Increase in Supply Matched by Demand for Homes in the Fraser Valley
Fraser Valley Real Estate Board
NEWS RELEASEFor Immediate Release: November 5, 2007
INCREASE IN SUPPLY MATCHED BY DEMAND FOR HOMES IN THE FRASER VALLEY(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 to35 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.
Information and photos of all Fraser Valley Real Estate Board listings can be found on the national, public website www.mls.ca. Using the services of a REALTOR®, who has detailed access to the full, private MLS® database is the most effective way to purchase your new home. Further market statistics can be found on the Board’s website at www.fvreb.bc.ca. The Fraser Valley Real Estate Board is an association of 3,078 real estate professionals who live and work in the communities of North Delta, Surrey, White Rock, Langley, Abbotsford, and Mission.Contact: Laurie Dawson, Communications Coordinator, Fraser Valley Real Estate Board Tel: 604.930.7600 Fax: 604.930.7623 email: laurie.dawson@fvreb.bc.ca