With plenty of selection and relatively modest price increases, buyers are enjoying a healthy spring market in the Fraser Valley. The Board’s Multiple Listing Service® (MLS®) recorded 1,565 sales in March, an increase of 30 % over February’s sales and an increase of 56 % over the 1,006 sales processed March of last year.
“March sales volumes can fluctuate as much as the weather, and this year’s reached the mid-point between the highs and lows seen over the last decade.”
“However, available listings were near the peak, meaning buyers had lots to choose from and were clearly taking advantage of it.”
There were 3,395 new listings entered onto the MLS® in March, slightly higher than in March 2009, when 3,028 new listings were added. Altogether, there were 9,828 active listings on the MLS® at the end of March, on par with the 9,832 active listings one year ago.
The ratio of sales compared to active listings, which indicates the type of market, reached 16 % in March, representing a buyer’s market. This is up from last year’s 10 % but a far cry from the 25 % ratio in March 2007, when the Fraser Valley was in a seller’s market.
“Prices are closing in on the record highs we last saw in spring 2008, so it’s no surprise to see the increase in listings as sellers position themselves to move up or downsize into a smaller residence using their home equity for their purchase.”
In March, the benchmark price for Fraser Valley detached homes was $514,787, an increase of 11.9 % from the March 2009 price of $459,841.  The benchmark price of Fraser Valley townhouses in March was $326,307, a 10.3 % increase compared to $295,809 in March 2009. The benchmark price of apartments increased by 8.6 % year-over-year going from $227,188 in March 2009 to $246,673 in March 2010.

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In 12 months, we went from the worst January in 20 years to the third best December. A significant portion of the 148% increase in activity in December’s sales, 1,260 compared to 508 in December 2009, can be attributed to first-time home buyers confident with the current economic conditions and taking advantage of all-time low interest rates. An informal poll in December revealed 40% of home sales were by first-time buyers when it would normally be in the 25% range.

The trend overall for 2009 was one of increasing sales, decreasing inventory and prices rebounding. The Board’s MLS® processed 16,721 sales in 2009, compared to 13,194 the previous year, an increase of 26%. However, it received 15% fewer new listings during the same time period – 30,221 in 2009 compared to 35,651 in 2008. Over the year, the number of active listings for buyers to choose from dropped by 34% going from 9,960 properties in December 2008 to 6,534 in December 2009.

We’re seeing the combined effect of fewer homes being listed, which is normal for this time of year, a flurry of buying activity, plus a decrease in the number of new homes being built. This has put pressure on prices in the Fraser Valley, particularly on homes in the lower to mid-range markets.

The Housing Price Index (HPI) benchmark price for detached homes was $497,732 in December compared to $464,189 in December 2008, an increase of 7.2%. Although prices have gradually recovered, they have not yet reached the previous benchmark high of $513,798 in May 2008.

The benchmark price of Fraser Valley townhouses in December 2009 was $318,174, a 7.4% increase compared to $296,296 in December 2008. That price also last peaked at $335,991 in May 2008.

The benchmark price of apartments decreased by 0.3 % year-over-year going from $237,786 in December 2008 to $237,157 in December 2009. It’s previous high was in April 2008, at $260,037.