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Fraser Valley home sales still strong despite summer slowdown

SURREY, BC. Sales activity remained strong in July, despite month-over-month decreases for each of the three major residential property types. This was the sixth strongest July historically for the Fraser Valley Real Estate Board.

The Fraser Valley Real Estate Board processed 1,937 sales of all property types on its Multiple Listing Service® (MLS®) in July, a decrease of 1.3 per cent compared to the 1,962 sales in July of last year, and a 24.7 per cent decrease compared to the 2,571 sales in June 2017.

Of the 1,937 sales processed last month, 447 were townhouses and 544 were apartments. This is the twelfth consecutive month attached sales have outpaced detached sales in the region.

Even though activity has eased off for the summer we’re continuing to see the same trends we’ve seen all year. Namely, strong demand for attached-style homes and slight but steady increases in pricing,” said Gopal Sahota, Board President.
Last month the total active inventory for the Fraser Valley was 5,970 listings. Active inventory decreased by 0.7 per cent year-over-year, and increased 8.8 per cent when compared to June 2017.

The Board received 3,301 new listings in July, a 2.3 per cent increase from July 2016, and a 11 per cent decrease compared to June 2017’s 3,707 new listings.

“Thankfully we’re continuing to see greater amounts of inventory come on to the market, with homes that are priced effectively still selling fast and encountering multiple offer situations, continued Sahota.

If you’re looking to buy, you’ll be in the best position to do so if you know what you want and can make a decision quickly. Talk to a REALTOR® to help you get where you need to be.
For the Fraser Valley region, the average number of days to sell a single family detached home in July 2017 was 24 days, compared to 18 days in July 2016.

HPI® Benchmark Price Activity

  • Single Family Detached: At $966,000, the Benchmark price for a single family detached home in the Valley increased 3.4 per cent compared to June 2017, and increased 10.0 per cent compared to July 2016.
  • Townhomes: At $485,900 the Benchmark price for a townhome in the Fraser Valley increased 4.0 per cent compared to June 2017, and increased 18.1 per cent compared to July 2016.
  • Apartments: At $341,100, the Benchmark price for apartments/condos in the Fraser Valley increased 4.9 per cent compared to June 2017, and increased 33.3 per cent compared to July 2016.

Full package:
http://www.fvreb.bc.ca/statistics/Package201707.pdf

Fraser Valley apartment sales reach all-time high in June

SURREY, BC. While overall market activity slowed slightly in June, apartment sales reached record-breaking levels at 683 transactions for the month.

The Fraser Valley Real Estate Board processed 2,571 sales of all property types on its Multiple Listing Service® (MLS®) in June, a decrease of 10.2 per cent compared to the 2,864 sales in June of last year, and a 5 per cent decrease compared to the 2,707 sales in May 2017.

At 683 sales, apartment transactions represented 27 per cent of all sales activity in the Fraser Valley in June, increasing 13.1 per cent compared to apartment sales in June 2016 and 12.2 per cent compared to May 2017. The average number of days to sell an apartment in June was 15 days, compared to 32 at this time last year.

“We knew that there was a growing appetite for our attached properties, but this month was exceptional” said Gopal Sahota, Board President. I think one reason demand has continued to be so strong for our region is that we have such diverse, robust inventory to help buyers find the right home even in a more complex market like this one.

Last month the total active inventory for the Fraser Valley was 5,487 listings. Active inventory decreased by 2.2 per cent year-over-year, and increased 5.5 per cent when compared to May 2017.

The Board received 3,707 new listings in June, a 0.1 per cent increase from June 2016, and a 0.1 per cent decrease compared to May 2017’s 3,712 new listings.

Sahota added, “More and more buyers are looking for affordable entry points in to the Fraser Valley. No matter what you’re trying to sell from town homes to ranchers if it’s priced right, someone will be knocking on your door.

For the Fraser Valley region, the average number of days to sell a single family detached home in June 2017 was 21 days, compared to 17 days in June 2016.

