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Fraser Valley Real Estate Statistics–October 2011

ADVANTAGE BUYERS... IN FRASER VALLEY’S HOUSING MARKET

 

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(Surrey, BC) – Below average home sales combined with a regular influx of new listings continue to give buyers the upper hand in communities south of the Fraser River, including Mission. However, according to the president of the Fraser Valley Real Estate Board, Sukh Sidhu, “There is action when the property is competitively priced.

“It is not a quiet market. Priced-right properties are selling thanks to the continuation of low interest rates.” Sidhu adds, “What’s happening is that there is a large amount of inventory available in the Fraser Valley, in particular with condos and townhomes, and that’s what’s holding prices in check.”

The Fraser Valley Real Estate Board processed 1,139 sales in October on its Multiple Listing Service® (MLS®), an increase of 12 per cent compared to the 1,014 sales during the same month last year and a decrease of 2 per cent compared to 1,165 sales in September.

In terms of listings, the board posted 2,511 new properties in October, an increase of 18 per cent compared to October of last year and a decrease of 5 per cent compared to September. The number of active listings in the Fraser Valley dipped in October, going from 10,096 in September to 10,005.

Sidhu says, “The good news for sellers is that although inventory is high, it’s not near record highs and sales remain steady. This is why the overall benchmark price for residential properties has remained unchanged for six months.”

The benchmark price (the price of homes with characteristics typical to that area) of a single family detached home in the Fraser Valley in October was $530,335, an increase of 4.9 per cent compared to $505,759 in October 2010 and on par with the price in September.

For townhouses, the benchmark price in October was $325,482, an increase of 2 per cent compared to the same month last year when it was $319,058 and down 0.6 per cent compared to September. The benchmark price of apartments in October was $243,725, an increase of 1.3 per cent compared to October 2010 and on par with the price in September.

The average number of days to sell a Fraser Valley home varies depending on the property type. Sidhu says the average of 45 days to sell a single family detached home has been constant for three months. In October, townhomes took on average 55 days to sell and apartments 75 days.

 

Download the complete stats package by clicking here.

 

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 marks its 90-year anniversary this year.

 

 


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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.