News Release Oct. 2005
BOISTEROUS MARKET CONTINUES IN THE FRASER VALLEY
(Surrey, BC) – For the seventh consecutive month, real estate sales across the Fraser Valley exceeded last year’s sales and broke records last set 13 years ago.
There were 1,778 sales processed on the Multiple Listing Service® (MLS®) in October compared with 1,202 in 2004, an increase of 48 per cent. Last month’s sales are 3 per cent higher than September’s 1,726 sales. The only two comparable Octobers in Fraser Valley’s history of recording statistics are in 1992 and 1989, with 1,924 sales and 2,195 sales respectively.
Jake Siemens, president of the Fraser Valley Real Estate Board says he’s not surprised, “The demand isn’t going away. If anything, it’s intensifying. Thanks to the economy, interest rates and job growth, you’ve got new people moving to the Fraser Valley and people who live here upsizing.”
The Board received 14 per cent fewer listings last month compared to the previous month, with 2, 199 new listings added in October. The total active inventory for October was 5,644, down 23 per cent from last year’s 7,335 active listings. Siemens says with the number of listings down, sellers have the advantage, “The fewer homes available, the more in demand they become. That being said, the good thing for buyers is that prices are not increasing at the rate they were only a few months ago.”
The average price of a single-family home in the Fraser Valley, at $406,739, increased by 13 per cent in October compared to last year’s $359,303. Townhouses went for an average $249,941, an increase of 9.2 per cent compared to $228,915 October 2004. Apartment prices showed the largest increase in one year at 25.8 per cent averaging $184,214 last month compared to $146,485 the same month last year.
Information and photos of all Fraser Valley Real Estate Board listings can be found on the national, public MLS® advertising web site 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 web page at www.fvreb.bc.ca.
The Fraser Valley Real Estate Board is an association of 2,437 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
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