Langley BC Real Estate | Condominums And Town Homes

For Immediate Release: April 2, 2008

(Surrey, BC) – In March, selection reached a 10-year high on the Fraser Valley Real Estate Board’s Multiple Listing Service (MLS®), with the number of active listings reaching 9,361, an increase of 27 per cent compared to the 7,351 listings available during the same month last year. The previous March that offered as much or greater inventory was in 1998, when Fraser Valley had 10,148 active listings.

The total number of sales processed through Fraser Valley’s MLS® in March was 1,315, a decrease of 25 per cent compared to March 2007 when 1,743 sales were processed.

The number of new listings in March also decreased slightly with the Board receiving 3,277 compared to 3,369 new listings received during the same month last year, a decrease of 3 per cent.

In March, average Fraser Valley home prices continued to increase in the strong single digits for detached and townhomes and remained in the double digits for condominiums.

Kelvin Neufeld, president of the Fraser Valley Real Estate Board explains, “With a significant increase in product and properties taking longer to sell, we have a more competitive market for sellers in the Fraser Valley right now, yet enough demand to keep prices trending upwards.

“Our advice is that to sell your home this spring, work with your REALTOR® to ensure it’s priced correctly because buyers are taking a careful look at the broader range of homes available on the MLS®.”

In March, it took almost four days longer on average to sell a Fraser Valley detached home, 50.7 days compared to the 46.9 days during March of last year. Apartments took almost eight days longer to sell with the average
days to sell in March at 47.3 compared to 39.4 during the same month last year and townhomes saw the smallest increase in average days to sell, increasing 1.8 days, going from 33.6 in March 2007 to 35.4 days last month.

The price of a single-family detached home in March averaged $550,259, an 8.1 per cent increase in one year. The average price in March 2007 was $509,197. The average price of a Fraser Valley townhouse in March was $346,949, an increase of 8.6 per cent compared to last year’s average price of $319,592. Average apartment prices in the Fraser Valley increased by 13.6 per cent compared to last year. In March 2007, they averaged $203,874 compared to $231,669 last month.

For Immediate Release: March 4, 2008

(Surrey, BC) – With greater choice available, Fraser Valley home buyers continued to snap up properties in February, paying on average seven per cent more for a single family home compared to the same month last year.

The Fraser Valley Real Estate Board recorded 1,308 sales on the Multiple Listing Service® (MLS®) in February, compared with 1,413 during February of last year, a decrease of seven per cent.

The MLS® received 2,808 new listings in February, which added up to 8,185 active listings for the month, an increase of 30 per cent compared to the 6,304 active listings that were available in February 2007.

“There is tremendous interest in Fraser Valley real estate,” confirms President Kelvin Neufeld. “We have buyers from out of town coming for work, from Greater Vancouver looking to get more bang for their buck, first-time buyers looking to enter the market with a condo or townhouse, and long-time Fraser Valley residents asking us to help them downsize or upsize.

“All this activity is keeping prices competitive. It’s also the reason why Fraser Valley REALTORS® anticipate another busy spring in 2008.”

The average price of a single-family detached house in the Fraser Valley in February was $544,495, an increase of 7.3 per cent compared to the same month last year. In February 2007, the average price was $507,439.Similarly, the average apartment price went up 7.4 per cent, from February 2007’s average of $208,885, to $224,430 in 2008.

The average price of townhouses increased by 11 per cent in one year, selling for an average of $346,853 in February 2008, compared to an average of $312,421 during the same month last year.

(Surrey, BC) – The Fraser Valley Multiple Listing Service® (MLS®) January 2008 statistics reveal an increase in selection for buyers and continued price increases for sellers in the Fraser Valley.

There were 956 MLS® sales processed in January, a decrease of 4 per cent compared to the 1,001 sales processed the same month in 2007. However, there was an 18 per cent increase in new listings in January 2008 compared to the number received in January last year – 2,850 news listings compared to 2,425. January’s total active inventory at 7,554 listings finished 24 per cent higher than the 6,099 active listings during January 2007.