HPI® Benchmark Price Activity

  • Single Family Detached: At $934,600, the Benchmark price for a single family detached home in the Valley increased 2.1 per cent compared to May 2017, and increased 8.5 per cent compared to June 2016.
  • Townhomes: At $467,000 the Benchmark price for a townhome in the Fraser Valley increased 1.8 per cent compared to May 2017, and increased 20.6 per cent compared to June 2016.
  • Apartments: At $325,300, the Benchmark price for apartments/condos in the Fraser Valley increased 10.3 per cent compared to May 2017, and increased 40.3 per cent compared to June 2016.

Full package:
http://www.fvreb.bc.ca/statistics/Package201706.pdf

Growing sales in Fraser Valley met with bump in new inventory

The Fraser Valley saw a much-needed increase to new housing inventory entering the market in May, supporting growing demand for residential properties in the region. Last month marked the highest level of sales for the Fraser Valley since June of last year, and the second-highest level for a May historically.

The Fraser Valley Real Estate Board processed 2,707 sales of all property types on its Multiple Listing Service® (MLS®) in May, a decrease of 7 per cent compared to the 2,911 sales in May of last year, and a 21.4 per cent increase compared to the 2,230 sales in April 2017.

Of the 2,707 sales processed last month, 620 were townhouses and 609 were apartments. Attached home sales combined continued the 10-month trend of surpassing detached sales in the region.

The further we get into this year’s market, the less 2016 looks like an anomaly in terms of demand and sales activity. If it wasn’t clear before, the Fraser Valley is now a prime, highly sought-after destination for home owners of all types,” said Gopal Sahota, Board President.

In May the total active inventory for the Fraser Valley was 5,203 listings, a decrease of 9.5 per cent year-over-year, and an increase of 5.9 per cent compared to the available inventory in April 2017.

The Board received 3,712 new listings in May; a 1 per cent increase from last year’s 3,674 new listing for the month, and a 25.8 per cent increase compared to April 2017’s incoming listings.

“We’re very happy to see the bump inventory we were looking for in April. I think sellers will certainly be glad that demand hasn’t let-up since the start of the spring market and more options for potential buyers is always a good thing.

For the Fraser Valley region, the average number of days to sell a single family detached home in May 2017 was 23 days, compared to 16 days in May 2016.

HPI® Benchmark Price Activity

  •  Single Family Detached: At $915,800, the Benchmark price for a single family detached home in the Valley increased 3 per cent compared to April 2017, and increased 9.8 per cent compared to May 2016.
  • Townhomes: At $458,900 the Benchmark price for a townhome in the Fraser Valley increased 2.9 per cent compared to April 2017, and increased 25.7 per cent compared to May 2016.
  • Apartments: At $295,000, the Benchmark price for apartments/condos in the Fraser Valley increased 3.4 per cent compared to April 2017, and increased 31 per cent compared to May 2016.

Full package:
http://www.fvreb.bc.ca/statistics/Package201705.pdf

Another solid month for Fraser Valley real estate

The Fraser Valley real estate market continued to show strength in April, reaching the highest sales level for the region in the past ten months.

The Fraser Valley Real Estate Board processed 2,230 sales of all property types on its Multiple Listing Service® (MLS®) in April, a decrease of 24.9 per cent compared to the 2,969 sales this time last year and a 0.8 per cent increase compared to the 2,213 sales in March 2017.

Of the 2,230 sales processed in April, 438 were townhouses and 567 were apartments.

Gopal Sahota, President of the Board, on the pace of the market in April, “Growing demand is catching up to the limited inventory we have available currently, and that’s creating a less-than-ideal environment for both buyers and sellers. People want to live in the Valley right now and we need more listings to support that.”

Total active inventory for the Fraser Valley last month was 4,913 listings, the lowest seen for an April in ten years. Inventory levels decreased 13.8 per cent when compared to April 2016, but did increase slightly by 2.2 per cent month-over-month.

The Board received 2,950 new listings in April, a 4 per cent decrease from March 2017, and a 25.2 per cent decrease compared to April 2016’s 3,942 incoming listings.

