News Release: July, 2013
PROPERTY SALES IN THE FRASER VALLEY REMAIN STATIC WITH LOCALIZED BRIGHT SPOTS
(Surrey, BC) – Property sales in the Fraser Valley were 9 per cent lower in June compared to last year – 1,327 compared to 1,463 in June 2012 – remaining significantly below 10 and 20 year averages. However, data from the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) reveals localized bright spots where sales have rebounded since May.
Ron Todson is the Board’s president. “In the last month, sales of single family detached homes have picked up in North Delta, North Surrey, Langley and Abbotsford, and in some neighbourhoods where we’ve seen a decrease in new listings, we now have a shortage of quality inventory.
“It’s too soon to know if this trend shows increased consumer demand in general, or if it’s specific to those communities, property types and price points, but it does speak to the importance of getting local real estate expertise if you’re thinking of buying or selling because of the wide variance in the market depending on neighbourhood and property type.”
The Board received 2,625 new listings in June – 9 per cent fewer than received during the same month last year – leaving the volume of active properties at 10,515 a decrease of 1 per cent compared to June 2012 and 1 per cent fewer than were available in May.
Todson adds, “In general, prices are flat and firm. They remain on par with what they were a year ago and that stability is thanks to inventory levels remaining in check, but again similar to sales, price increases or decreases vary.
“For example, the price of a typical detached home in Langley has increased 3.5 per cent over the last year while detached homes in South Surrey/White Rock have decreased in value by the same amount. That variation is the same whether we’re talking about single family homes, townhouses or apartments. Real estate is local.”
In June, the benchmark price of single family detached homes in the Fraser Valley was $552,200, an increase of 0.2 per cent compared to $551,000 during the same month last year. For townhouses, the benchmark price was $298,700, a decrease of 2.1 per cent compared to $305,000 in June 2012 and the benchmark price of apartments was $202,500, 0.8 per cent less than in June 2012 when it was $204,200.
The Fraser Valley Real Estate Board is an association of 2,789 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