NEW YEAR WELCOMES INCREASE IN SALES AND NEW LISTINGS IN FRASER VALLEY

(Surrey, BC) – The Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) recorded higher activity in January compared to one year ago with an increase in sales and a slight increase in new listings.  

The Board processed 772 sales on the MLS® last month, a 25 per cent increase compared to the 617 sales in January 2013.  In addition, the Board saw a modest 1 per cent increase in new listings in January, 2,676 compared to 2,643 received during the same month last year, but a 164 per cent increase compared to the new listings received the previous month, December 2013. 

Ron Todson, President of the Board, says, “Starting early in the year, we typically see a ‘re-stocking of our shelves’ in advance of the spring market, which is a positive trend for buyers in that it creates new opportunities for them.
With higher inventory they have greater freedom to comparison shop.”

From a historical perspective, the number of new listings received in January 2014 was 7 per cent higher than the 10-year average for that month, while sales finished 8 per cent less than the 10-year average.  

Todson explains, “Over the last few months, housing supply in the Fraser Valley has moderated while sales have been variable, fluctuating below average levels. When supply meets or exceeds demand, it has a calming effect on prices. 

“Generally, values of ground-oriented homes in Fraser Valley have been stable or increasing while condo values have been flat or decreasing. This is why it’s important to talk to your local REALTOR® because we’re seeing different market trends dependent on property type and location.”

In January, the benchmark price of a detached home in the Fraser Valley was $552,500, an increase of 2.2 per cent compared to $540,500 in January 2013 and an increase of 0.6 per cent compared to December.

For townhouses, the benchmark price in January was $297,600, an increase of 1.3 per cent compared to the same month last year when it was $293,700 and up 1.5 per cent compared to December. The benchmark price of apartments in January was $192,300, a decrease of 4.0 per cent compared to January 2013 when it was $200,400 and a decrease of 0.2 per cent compared to December.

January’s total active inventory at 7,384 listings finished 8 per cent lower than the 8,031 active listings available during January 2013.

These stats are provided courtesy of the Fraser Valley Real Estate Board. Full stats can be viewed here: http://www.fvreb.bc.ca/statistics/Package%20201401.pdf

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SURREY, BC – Neither predictions of a huge crash or notable recovery came to pass in 2013 as Fraser Valley’s real estate market stayed slow and steady, similar to 2012’s market.

Fraser Valley’s total sales volume last year was 13,663 a decrease of 1.5 per cent compared to 13,878 in 2012. Over the course of the year, Fraser Valley REALTORS® listed 29,338 properties on the Multiple Listing Service® (MLS®), a 5.4 per cent decrease compared to 2012’s 31,009 listings. The number of active listings at year’s end finished at 7,541, 5 per cent higher compared to 7,187 active listings in December 2012.

Ron Todson, President of the Fraser Valley Board, says, “It wasn’t the best of years, nor was it the worst. Generally speaking, 2013 overall was quiet. Earlier in the year, our market felt the impact of the tighter mortgage regulations, rebounded some in the summer and then flattened again come fall.

“The positive for both buyers and sellers has been the stability in home prices. Although our sales last year were amongst the lowest they’ve been in last decade, we didn’t see significant price declines because our inventory also remained lower. When both buyers and sellers take a breather it has a balancing effect on the market where neither has the upper hand.”

In December, the benchmark price of a detached home in the Fraser Valley was $549,500, an increase of 1.9 per cent compared to $539,000 in December 2012 and a decrease of -0.1 per cent compared to November.

For townhouses, the benchmark price in December was $293,300, a decrease of 1.0 per cent compared to the same month last year when it was $296,400 and up 0.3 per cent compared to November. The benchmark price of apartments in December was $192,600, a decrease of 3.7 per cent compared to December 2012 when it was $200,100 and a decrease of 1.8 per cent compared to November.

Annual average prices year over year show detached homes up 3 per cent – $615,852 in 2013 compared to $597,608 in 2012. Townhome average prices decreased by 0.7 per cent, going from $340,253 in 2012 to $337,811 in 2013 and the average price of apartments decreased by 0.4 per cent going from $220,033 in 2012 to $219,196 in 2013.

For the month of December, property sales were down compared to November, as is the seasonal norm – 890 compared to 986; however, they were a 34 per cent improvement over the 664 sales in December 2012.

Stats are provided courtesy of the Fraser Valley Real Estate Board. Find the December Statistics Package here.

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For the 19th year in a row, REALTORS® collected enough donations of coats, blankets, sleeping bags and warm clothing to help more than 20,000 people as the mercury plummeted.

“With the cold snap, your donation of blankets, gloves, and warm clothing mean so much to our clients,” said Maxine Davis, executive director of the Dr. Peter AIDS Foundation. “Some of the recipients have shared with us that their living conditions are very cold right now, so these items were put to immediate use.”

The Dr. Peter Centre, one of Vancouver's recipient Blanket Drive charities, offers health programs and long-term and supportive housing to individuals with HIV/AIDS requiring specialized care.

Another regular beneficiary of the Blanket Drive is the Surrey Memorial Hospital's Patient Resource Department. Every year, the hospital receives winter coats to give to patients who need them.

Sharon Frizell is the hospital's manager of volunteer resources. "It’s really, really helpful. We could never have enough coats on hand without the REALTORS® Care Blanket Drive.

"Especially at this time of year, there are some people we care for who do not have adequate clothing for the cold weather. The REALTORS Care® initiative allows us to offer them a warm coat when they're released so they are protected from the elements."

Volunteer REALTORS® pick up, sort and deliver donations dropped off by colleagues, clients, the public, corporations, retailers, community groups and schools. The drop-off locations are real estate offices spread across the region, between Whistler and Hope.

Since 1994, the Blanket Drive has grown to become the largest collection of its kind in the Lower Mainland. Over the years, the program has assisted more than 225,000 people.

www.blanketdrive.ca
www.facebook.com/blanketdrive
www.twitter.com/FVREB  and www.twitter.com/REBGV  (#RCBD)

News Release: December 3, 2013

FRASER VALLEY’S HOUSING MARKET COOLS IN NOVEMBER   

(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.

These stats are provided by the Fraser Valley Real Estate Board. To view the entire stats package please visit: 

http://www.fvreb.bc.ca/statistics/Package%20201311.pdf

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We are proud to announce that this Oct 27th, 2:00 PM to 4:00 PM we will be hosting an Open House at 19525 73 Avenue in Uptown in the Clayton neighborhood, Cloverdale. This is an opportunity to visit this excellent Townhouse for sale in beautiful Clayton.

Please come with any questions you may have. In the meantime you can take a virtual tour of this Clayton Townhouse for sale.

As always please do not hesitate to give me a call at 604.307.4242 if I can answer any questions before the open house, or if you would like to book a private showing.

Tammy Evans, Personal Real Estate Corporation
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