“Pricing continues to be impacted by the persisting demand for our region. However, there’s lots of opportunity throughout the Valley where homes – especially attached homes – remain affordable and available. Talk you your REALTOR® to see what’s out there, and might be right for you,” added Sahota.

For the Fraser Valley region, the average number of days to sell a single family detached home in April 2017 was 26 days, compared to 15 days in April of last year.

HPI® Benchmark Price Activity

• Single Family Detached: At $888,900, the Benchmark price for a single family detached home in the Valley increased 2.3 per cent compared to March 2017, and increased 14.5 per cent compared to April 2016.

• Townhomes: At $446,000 the Benchmark price for a townhome in the Fraser Valley increased 3.2 per cent compared to March 2017, and increased 26.2 per cent compared to April 2016.

• Apartments: At $285,400, the Benchmark price for apartments/condos in the Fraser Valley increased 3.1 per cent compared to March 2017, and increased 29.8 per cent compared to April 2016.

Full package:
http://www.fvreb.bc.ca/statistics/Package201704.pdf

Attached home sales thrive as overall inventory remains scarce

Propelled by significant activity in attached categories, March housing sales in the Fraser Valley reached their second highest point in ten years, trailing only last year’s extraordinary market levels.

The Fraser Valley Real Estate Board processed 2,213 sales of all property types on its Multiple Listing Service® (MLS®) in March, a decrease of 26.4 per cent compared to the 3,006 sales in March of last year, and a 58.5 per cent increase compared to the 1,396 sales in February 2017.

Of the 2,213 sales processed last month, 526 were townhouses and 638 were apartments, representing over half of the region’s total sales of all property types for the seventh straight month.

“Inventory levels aren’t where we’d like them to be, especially with demand picking up as we move deeper into the spring season,” said Gopal Sahota, Board President. “However, that being said, it’s great to see more buyers turning to our bourgeoning apartment and townhome markets and taking some of the pressure off of detached homes.”

Last month the total active inventory for the Fraser Valley was 4,808 listings, the lowest level seen for a March in ten years. Active inventory increased by 3.5 per cent month-over-month, and decreased 12.3 per cent when compared to March 2016.

The Board received 3,072 new listings in March, a 41.5 per cent increase from February 2017, and a 24.3 per cent decrease compared to March 2016’s 4,057 new listings.

“We’ve never seen sales like this for our attached category homes. Whereas buyers may have had a more relaxed experience looking for a townhome a few years ago, things have certainly changed: competition is up, and listings are moving fast”, added Sahota.

“Talk to your REALTOR® to help you understand what’s happening in your community. The support of a local expert goes a long way when navigating a busy spring market here in the Valley.”

HPI® Benchmark Price Activity

. Single Family Detached: At $869,000, the Benchmark price for a single family detached home in the Valley increased 1.1 per cent compared to February 2017, and increased 17.3 per cent compared to March 2016.

. Townhomes: At $432,100 the Benchmark price for a townhome in the Fraser Valley increased 2.3 per cent compared to February 2017, and increased 25.5 per cent compared to March 2016.

. Apartments: At $276,900, the Benchmark price for apartments/condos in the Fraser Valley increased 3.7 per cent compared to February 2017, and increased 27.5 per cent compared to March 2016.

Full package:
http://www.fvreb.bc.ca/statistics/Package201703.pdf

Sales increase slightly as inventory hits 10-year low for the month of October

The latest Statistics Package is now available on REALTOR Link® and our public website.

For your convenience the press release has been included in this email. To view the full package, please click on the direct link under the release.

Additional statistics reports and graphs, many only available to members can be found on our Statistics page on http://www.realtorlink.ca.

Sales increase slightly as inventory hits 10-year low for the month of October
SURREY, BC – The Fraser Valley real estate market remained active through October, with sales breaking slightly higher than the 10-year historical average for the month.p>

The Fraser Valley Real Estate Board processed 1,463 sales of all property types on its Multiple Listing Service® (MLS®) in October, a decrease of 17.4 per cent compared to the 1,772 sales in October of last year, and a 12.1 per cent increase compared to the 1,305 sales in September 2016.

