Langley BC Real Estate | Condominums And Town Homes

For immediate release: April 4, 2011

(Surrey, BC) – Last month, Fraser Valley REALTORS® experienced their busiest March in terms of sales on the Multiple Listing Service®, since 2006.

The Fraser Valley Real Estate Board processed 1,818 property sales in March, an increase of 16 per cent compared to 1,565 sold during March of last year, and an increase of 42 per cent compared to February’s 1,279 sales. In March of 2006, there were 2,072 sales.

Sukh Sidhu, Board president, explains, “We are seeing strong demand in Fraser Valley but not necessarily for every product type in every community, underlining the importance for consumers to ask their REALTOR® for a detailed, local market analysis.

“For example, sales of single family detached homes in White Rock/South Surrey increased by over 150 per cent in March compared to last year, however in Abbotsford they were down by almost 7 per cent. The property type that saw the largest increase in sales in Abbotsford during the month of March was condominiums.”

Sidhu adds that in addition to sales volumes, the number of new properties being listed for sale also increased by 11 per cent, going from 3,038 new listings in February to 3,376 in March. “Giving buyers more choice during one of the most popular times of the year to house hunt.”

March finished with 6 per cent more active listings on the MLS® than it had in February, 9,228 compared to 8,680, however still 6 per cent fewer compared to the 9,828 listings that were active during March of 2010.

Regarding prices, in March, the benchmark price for Fraser Valley detached homes was $519,628, an increase of 0.9 per cent from the March 2010 price of $514,787.

The benchmark price of Fraser Valley townhouses in March remained on par year-over-year going from $326,307 in 2010 to $327,328 in 2011. The benchmark price of apartments was $249,463 in March, a 1.1 per cent increase compared to $246,673 in March 2010.

For immediate release: March 2, 2011

(Surrey, BC) – The Fraser Valley Real Estate Board processed 1,279 sales on the Multiple Listing Service® (MLS®) in February, an increase of six per cent compared with 1,204 sold during February 2010, and 53 per cent more than the 834 listings that sold last month.

Sukh Sidhu, Board president, confirms the market is more active earlier than expected. “Fraser Valley REALTORS® are busy. We sold 659 detached homes last month compared to 398 in January. We also saw the greatest amount of new inventory come on stream since last summer.

“We think one of the drivers is the change in mortgage rules that is coming up on March 18. Some clients have asked that their sale complete before that date. Plus, our REALTORS® are telling us that almost fifty per cent of their buyers paid less than 25 per cent as a down payment for their home purchases during the first half of February. A 35-year amortization could be more attractive to those buyers.”

In February, the benchmark price for Fraser Valley detached homes was $514,161, an increase of 1.2 per cent from the February 2010 price of $508,136.

The benchmark price of Fraser Valley townhouses in February was $316,578, a 2.5 per cent decrease compared to $324,708 in February 2010. The benchmark price of apartments remained on par year-over-year going from $245,879 in February 2010 to $245,519 in February 2011.

The MLS® received 3,038 new listings in February, an increase of 15.4 per cent compared to the volume received in January and 6.2 per cent more than the 2,879 new listings received during February last year. Last month finished with 8,680 active listings, an increase of 2.3 per cent compared to the 8,485 active listings available during February 2010, and 12.4 per cent more than were available in January.

For immediate release: February 2, 2011

(Surrey, BC) – The Fraser Valley Real Estate Board reports an increase in listing activity and steady sales for the first month of 2011.

Deanna Horn, president of the Board says, “In addition to an influx of new inventory in January, our REALTORS® had more inquiries and increased traffic at open houses boding well for a solid spring market in the Fraser Valley.”

There were 834 sales processed on the Board’s Multiple Listing Service® (MLS®) in January, a decrease of 15 per cent compared to the 981 sales processed in January 2010 and a 7 per cent decrease compared to the 895 sales in December.

Although the Board received 11 per cent fewer new listings in January than it did during the same month last year, it saw the typical post-holiday surge in new properties coming on stream. The Board received 2,632 new listings last month, an increase of 138 per cent compared to the 1,104 listings received in December taking the number of active listings to 7,724 at the end of January, 4 per cent more than were available during January 2010.

Horn adds, “The market typically picks up at this time of year as also evidenced by the decrease in the average number of days to sell for single family homes and townhomes in January.

“In terms of prices, overall they’re holding steady, however we are seeing variability depending on the community and property type.”

