(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.

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

(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%  compared to 1,044 sales in September and a decrease of 40% compared to 1,704 sales in October of last year.

“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% decrease from September and a 25% decrease compared to October 2009. The Board finished October with 9,561 active listings, 4% fewer than in September and an increase of 9% compared to the 8,807 properties available in October 2009.

“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% compared to September and 3% higher compared to $491,128 in October 2009.
The benchmark price of Fraser Valley townhouses in October was $319,058, a 0.9% decrease compared to September and a 2.2% increase compared to October 2009 when it was $312,339.
Year-over-year, the benchmark price of apartments increased 0.2% from $240,048 in October 2009 to $240,542 last month 0.4% higher compared to September 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.

“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% compared to 997 sales in August, however a decrease of 34% compared to 1,590 sales in September of last year. The Board received 2,411 new listings last month, a 15% increase from August, yet a 9% decrease compared to September 2009. The Board finished September with 9,959 active listings, 3% fewer than in August and an increase of 13% compared to the 8,799 properties available in September 2009.

“Although consumers have 13% 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% compared to August and 3.3% higher compared to $491,404 in September 2009.  The benchmark price of Fraser Valley townhouses in September was $321,843, a 0.8% decrease compared to August and a 3.1% increase compared to September 2009 when it was $312,143. Year-over-year, the benchmark price of apartments decreased 0.3% going from $240,378 in September 2009 to $239,625 last month. It remained unchanged from the benchmark price in August.

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(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% compared to the 1,786 sales during the same month last year and 9% fewer than in July, however 10% more than the 910 sales in August 2008.

“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%.”

The Fraser Valley Board posted 11% 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% less than in July, however still 14.5% more than the selection available in August 2009.
“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% higher than they were a year ago.”

The benchmark price for Fraser Valley detached homes in August was $510,107, down 0.1% compared to that of July and 5.4% compared to $483,839 in August 2009. The benchmark price of Fraser Valley townhouses in August was $324,485, a 0.4% decrease compared to July and with a 4.5% increase compared to that in August 2009 when it was $310,389.
The benchmark price of apartments decreased by 1.9% from July and increased 1.5% year-overyear going from $236,146 in August 2009 to $239,659 in August 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.  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.” 

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.

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

“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% 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% more than was available in June 2009. The Board’s MLS® received 9% fewer new listings in June compared to May.   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 % increase compared to $471,788 in June 2009.  The benchmark price of Fraser Valley townhouses in June was $328,080, a 9% increase compared to $301,103 in June 2009. The benchmark price of apartments increased by 6.6 per % year-over-year going from $231,014 in June 2009 to $246,351 in June 2010.