Of the 1,463 sales processed last month, 389 were townhouses and 400 were apartments, representing a significant portion of October’s market activity. Townhome transactions increased 10.2 per cent when compared to last year, and apartment sales reached even higher levels seeing a 56.3 per cent gain.

“Sales activity was healthy in October, especially in the townhome and apartment categories. With prices beginning to level-off, it appears that buyers are becoming more motivated to explore the Valley’s available inventory,” said Charles Wiebe, Board President.

Last month the total active inventory for the Fraser Valley was 6,035 listings, the lowest level seen for an October in ten years. Active inventory decreased by 6 per cent month-over-month, and decreased 7.7 per cent when compared to October 2015.

The Board received 2,197 new listings in October, an 18.9 per cent decrease from September 2016, and a 1.9 per cent increase compared to October 2015’s 2,155 new listings.

“It seems that there’s no bad time to sell a home in 2016 as demand for Fraser Valley real estate remains strong. Talk to your REALTOR® if you’re looking to make a move before the end of the year, and they can get you where you need to be.”

For the Fraser Valley region, the average number of days to sell a single family detached home in October 2016 was 31 days, compared to 36 days in October 2015.

The MLS® HPI benchmark price of a Fraser Valley single family detached home in October was $872,100, an increase of 34.3 per cent compared to October 2015 when it was $649,200.

The benchmark price of Fraser Valley townhomes in October was $421,300, an increase of 34.3 per cent compared to October 2015’s benchmark price of $313,700. The benchmark price for an apartment in the Fraser Valley increased 25.2 per cent year-over-year, from $203,100 in October 2015 to $254,300 in October of this year.

Full package:
http://www.fvreb.bc.ca/statistics/Package201610.pdf

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Fraser Valley inventory reaches highest level in 2016 as sales settle for fall season

September housing sales in the Fraser Valley continued to slow throughout September, dropping below the ten-year sales average for the month for the first time this year.

The Fraser Valley Real Estate Board processed 1,305 sales of all property types on its Multiple Listing Service® (MLS®) in September, a decrease of 24.4 per cent compared to the 1,727 sales in September of last year, and a 23 per cent decrease compared to the 1,694 sales in August 2016.

“What we’re experiencing is an environment where the summer sizzle has ceased, and demand is producing numbers in-line with what we’ve seen historically. It seems dramatic, as would anything else that wasn’t the incredible, continuous uptick we’ve seen for the last eighteen months,” said Charles Wiebe, Board President.

Despite receiving the lowest amount of new listings for the region in seven months, the total active inventory for the Fraser Valley was 6,422 listings in September, the highest level since October 2015’s 6,535 active listings. Active inventory increased by 5.2 per cent month-over-month, but still decreased 9.8 per cent when compared to September 2015.

The Board received 2,709 new listings in September, a 4.6 per cent decrease from August 2016, and a 9.2 per cent increase compared to September 2015’s 2,481 new listings.

“The level of available inventory is rising as we had hoped, and homes are taking a bit longer to sell than they have throughout the year. It’s encouraging, and gives buyers a bit more room to navigate the market more comfortably,” explained Wiebe. “At 20 per cent, our sales to active listings ratio has moved towards a more normalized state.”

For the Fraser Valley region, the average number of days to sell a single family detached home in September 2016 was 27 days, compared to 17 days in June 2016.

“When comparing with August, benchmark prices in September have remained flat, signalling a shift in market dynamics towards a balanced market. However, when stacked against last year at this time, prices are up significantly.”

The MLS® HPI benchmark price of a Fraser Valley single family detached home in September was $879,200, an increase of 37.5 per cent compared to September 2015 when it was $639,500.

The benchmark price of Fraser Valley townhomes in September was set at $419,500, an increase of 35.8 per cent compared to September 2015’s benchmark price of $308,900. Similarly, the benchmark price for an apartment in the Fraser Valley increased 26.5 per cent year-over-year, from $226,133 in September 2015 to $249,800 in September of this year.