The benchmark price for Fraser Valley detached homes in January was $505,618, down 0.1 per cent compared to December and 0.9 per cent higher compared to $500,931 in January 2010.

The benchmark price of Fraser Valley townhouses in January was $317,414, a 1.4 per cent decrease compared to December and a 0.1 per cent decrease compared to January 2010 when it was $317,719. Year-over-year, the benchmark price of apartments decreased 2.6 per cent going from $243,470 in January 2010 to $237,171 last month and decreased 1.2 per cent compared to December 2010.

The average number of days to sell for detached homes in January was 62.2, down from 67.9 in December. Townhouses on average sold in 57.7 days last month, down almost nine days compared to December, however apartments took on average 14.6 days longer to sell, going from 65.6 in December to 80.2 days in January.

For immediate release: January 5, 2011

(Surrey, BC) – Stable property sales and a steady erosion of inventory for the last seven months of 2010 have brought equilibrium to Fraser Valley’s real estate market.

“Our market was a bit of a rollercoaster in 2010 with buyers appearing earlier than expected in the year, tapering in the summer and returning in the fall,” says Deanna Horn, Board president.

“As consumers regained their confidence in the overall economy, we saw a normalization of the market with sales at or slightly below average, inventory dropping and modest changes in home prices.”

A total of 895 sales were processed on the Board’s Multiple Listing Service® (MLS®) in December, a decrease of 17 per cent compared to November and a decrease of 29 per cent compared to 1,260 sales in December of last year. The Board’s 10-year average for December sales in the last decade is 1,020.

In terms of listings, the Board finished 2010 with 8,139 active listings, 10 per cent fewer than in November and an increase of 25 per cent compared to the 6,534 properties available in December 2009. December’s inventory represents a 28 per cent drop from 2010’s peak of 11,411 active listings reached in May.

Horn adds, “If there’s one lesson buyers and sellers can take from our market in 2010, it’s to recognize there are real differences in home values based on their type and location making it prudent to have your REALTOR® show you comparisons specific to your property type and neighbourhood.

“For example, benchmark prices of condominiums in North Surrey have decreased by 3.8 per cent in the last year while benchmark prices of detached homes in west Abbotsford have increased by 4 per cent.”

Overall, the benchmark price for Fraser Valley detached homes in December was $506,145, an increase of 0.3 per cent compared to November and 1.7 per cent higher compared to $497,732 in December 2009.

The benchmark price of Fraser Valley townhouses in December was $322,054, an increase of 0.8 per cent compared to November and a 1.2 per cent increase compared to December 2009 when it was $318,174. Year-over-year, the benchmark price of apartments increased 1.2 per cent going from $237,157 in December 2009 to $240,101 in December 2010 and 0.9 per cent lower compared to November 2010.

For immediate release: December 2, 2010

(Surrey, BC) – For the fifth consecutive month, sales processed on the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) have remained stable with November’s figures showing a modest increase over October.

“Consumers are responding to how prices have moderated in the last six months, in addition to the double dip in mortgage rates,” says Deanna Horn, Board president.

“Buyers are optimistic because of the improved economic conditions, which is why we’re seeing consistency in homes sales in the Fraser Valley.”

A total of 1,084 sales were processed on the Board’s MLS® in November, an increase of 7 per cent compared to 1,014 sales in October and a decrease of 29 per cent compared to 1,522 sales in November of last year.

The Board received the fewest number of new listings this year to date with 1,773 new properties coming on stream in November, a 17 per cent decrease from October and a 15 per cent decrease compared to November 2009. The Board finished November with 9,049 active listings, 5 per cent fewer than in October and an increase of 9 per cent compared to the 8,334 properties available in November 2009.

Horn says, “It’s not unusual to see a dip in new listings at this time of year, however the level of homebuying interest, in particular for homes priced competitively, is stronger than we expected given we’re approaching the holiday season. That combination continues to have a stabilizing effect on home prices in the Fraser Valley.”

The benchmark price for Fraser Valley detached homes in November was $504,848, down 0.2 per cent compared to October and 1.4 per cent higher compared to $497,697 in November 2009.

The benchmark price of Fraser Valley townhouses in November was $319,623, a 0.2 per cent increase compared to October and a 1.2 per cent increase compared to November 2009 when it was $315,890.

Year-over-year, the benchmark price of apartments increased 2.7 per cent going from $235,842 in November 2009 to $242,276 last month and 0.7 per cent higher compared to October 2010.

