sell a townhouse and under two months or 58 days to sell an apartment.

The Fraser Valley Real Estate Board is an association of 2,903 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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TYPICAL ‘PRE-SPRING’ SURGE IN HOME SALES & NEW LISTINGS KEEPS MARKET STEADY

(Surrey, BC) – The Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) recorded 1,269 sales in February, an increase of 59 per cent compared to January and a 1 per cent decrease compared to the 1,279 sales during February of last year.

In terms of new listings, the Board received 2,846 in February, an increase of 3 per cent compared to January and a 6 per cent decrease compared to the 3,038 listings received last February, taking the total number of active listings to 9,037, an increase of 4 per cent compared to those available in February 2011.

As Board President Scott Olson explains, a seasonal increase in sales is typical for February; however this increase was not as robust as in years past. February’s sales finished at 4 per cent fewer than the 10-year average for that month.

“Although our market has picked up, it’s still favouring buyers. In terms of our clients, we’re seeing more caution and deliberation when house hunting.

“This could mean using a home inspection as part of negotiations, or asking for extras to be thrown in, or the client walking away if terms are not met. The other side is that selection at certain price points is limited depending on location, so if the buyer finds the right home, they act, which is keeping prices stable.”

The MLS® HPI benchmark price of a ‘typical’ detached home in Fraser Valley in February was, $569,200, an increase of 8.3 per cent compared to $525,400 last year. The benchmark price of Fraser Valley townhouses increased by 2.0 per cent in one year, going from $305,700 in February 2011 to $311,900 in February 2012, while the benchmark price of apartments increased by 0.6 per cent going from $200,200 in February of last year to $201,500 in February 2012.
Olson adds, “We anticipate the new HST transition rules will generate more buying activity of new homes over the coming months and will have a spill-over effect on the resale market. The majority of new homes in the Fraser Valley fall under the new $850,000 HST rebate threshold and first-time buyers will be taking advantage of the refundable tax credit bonus of up to $10,000 available until March 31, 2013.

“These changes will improve accessibility in the Fraser Valley, a region already recognized for its affordability.”
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The Fraser Valley Real Estate Board is an association of 2,898 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.

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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