Full package:
http://www.fvreb.bc.ca/statistics/Package201609.pdf

Sales activity continues to slow down for the Fraser Valley in August

SURREY, BC – While sales in August remained above the ten-year average for the month historically, the number of transactions processed in the Fraser Valley continued to decrease following this year’s bustling spring.

The Fraser Valley Real Estate Board processed 1,694 sales of all property types on its Multiple Listing Service® (MLS®) in August, a decrease of 2.3 per cent compared to the 1,734 sales in August 2015, and a 13.7 per cent decrease compared to the 1,962 transactions processed in July 2016.

“The numbers here aren’t alarming; they’re expected, and what we’re used to seeing around this time. Homebuyers should be encouraged that sales have slowed, giving inventory a chance to build back up and competition within the market to cool down,” said Board President Charles Wiebe.

The Board received 2,840 new listings in August, an increase of 15.6 per cent compared to August of last year, and a 12 per cent decrease from July 2016. The total active inventory for August was 6,102, down 17.6 per cent from last year’s 7,407 active listings but up 1.5 per cent from July.

“With sales activity moderating to more normal levels, we’re beginning to see prices follow-suit, and even drop for certain housing types in some of ourcommunities. Regardless, this is still a challenging and volatile market. Talk to your REALTOR® who can help you understand what’s happening right now and what you can realistically achieve as a seller or buyer.”

Across Fraser Valley, the average number of days to sell a single family detached home in August 2016 was 20 days, compared to 32 days in August 2015.

The MLS® HPI benchmark price of a Fraser Valley single family detached home in August was $888,600, an increase of 41.2 per cent compared to August 2015 when it was $629,400.

In August, the benchmark price of townhouses was $418,400, an increase of 36.4 per cent compared to $306,700 in August of 2015. The benchmark price of apartments also increased year-over-year by 29.7 per cent, going from $191,900 in August 2015 to $248,800 in August 2016.

Full package:
http://www.fvreb.bc.ca/statistics/Package201608.pdf

Fraser Valley housing market remains hectic

SURREY, BC – Consistent with the preceding two months, June saw a record-setting number of sales for the month historically, but continued easing off since this year’s sales peak in March.

The Fraser Valley Real Estate Board processed 2,864 sales of all property types on its Multiple Listing Service® (MLS®) in June, an increase of 18.7 per cent compared to June 2015. The previous record for sales processed in a June was set in 2005 at 2,517. However, when compared to May 2016, sales dipped 1.5 per cent.

With 1,281 sales of single family detached homes, demand for greater space and land remained consistent. However, nearly matching that was the combined total of June’s 656 townhome sales and 604 apartment sales, a rare feat for the Fraser Valley region.

“Demand for Fraser Valley homes grips the market, tightly. Still, we are seeing a slight leveling-off that while not drastic, is giving both buyers and sellers a bit more room to maneuver,” said Charles Wiebe, President of the Board.

The Board received 3,705 new listings in June, an increase of 11.7 per cent compared to June of last year, and a 0.8 per cent increase from May 2016. The total active inventory for June was 5,612, down 30.8 per cent from last year’s 8,105 active listings at this time.

Across Fraser Valley, the average number of days to sell a single family detached home in June 2016 was 17 days, compared to 35 days in June 2015.

“Simply put, to meet demand, we need even more listings. More than half of our active inventory consists of new listings that came on to the MLS® in June; our market is truly in the hands of hopeful sellers,” added Wiebe.

“If you’re a struggling buyer, or someone thinking of selling but on-the-fence, talk to a REALTOR® and find your best path through this complex environment.”

The MLS® HPI benchmark price of a Fraser Valley single family detached home in June was $861,600, an increase of 41.3 per cent compared to June 2015 when it was $609,900.

In June, the benchmark price of townhouses was $387,100, an increase of 27.9 per cent compared to $302,600 in June 2015. The benchmark price of apartments also increased year-over-year by 20.8 per cent, going from $191,900 in June 2015 to $231,900 in June 2016.

Full package:
http://www.fvreb.bc.ca/statistics/Package%20201606.pdf