BUYERS SEE VALUE IN SINGLE FAMILY DETACHED HOMES IN THE FRASER VALLEY

(Surrey, BC) – In March, the Fraser Valley Real Estate Board (FVREB)
processed 1,259 sales on its Multiple Listing Service® (MLS®), an increase of 12
per cent compared to the 1,128 sales during March of last year, and a 14 per
cent increase compared to February’s 1,102 sales.

Ray Werger, President of the Board, says, “We did see activity pick up last
month with an increase in demand in particular for single family detached homes.
Sales were noticeably higher in North Delta, Mission and Langley compared to
last year.

“Last March, sales of detached homes accounted for 55 per cent of sales of
our three main residential property types and this year that increased to 58 per
cent. It may not sound like much, but that translated into over 100 more sales.
The property type that lost ground was townhouses.” Werger explains, “Our main
buyers are families looking for the best value possible by taking advantage of
continuing low interest rates and stable home prices.”

The most popular price range for single family detached homes in the Fraser
Valley last month was between $500,000 and $600,000. The benchmark price of a
typical detached home was $563,400, an increase of 3.5 per cent compared to
$544,300 during the same month last year.

For townhouses, the benchmark price in March was $297,100, a decrease of 0.4
per cent compared to $298,200 in March 2013 and the benchmark price of
apartments was $195,400, a decrease of 4.3 per cent compared to $204,200 in
March 2013.

The Board posted 2,799 new listings last month, an increase of 2 per cent
compared to the 2,736 posted during March of last year bringing the total number
of active listings in March to 8,763 – 8 per cent less than were available
during March 2013.   

Werger adds, “We can’t emphasize enough that real
estate is local. What’s happening with the Fraser Valley housing market in
general may or may not be happening to the market for your home. Contact your
local REALTOR® for detailed market information by community, neighbourhood and
property type.”

In March, Fraser Valley’s sales-to-active-listings ratio – a comparison of
sales and inventory that measures the health of the market – was 14 per cent for
all property types (residential and commercial combined); and, 18 per cent for
the three main residential property types indicating stability in the
marketplace.

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The Fraser Valley Real Estate Board is an association of 2,792 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.

Full package:

http://www.fvreb.bc.ca/statistics/Package%20201403.pdf