“With more inventory buyers have greater freedom to comparison shop and we’re seeing evidence of that in the increase of the average number of days homes are staying on the market,” confirms Jim McCaughan, president of the Fraser Valley Real Estate Board. “Comparing October 2007 to January 2008, detached homes in the
Fraser Valley are taking three days longer to sell, apartments five days and townhouses 14 days more.

“In the real estate industry a winter calm or ‘re-stocking of our shelves’ often precedes our busiest season, which is spring. We are anticipating a solid spring market with average home prices continuing to increase, but at a slower pace compared to last year.”

In January, the average price of a single-family detached house in the Fraser Valley was $524,293, an increase of 6 per cent compared to January 2007, when the average price was $494,177.

Fraser Valley townhouses sold for an average of $340,760 in January, an increase of 12.6 per cent from the average price of $302,591 in January 2007. The average price of a Fraser Valley apartment increased by 12.3 per cent in one year, going from $199,995 in January 2007 to an average of $224,547 in January 2008.

For Immediate Release: January 3, 2008
(Surrey, BC) – The 2007 Fraser Valley real estate market finished with residential sales on the Multiple Listing Service® (MLS®) surpassing 2006’s volume, average home prices showing double-digit increases and townhomes and condominiums proving more popular.

The Fraser Valley Real Estate Board’s MLS® processed 16,547 sales of single family detached homes,townhomes and apartments, a one per cent increase over last year’s 16,435 sales. Townhomes and apartments made up 44 per cent of total residential sales in 2007, a 3 per cent increase compared to 2006. Fraser Valley’s total sales volume in 2007, which includes the residential figures above and all other property types, finished one per cent less than in 2006 – 18,862 compared to 19,000.

“Many of our clients are families with young children looking for more affordable options,” explains Jim McCaughan, president of the Fraser Valley Real Estate Board. “We saw some interesting trends in 2007 reflecting their needs. Townhome sales in White Rock/South Surrey and Langley were up 21 and 18 per cent; and in Mission, apartment sales increased by 34 per cent in one year.

“Yet we also saw more buyers investing in higher-end properties in 2007 with White Rock/South Surrey showing the highest increase in sales of detached homes compared to any other community in the Fraser Valley. Interest there pushed average prices over the $800,000 mark for the first time.”

The average price of a single-family detached home in the Fraser Valley increased by 11.4 per cent last year going from $467,252 in 2006 to $520,317 in 2007. In one year the average price of a townhouse increased by 12.7 per cent going from $286,127 in 2006 to $322,578 in 2007. The average apartment price increased by 14.9 per cent, reaching $216,990 in 2007 compared to $188,789 in 2006.

The year 2007 set a new record for annual sales dollar volume reaching over $7.9 billion, an 8 per cent increase over the previous year. Another increase in 2007 was in the number of listings. Over the course of the year, Fraser Valley REALTORS® listed 32,953, a 13 per cent increase compared to 2006’s 29,115 listings. The number of active listings at year’s end finished at 7,168, 18 per cent higher compared to 6,070 active listings in December 2006.

(Surrey, BC) – The Fraser Valley Real Estate Board reports more activity on the Multiple Listing Service® (MLS®) in November compared to 2006.

The total number of sales processed through the MLS® in November was 1,327, an increase of 11 per cent compared to the same month last year when 1,194 sales were processed.

“The market typically slows a little at this time of year, which is evident in the decrease in November’s sales and new listings compared to October of this year,” says Jim McCaughan, president of the Board.

McCaughan, a 30-year real estate veteran, explains why November 2007 outperformed the same month last year, “It’s thanks to a healthier supply. We’ve had strong demand in the Fraser Valley for essentially the last five years, however we haven’t always had as broad a selection of product. Our recent increase in inventory is what’s keeping sales solid.”

The Board added 2,154 new listings in November, an increase of 9 per cent compared to November 2006. The total active inventory for November 2007 was 8,593, an increase of 16 per cent compared to 7,391 active listings in November of last year.

