Homes become More Affordable in the Fraser Valley
For Immediate Release: October 2, 2008
(Surrey, BC) – In September, a record level of inventory combined with a ‘wait and see’ approach from prospective buyers has improved the affordability of single detached homes across Fraser Valley communities.
Kelvin Neufeld, President of the Fraser Valley Real Estate Board, says, “Although our economic fundamentals remain solid, it’s fair to conclude that the U.S. fi nancial situation is affecting consumer confidence here.
“People are closely following what’s happening south of the border, they’re watching the fi nancial markets, and in some cases, delaying big ticket purchases that they feel aren’t essential right now.”
A total of 980 sales were processed through Fraser Valley’s MLS® in September, a decrease of 26 per cent compared to 1,332 sales in September 2007. The Board received 3,053 new listings last month, a 17 per cent increase from the 2,614 new listings received during the same month last year. That takes the number of active listings to a new record high of 12,379, an increase of 56 per cent compared to the number of properties available during September of last year.
Neufeld adds that in addition to a signifi cant increase in selection, the current market brings other advantages, “REALTORS® are seeing more rental accommodation coming on the market. Properties are becoming more competitively priced and thus becoming more affordable.
“For people who are moving for ‘life purposes’ and feel that their return on investment isn’t what it ‘could’ have been, it’s important to remember that the new home they’re buying will likely be priced lower as well. Over the long-term, real estate in the Fraser Valley has proven to be an excellent investment.”
The average price of a single family detached home in the Fraser Valley was $522,816 in September 2008, a decrease of 2.4 per cent compared to $535,572 in September of last year. Average prices of detached homes in Abbotsford, Langley and Surrey showed year over year declines, while average prices of townhomes and apartments fared better in most Fraser Valley communities compared to last year.
Townhomes went for an average $329,947 last month, refl ecting a 2.6 per cent increase from September 2007 when they averaged $331,480 and the average price of an apartment in September was $232,219, an increase of 0.8 per cent compared to $230,280 last year. However in some Fraser Valley markets, townhomes and apartments have experienced year over year average price decreases. Talk to a local REALTOR® for more information.