For immediate release: November 2, 2010

(Surrey, BC) – Fraser Valley’s real estate market moved towards balance in October as inventory continued to decrease and sales and prices remained stable.

A total of 1,014 sales were processed on the Fraser Valley Real Estate Board’s Multiple Listing Service® in October, a decrease of 3 per cent compared to 1,044 sales in September and a decrease of 40 per cent compared to 1,704 sales in October of last year.

Deanna Horn, FVREB President, says, “With help from near record low mortgage rates and a steady decrease in the supply of homes, we’re getting back to what I call a ‘normal’, balanced market.

“However, sellers should be aware that demand for homes is strong, yet selective. Buyers in the Fraser Valley recognize that selection, although dropping is still generous and they’re looking for properties priced competitively. Even with carrying costs remaining stable, the affordability threshold is a factor.”

The Board received 2,125 new listings last month, a 12 per cent decrease from September and a 25 per cent decrease compared to October 2009. The Board finished October with 9,561 active listings, 4 per cent fewer than in September and an increase of 9 per cent compared to the 8,807 properties available in October 2009.

Horn adds, “When supply and demand move into balance, prices can become a real ‘sticking point’ underlining the importance of hiring a professional REALTOR® who knows your local market and can provide detailed comparisons to ensure your home is priced competitively.”

The benchmark price for Fraser Valley detached homes in October was $505,759, down 0.3 per cent compared to September and 3 per cent higher compared to $491,128 in October 2009.

The benchmark price of Fraser Valley townhouses in October was $319,058, a 0.9 per cent decrease compared to September and a 2.2 per cent increase compared to October 2009 when it was $312,339.

Year-over-year, the benchmark price of apartments increased 0.2 per cent going from $240,048 in October 2009 to $240,542 last month and 0.4 per cent higher compared to September 2010.

For immediate release: October 4, 2010

(Surrey, BC) – After a slowdown in July and August, the Fraser Valley Real Estate Board (FVREB) saw a modest month-over-month increase in sales on its Multiple Listing Service (MLS®) in September and a decrease in overall inventory for the fourth month in a row.

Deanna Horn, FVREB President, says, “This is the beginning of the fall market. Our sales, while lower than a typical September, are up compared to the summer and the average days to sale for single detached homes decreased slightly compared to August.”

A total of 1,044 sales were processed on FVREB’s MLS® in September, an increase of 5 per cent compared to 997 sales in August, however a decrease of 34 per cent compared to 1,590 sales in September of last year. The Board received 2,411 new listings last month, a 15 per cent increase from August, yet a 9 per cent decrease compared to September 2009. The Board finished September with 9,959 active listings, 3 per cent fewer than in August and an increase of 13 per cent compared to the 8,799 properties available in September 2009.

Horn explains, “Although consumers have 13 per cent fewer properties to look at in Fraser Valley than they did in May, it remains a buyers’ market with a healthy selection, near-record low interest rates and stable prices.”

“It’s important that both buyers and sellers recognize that as long as inventory levels continue to decline, there is less downward pressure on pricing.”

The benchmark price for Fraser Valley detached homes in September was $507,429, down 0.5 per cent compared to August and 3.3 per cent higher compared to $491,404 in September 2009.

The benchmark price of Fraser Valley townhouses in September was $321,843, a 0.8 per cent decrease compared to August and a 3.1 per cent increase compared to September 2009 when it was $312,143.

Year-over-year, the benchmark price of apartments decreased 0.3 per cent going from $240,378 in September 2009 to $239,625 last month. It remained unchanged from the benchmark price in August.

For immediate release: September 2, 2010

(Surrey, BC) – Fraser Valley buyers and sellers continued to take a holiday from the real estate market in August with the region’s Multiple Listing Service (MLS®) showing a decrease in sales, new listings and overall inventory compared to July.

The Fraser Valley Real Estate Board (FVREB) processed 997 sales on its MLS® in August, a decrease of 44 per cent compared to the 1,786 sales during the same month last year and 9 per cent fewer than in July, however 10 per cent more than the 910 sales in August 2008.

Deanna Horn, FVREB President, explains, “In August, sellers in the Fraser Valley took as much of a break as buyers.

“Even with our slowdown in sales, we’re seeing inventory edge lower. Since May, we’ve seen our volume of active listings decrease by 10 per cent.”

The Fraser Valley Board posted 11 per cent fewer new listings in August compared to the previous month, the fourth month in a row of declining new inventory. At the end of August, the total active inventory was 10,287, 5 per cent less than in July, however still 14.5 per cent more than the selection available in August 2009.