The average price of a single-family detached home in the Fraser Valley in November was $511,176, an increase of 4.9 per cent from 2006 when the average price was $487,392.

Townhouses sold for an average of $325,409 in November, an increase of 6.2 per cent from 2006 when the average price was $306,509. The average apartment price went up 7.5 per cent in one year, from November 2006’s average of $200,032, to $215,118 for 2007.

On home prices McCaughan says, “We are starting to see month to month fluctuations in price in all property types in all Fraser Valley communities although, as your REALTOR® will tell you, the overall trend in prices remains higher year over year.”

For Immediate Release: November 5, 2007

(Surrey, BC) – Fraser Valley’s real estate market remained balanced in October, showing increases on the Multiple Listing Service® (MLS®) in listings, sales and average home prices. The total number of sales processed through the MLS® in October was 1,464, an increase of 14 per cent compared to the same month last year when 1,287 sales were processed.

New listings increased by 12 per cent compared to the same month last year with 3,124 new listings in October taking the number of active listings to 8,712, an increase of 17 per cent compared to the 7,438 active listings in October of 2006.

“ It’s been seven years since Fraser Valley buyers had this much inventory to choose from,” says Jim McCaughan, president of the Fraser Valley Real Estate Board. “REALTORS® are able to show their clients more properties and as a result, we’re noticing a gradual increase in the length of time homes are on the market.”

In October, the average number of days to sell a detached home in the Fraser Valley was 52 days, an increase of 10 days compared to the same month last year. It took an average 8 days longer to sell an apartment last month, 47.4 days compared to 38.7 days in October 2006.

Townhouses on the other hand took less time to sell in October with the average days to sell at 33 compared to 35 in October 2006. Jim McCaughan explains, “Townhouses are becoming more popular on both ends of the buying spectrum. They’re more affordable for families getting into the market and empty-nesters are opting to downsize to an attached home as a lifestyle choice.”

The price of a single-family detached home in October averaged $517,087, a 6.1 per cent increase in one year. The average price in October 2006 was $487,238. The average price of a Fraser Valley townhouse in October was $329,991, an increase of 9.5 per cent compared to last year’s average price of $301,496. Average apartment prices in the Fraser Valley increased by 17.5 per cent compared to last year. In October 2006, they averaged $193,466 compared to $227,358 last month.

HOME VALUES IN THE FRASER VALLEY MAINTAIN STEADY GROWTH

For Immediate Release: October 2, 2007

(Surrey, BC) – The average price of a single family home in the Fraser Valley reached $535,572 in September, The highest average price ever, according to statistics from Fraser Valley Real Estate Board’s Multiple Listing Service®. September’s MLS® numbers also revealed steady sales for sellers and increased inventory for Fraser Valley buyers.

“September numbers show that Fraser Valley buyers and sellers took a bit of a breather after an unusually busy summer market, but we can see that the return to a lower sales level and an increase in inventory hasn’t affected the strength in average prices,” observes Kelvin Neufeld, president-elect of the Fraser Valley Board.

September’s average price for a single detached home at $535,572 reflects an increase of 8.5 per cent compared to the average price of $493,727 from the same month last year. Average townhouse prices increased by 2.8 per cent in one year going from $312,829 in September 2006 to $321,480 last month. Apartment prices averaged $230,280 last month, an increase of 12 per cent compared to $205,520 during September of last year.

“In September, the communities of Surrey, Langley and Mission reached their highest average prices on record for a single family home and in August that happened in North Delta and Abbotsford.”

There were 1,332 sales processed through the Multiple Listing Service® (MLS®) in September, on par with last year when 1,323 sales were processed in September 2006. This marks a decrease of 25 per cent compared to the previous month’s sales of 1,763 in August.

The number of total active listings increased by 22 per cent in one year, going from 6,918 active listings in September 2006 to 8,429 last month. The number of new listings in September at 2,614 was also six per cent higher than the 2,456 new listings received during the same month last year.