Horn adds, “Our selection of homes is healthy, interest rates remain historically low and prices are moderating, which represent excellent conditions for buyers. We’re currently seeing residential prices edge down month-over-month, but remain 4.7 per cent higher than they were a year ago.”

The benchmark price for Fraser Valley detached homes in August was $510,107, down 0.1 per cent compared to July and 5.4 per cent higher compared to $483,839 in August 2009.

The benchmark price of Fraser Valley townhouses in August was $324,485, a 0.4 per cent decrease compared to July and a 4.5 per cent increase compared to August 2009 when it was $310,389. The benchmark price of apartments decreased by 1.9 per cent from July and increased 1.5 per cent year-overyear going from $236,146 in August 2009 to $239,659 in August 2010.

For immediate release: August 4, 2010

(Surrey, BC) – The Fraser Valley Real Estate Board (FVREB) processed 1,101 sales on its Multiple Listing Service (MLS®) in July, a decrease of 47 per cent compared to the 2,089 sales during the same month last year and down 39 per cent compared to June.

“Last year, we experienced the busiest July in our history and this year it was the quietest in a decade,” says FVREB President, Deanna Horn. “Although the real estate market typically slows in the summer months, we didn’t anticipate this level of change.

“We attribute it to a combination of factors, the beautiful weather, interest rates edging up and reaction to the Harmonized Sales Tax in BC – although the HST does not apply to resale housing, not everyone knows that,” explains Horn.

“The plus side of this market is highly favourable conditions for buyers – potentially the best they will be this year due to the significant volume of listings currently, which is already showing signs of decreasing.”

In July, Fraser Valley’s MLS® received 25 per cent fewer new listings, 2,355, compared to the 3,153 new listings received in June. At month’s end, the total active inventory was 10,852, 14 per cent more than was available in July 2009, however 2 per cent fewer than in June.

For the first time since January 2009, benchmark prices for the three main residential property types: single family homes, townhomes and condos, decreased compared to the previous month. The benchmark price for Fraser Valley detached homes in July was $510,470, down 1.5 per cent compared to June and 6.9 per cent higher compared to $477,420 in July 2009.

The benchmark price of Fraser Valley townhouses in July was $325,856, a 0.7 per cent decrease compared to June and a 6.9 per cent increase compared to July 2009 when it was $304,940. The benchmark price of apartments decreased by 0.8 per cent from June and increased 4.4 per cent year-overyear going from $234,178 in July 2009 to $244,368 in July 2010.

For immediate release: July 5, 2010

(Surrey, BC) – Sales processed on the Fraser Valley Real Estate Board’s Multiple Listing Service (MLS®) increased by 23 per cent in one month going from 1,477 sales in May to 1,815 in June. June’s numbers represent an 8 per cent decrease compared to the 1,982 sales during the same month last year.

Deanna Horn, president of the Board, says, “Historically, it’s not unusual for June sales to outperform May in the Fraser Valley. This has happened in nine of the last twenty years.

“However, a 23 per cent increase in one month is significant. We were busier than expected and it could be due to the combined effect of mortgage rates edging down, the Harmonized Sales Tax coming into effect July 1, as well as the tremendous selection of homes available in the Fraser Valley.

“Although we’re seeing a decrease in the number of new properties coming on stream, June buyers have only had this volume of homes to choose from two other times in our history, in 1995 and 2008.”

The total active inventory on Fraser Valley’s MLS® at month’s end was 11,110, 19 per cent more than was available in June 2009. The Board’s MLS® received 9 per cent fewer new listings in June compared to May, good news according to Horn.

“Listings typically do decrease in the summer, which will continue to stabilize the market.

“Over the last few months, we’ve seen residential benchmark prices leveling. Year-over-year, price increases may still appear dramatic depending on the property type and location because at this time last year, we hadn’t yet begun our recovery phase.

“In a stabilizing market, consumers know to rely on the expertise of a REALTOR® because prices are highly local and competitive.”

In June, the benchmark price for Fraser Valley detached homes was $518,355, a 9.9 per cent increase compared to $471,788 in June 2009.

The benchmark price of Fraser Valley townhouses in June was $328,080, a 9 per cent increase compared to $301,103 in June 2009. The benchmark price of apartments increased by 6.6 per cent year-over-year going from $231,014 in June 2009 to $246,351 in June 2010.